Tuesday, October 28, 2008

Remember the city pension fund

Top of the fold front page of the Financial Times yesterday: US Public Pension funds face big losses.

Let's see, last we heard on this subject the city pension fund lost 55 million dollars in the first half of the year. The first half of the year was like a bull market compared to the last couple months. (ok.. that's a bit of hyperbole but you get the point). As of July 1st the city pension fund is reported to have $330 million in hand. On July 1st the Dow Jones was at 11,382 - yesterday's close was just a tad over 8,175 or a 28% decline. Nasdaq was at 2,304, today it is 1505 or a 35% decline. A lot of things that some public pension funds like to hold because they were so 'safe', things like Fannie Mae and Freddie Mac stock, have gone bust altogether. Not going to just be the city pension fund that has issues.

I was optimistic.


Anonymous Anonymous said...

Saw you in the City Paper on this.

Wednesday, October 29, 2008 6:45:00 PM  
Blogger C. Briem said...

for the record, that was a coincidence with this post. My quote must have been from a month or more ago, I forget when even. I didn't even think they were still working on any pension related article.

Wednesday, October 29, 2008 8:45:00 PM  

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