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<blockquote data-quote="texan" data-source="post: 1020439" data-attributes="member: 38206"><p><strong>So dumb. Why would managers speculate with people's retirement?</strong></p><p><strong></strong></p><p><strong>Public pension funds stung by Facebook's falling stock</strong></p><p><strong></strong></p><p><strong>NEW YORK — Wall Street investors aren't the only ones feeling the sting of Facebook</strong></p><p> <strong>Inc.'s falling stock: So are some of the country's troubled government pension funds.</strong></p><p><strong></strong></p><p> <strong>Public employee retirement funds from around the country took part in the Menlo Park, Calif., social</strong></p><p> <strong>networking juggernaut's May 18 initial public offering and plowed millions of dollars into </strong></p><p><strong>Facebook stock before its value plunged.</strong></p><p><strong></strong></p><p><strong>The Arkansas teacher pension fund is part of a group of institutional investors that includes </strong></p><p><strong>the Fresno County Employees' Retirement Assn. (estimated Facebook losses: $1 million) and </strong></p><p><strong>the North Carolina Retirement Systems (estimated losses: $12.4 million). </strong></p><p><strong></strong></p><p><strong>The group has filed papers seeking to become lead plaintiffs in the case.</strong></p><p> <strong>Two major California pensions also bet big on Facebook.</strong></p><p><strong></strong></p><p> <strong>The California Public Employees' Retirement System, the country's largest public pension, refused</strong></p><p> <strong>to reveal how many shares it bought in the IPO. CalPERS had 557,140 Facebook shares on </strong></p><p><strong>May 23 and more than doubled its stake to 1.3 million shares as of this week, according to a spokeswoman.</strong></p><p><strong></strong></p><p> <strong>The California State Teachers' Retirement System bought about 500,000 shares in the IPO — worth </strong></p><p><strong>about $19 million — and sold them when the price briefly popped on the first day. </strong></p><p><strong></strong></p><p><strong>CalSTRS made about $250,000 on the sale, a spokesman said.</strong></p><p><strong></strong></p><p><a href="http://articles.latimes.com/2012/aug/31/business/la-fi-0901-facebook-pensions-20120901" target="_blank">Public pension funds stung by Facebook's falling stock - Los Angeles Times</a></p></blockquote><p></p>
[QUOTE="texan, post: 1020439, member: 38206"] [B]So dumb. Why would managers speculate with people's retirement? Public pension funds stung by Facebook's falling stock NEW YORK — Wall Street investors aren't the only ones feeling the sting of Facebook Inc.'s falling stock: So are some of the country's troubled government pension funds. Public employee retirement funds from around the country took part in the Menlo Park, Calif., social networking juggernaut's May 18 initial public offering and plowed millions of dollars into Facebook stock before its value plunged. The Arkansas teacher pension fund is part of a group of institutional investors that includes the Fresno County Employees' Retirement Assn. (estimated Facebook losses: $1 million) and the North Carolina Retirement Systems (estimated losses: $12.4 million). The group has filed papers seeking to become lead plaintiffs in the case. Two major California pensions also bet big on Facebook. The California Public Employees' Retirement System, the country's largest public pension, refused to reveal how many shares it bought in the IPO. CalPERS had 557,140 Facebook shares on May 23 and more than doubled its stake to 1.3 million shares as of this week, according to a spokeswoman. The California State Teachers' Retirement System bought about 500,000 shares in the IPO — worth about $19 million — and sold them when the price briefly popped on the first day. CalSTRS made about $250,000 on the sale, a spokesman said. [/B] [url=http://articles.latimes.com/2012/aug/31/business/la-fi-0901-facebook-pensions-20120901]Public pension funds stung by Facebook's falling stock - Los Angeles Times[/url] [/QUOTE]
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