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To say NOBODY knew this was coming is a stretch.  There have been shows on OPB with experts who long ago questioned these synthetic assets that can't be explained in plain English.  I thought Duin's point was it's the OCSP's and treasurer's job to select funds suitable for us average folk. Going forward the issue is how to minimize the chance this happens again. The problem is selecting fund managers is a choreographed dance well-known to insiders but opaque to the public.  Scorecards can be deftly massaged to make a pre-chosen manager the winner with no apparent signs of impropriety. I'd like to have heard more about that $300K of marketing funds Oppenheimer provided - sounds like the proverbial campaign slush fund - which in the end just lowers their fund returns.  I'd say Duin is on to something and AG Kroger too. 

posted 4 years, 3 months ago
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