The expensive investment gurus at Kentucky Retirement Systems -- the people whose investment mistakes are now the taxpayers' problem -- are used to getting kid glove treatment in the media. That all changed this weekend when the Courier Journal's Stephenie Steitzer gave them a much-deserved butt kicking, that I followed up on here.
The evident incompetence brought up one simple question: how did these people we are trusting with billions of our dollars do in the recent mortgage-backed securities meltdown?
So I asked.
Rather than provide any kind of insight into what they have been doing with themselves -- and our money -- over the last year and a half, though, I got this waste-of-time response (click the image below to read):
3:39 pm UPDATE: Got another email from KRS stating that they would provide me with information but that a report may have to be generated. I'd be very surprised and disappointed if, with all the hulabaloo, no one has stopped to see just how bad our mortgage losses are.