Another good year for the few, another bad year for the many

by SamCogar Sat Aug 09, 2008 10:17 am

Just another one of the many, many super great years for the West Virginia Investment Management Board. And you can betcha they all got what was coming to them: their pay, their perks, their vacation and/or all their benefits, etc.

But, just another one of the many, many gawd awful losing years for the Teachers Retirement System and the average citizen taxpayers of West Virginia who will have to pay off the BILLION$ in unfunded liabilities that have been accumulating because of really poor performances of the Stocks and Funds in which the teacher’s retirement monies have been invested in by the West Virginia Investment Management Board.

Friday August 8, 2008
W.Va. Investment Management Board posts $643 million loss

CHARLESTON, W.Va. -- The West Virginia Investment Management Board finished the financial year that ended June 30 with a loss of $643 million or 6.5 percent, said Craig Slaughter, the board's executive director.

"It's been a tough year," he said.

The board posted a $454.9 million loss during the first half of the fiscal year. Then the equity markets recovered - "April and May were decent months," Slaughter said. "Then June hit. If the fiscal year had ended on May 31, we would have ended up at worst flat -zero - which would have pulled all of that return back." But stocks went south in June.

Even though the board ended the year with a loss, it beat the market. The S&P 500 index was down 13.1 percent and the Russell 3000 index was down 12.7 percent, Slaughter said. Both indexes are considered broad market indicators.

The Investment Management Board oversees $10 billion in retirement, workers' compensation, black lung and tuition funds. The returns experienced by the various funds ranged from a 4.4 percent gain registered by the workers' compensation self-insured fund to a 7.6 percent loss posted by the teachers' retirement system.

14 Comments on "W.Va. Investment Management Board posts $643 million loss"

BeenthereBeenback (8 minutes ago)
Just another good year for the few, ....... another bad year for the many.

Feed Up (10 hours ago)
I hope the voters are looking at Gov Joe. The whole WVU mess involing his daughter and no this. It obvious no one including the governor were checking up on the Investment Board. He will be running for re-election useless Robert (KKK) Byrd dies and he appoints himself senator!

I agree with "WVU Grad" no one will get held accountable.

WVU Grad (10 hours ago)
Only in WV.... What a good governor we have!!!! I actually voted for Manchin but it is obvious he is as worthless as his uncle was!

Mtn Boy (10 hours ago)
It does not matter that the WV Investment Managenet Board lost $643 million, the WV voters will continued to vote in the same bunch of Democrats who appoint them. I can assure you no one will losse their job. In the private sector people are held accountable, but not public employees...

David C. (13 hours ago)
Did they not send Arnold Margolian(sp) to prison for losing around $300 million? I think he was the fall guy for A.James. Wonder who will be the fall guy and go to prison for losing $600 mil.?

wvc78 (13 hours ago)
So the Jo Manchini is now the James Manchini. Take WVians money and pocket it. If we elect him again we will make the Manchinis billionaires and they made it all here in WV.

Hillbilly (15 hours ago)
We knew A. James was not an investment professional when we hired him. I was under the impression these guys were. Like others have said, they should be investing in Exxon and Brickstreet. I bet Manchin's kin are smiling...

trickle down economics (16 hours ago)
We were warned about exactly this sort of thing happening, and how quickly we forgot just like it happened with Uncle Jimmy. Gambling our social security with the same thoughtful consideration is at least as risky and has the potential to result in catastrophic loss to the taxpayers and the expecting to retire working people, who will be crushed. This is not good public policy while benefitting only the money changers and the open for business community, providing nothing to working people and taxpayers. It would be nice to know just how many millions in commissions were paid by taxpayers and who it was that was paid to carry out these bad financial deals all under the pretense of being in the public interest.

Investment??? (16 hours ago)
Investment Board??? I'm glad they don't control my money.

w.w.wheels (17 hours ago)
"If the fiscal year had ended on May 31, we would have ended up at worst flat -zero" Hey, if a pig had wings, maybe it could fly....

pek (18 hours ago)
A. James debacle seems so trivial now......

James (19 hours ago)
Invest in oil companies like everyone else's retirement programs. There investments are doing fine.

hillbilly ville (19 hours ago)
it would have been easier to pi$$ed it away in the kanawha river! i know where not to go for help in investing my money!

WTF?? (19 hours ago)
How are they losing money while Brickstreet is reporting huge profits with their investments?

http://www.dailymail.com/News/statenews/200808080129