State of Kentucky's Teachers Retirement System was the second-largest shareholder for Sberbank

[tblue37]

of Russia (The largest bank in Russia).

Their position dropped 95% in value from $13MM to $778K

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State of Kentucky's Teachers Retirement System was the second-largest shareholder for Sberbank of Russia (The largest bank in Russia).

Their position dropped 95% in value from $13MM to $778K[/div

CORRECTION:

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Reports that Kentucky's pension system for teachers is one of the top shareholders in the largest Russian bank are "completely false," the system's lawyer said Friday.

At the close of 2021, the Kentucky Teachers Retirement System was listed as the second largest shareholder of Sberbank of Russia, whose stock prices are tanking amid the Russian invasion of Ukraine.

Beau Barnes, TRS' general counsel, said Friday TRS sold off its direct investments Feb. 23, losing $3.2 million of its initial $15.6 million investment. Russia invaded Ukraine the next day.

Snip

[Walleye]

1. How's it going Moscow Mitch?

[Scrivener7]

7. This is why that nickname bothered him so much. It hit too close to the truth.

[Walleye]

9. He sure looked like he had dyspepsia at the State of the Union address

[Trailrider1951]

29. Yep. That's the look that you get when you watch

your gravy train get derailed. Made me LOL!

[Walleye]

30. I like that metaphor

[crickets]

21. Moscow Mitch has massively messed up.

This is just awful. I feel sorry for all those hardworking people whose lives he's ruined. They have no retirement fund now. It's relatively worthless now. Maybe they'll finally vote for someone else next time.

[Walleye]

24. It really is tragic and totally a result of corruption

[blueinredohio]

2. Kentucky and Russia? Who would have thought?

[tblue37]

3. the top-3 institutional holders in that Russian bank are all from Kentucky.

What's even more interesting is that the top-3 institutional holders in that Russian bank are all from #Kentucky.

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Either it's the mother of all coincidences or something interesting is going on. What do you think?

[Scrivener7]

4. And Mitch had that big deal with Deripaska for the steel producer

That was supposed to bring in 50k jobs. That Kentucky paid through the nose for. That never materialized.

But God help those teachers.

[getagrip_already]

5. it's just teachers pensions, no big deal (sarcasm)

It won't even cause a blip in kentucky news, and the dem gov will be blamed if it is.

Mitch is in the us senate and has nothing to do with a teachers pension fund. but the gop likely was at the keyboard making those investments.

[hatrack]

6. No problem! They can all go work at the Russian-funded aluminum plant that's going to . . .

Oh, wait. Never mind.

https://www.wuky.org/local-regional-news/2021-03-18/russian-company-bankrolling-troubled-kentucky-aluminum-plant-suspends-investments

[XanaDUer2]

8. I thought pensions were conservative and diversified

If I was a teacher there, I'd be freaking out

[Sneederbunk]

10. Sleeping with dogs much?

[durablend]

11. Clearly Biden's fault somehow (sarcasm)

[Walleye]

12. Republicans hate teachers

[Tommymac]

13. This is just wrong. Who was in charge of diversifying investments for this fund? nt

[XanaDUer2]

14. My so gets a florida pension

Now I'm wondering

[MineralMan]

15. Mitch? What Say You?

Was that investment your bright idea?

[Wingus Dingus]

16. Absolutely mind-boggling to me that they staked their future so firmly to Russian banking.

I can't understand this.

[Hekate]

23. I have a tiny* pension from my years as a staff member at University of California. You think I know

Do you think I even know where things are invested? Those Kentucky teachers had no say in this.

( * ”tiny” pension only because I was there until it was vested, then came back a few times at the request of people who knew me. If I’d stayed a lifetime the pension would be larger. )

[Wingus Dingus]

25. Yes, they probably didn't know, or trusted their pension fund managers.

But those who made these investing decisions need to answer to them, why they thought this was OK.

[Hekate]

26. Those who made the decisions should be prosecuted to the fullest extent of the law

[2naSalit]

17. Interesting to see...

All those now being exposed for having silent ties to russian money. All you have to do is shut off the money spigot and all those "fish" float to the top.

[moondust]

18. Mitch/Elaine/Deripaska/Rusal?

2019: How a McConnell-backed effort to lift Russian sanctions boosted a Kentucky project

2020: Rusal secures $4.5bn loan extension from Sberbank

[BlueIdaho]

19. WTF were they thinking? nt.

[Hekate]

27. Probably should ask Moscow Mitch

[tblue37]

28. And Rand Paul.

[Hekate]

20. Spend your life teaching kids for a pittance & then be robbed of your retirement savings

The social contract is well and truly broken

[ARPad95]

22. Shares were sold in Feb 2022 for a $3M loss and represented a relatively small portion of the

overall investments of the pension fund.

No, despite what you see on the Internet, Kentucky’s teacher pension fund did not just lose $13 million in Russian bank stock.

“From March 2017 until the final sale on Feb. 23, 2022, TRS invested $15.6 million with $12.4 million returned, for a loss of $3.2 million,” the agency said in the statement.

https://www.kentucky.com/news/politics-government/article259056243.html

[irisblue]

31. Local paper says this today

Source-https://www.courier-journal.com/story/news/education/2022/03/04/amid-russia-invading-ukraine-kentucky-teachers-pension-system-caught-middle/9373911002/?utm_campaign=snd-autopilot
(More at article)
snip-"Reports that Kentucky's pension system for teachers is one of the top shareholders in the largest Russian bank are "completely false," the system's lawyer said Friday.

At the close of 2021, the Kentucky Teachers Retirement System was listed as the second largest institutional shareholder of Sberbank of Russia, whose stock prices are tanking amid the Russian invasion of Ukraine.

Beau Barnes, TRS' general counsel, said Friday TRS sold off its direct investments Feb. 23, losing $3.2 million of its initial $15.6 million investment. Russia invaded Ukraine the next day. "

snip-"Barnes said the timing of the sale was a tactical decision by their external investment manager in response to the publicized threat of sanctions against Russia should it invade Ukraine.