‘Best Ideas’ Guru And A $12 Billion Shortfall

Texas Attorney General Greg Abbott says the Teacher Retirement System of Texas is running a deficit–$12.5 billion as of July. Yet the fund’s chief investment officer, Britt Harris, is scheduled to be one of the investment pooh-bahs speaking next week at a Dallas symposium organized by Shad Rowe and John Neill. Ticket price: $1,000 per head (though most of that is tax-deductible, since the Great Investors’ Best Ideas Foundation Investment Symposium benefits two charities). What makes the Oct. 7 deal even curiouser is the fact that organizer Rowe was given the boot as chairman of the Texas Pension Review Board by Gov. Rick Perry. Rowe–who nonetheless remains a member of the board–had been warning that many of the state’s pension funds are unhealthy. And, because all the alleged unhealthiness occurred before the current financial crisis, things could be even worse today.

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Comments

4 responses to “‘Best Ideas’ Guru And A $12 Billion Shortfall”

  1. DM says:

    Darn, I wanted to go but I’m already signed up for “Enron -or How Create a Successful Holding Company” luncheon.

  2. kerry_okie says:

    TRS was a heavy investor in both Enron and Worldcom, and also had a had a headquarters decorating scandal that would make Yvonne Gonzalez envious. On top of that, there was a rush of teachers/administrators who retired a couple of years ago to beat the closing of the the Social Security loophole.

  3. I wanted to go, says:

    but I’m busy holding on to my ‘effin hat….

  4. Matthews says:

    To those who would let us eat cake, let them eat crow. It’s cheap and plentiful at the moment. In light of the value of their hedge funds now, it’s all they can afford. I just wish they had no bearing on those who produce nondepreciable assets such as beef cattle, or wheat crops. The two most poignant points I can relate both come from scripture: “God’s mill grinds slowly and infinitely small.” & “The meek shall inherit the earth.” Theirs is just a rabbit trail from “the Way”