How do you lose Â¾ of a billion dollars and blame somebody else?
I have to give props and kudos to the “daily dead fish wrapper”, The Oregonian. They detailed how the State of Oregon managed to lose Â¾ of a billion dollars that it was supposed to invest and grow for the parents of college bound children.
My favorite parts were the State ignoring the losses until it was too late”¦then warning the investment company of a state investigation”¦then fancy dinners at top Rose City restaurants.
Now the new State Treasurer, Ben Westlund, says he wants to make the federal government cover the lost money. Oregon has managed to lose $740,000,000 of private investment money and he thinks federal taxpayers from all over the country need to make up the losses.
This is just one of the many reasons I want to keep government out of private business and out of our lives when it comes to retirement money, health care, college funds and just about any other investment you would care to name.