Texas TRS fund invests in casinos, loses $99M; businessmen contributed to Perry campaigns
As public investments go, this one looked like a roll of the dice.
But the Teacher Retirement System of Texas wanted a big win, so it put $100 million into the buyout of a Las Vegas gaming company called Station Casinos.
The company went bankrupt, and like many an unlucky jackpot-chaser, the state’s largest pension fund walked away a loser. More than $99 million of Texas teachers’ retirement money had vanished.
“There is no getting around it,” said Britt Harris, the fund’s chief investment officer. “This was a bad investment.”
Read more: http://www.dallasnews.com/investigations/headlines/20120512-texas-teachers-pension-fund-invests-in-casinos-loses-99-million.ece (part 1 of 2)
Coming Monday: The businessmen behind Station Casinos have been generous campaign contributors to Texas Gov. Rick Perry.
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