Monday, November 15, 2004
The Teamsters Find Pensions at Risk
A couple points.
1st, being right for the wrong reason does not expertise make. Hoffa used the pension assets as a slush fund first and foremost. He only got lucky that the stock market was tanking when he was doing so.
2nd, there is no doubt fixed income securities have been the place to be in the 21st century but using that to make the point that the Central States fund was mismanaged is misleading. What were the comparison in the 90s when stocks were the hot sector?
Overall, I still hold the postion that pensions should be extremely conservative which would conflate with the argument of this article.
A couple points.
1st, being right for the wrong reason does not expertise make. Hoffa used the pension assets as a slush fund first and foremost. He only got lucky that the stock market was tanking when he was doing so.
2nd, there is no doubt fixed income securities have been the place to be in the 21st century but using that to make the point that the Central States fund was mismanaged is misleading. What were the comparison in the 90s when stocks were the hot sector?
Overall, I still hold the postion that pensions should be extremely conservative which would conflate with the argument of this article.
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