After other risky investments, Ohio pension system won't say what it lost on failed bank
The Ohio State Teachers Retirement System still hasn’t said exactly how much of its members’ money it lost when Silicon Valley Bank failed last weekend.
The system is already under fire for big salaries and for paying $10 million in bonuses last August — two months before actual losses of $5.3 billion came in for the prior year. That was 77% higher than some of the employees receiving bonuses estimated. And many of those paying into the system are rankled because the big money is going out to system employees while retirees have gotten only one, 3% cost-of-living increase since 2017.
The federal government and banks around the world have been scrambling to maintain investor confidence since last week, when Silicon Valley Bank made a series of desperate moves to shore up its balance sheet. That prompted a run on its deposits and ultimately its failure.
The bank’s leaders pushed for deregulation, which the Trump administration granted in 2018. Then it made a number of risky investments that allowed it to grow rapidly — and then to implode.
https://ohiocapitaljournal.com/2023/03/17/after-other-risky-investments-ohio-pension-system-wont-say-what-it-lost-on-failed-bank/
