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N.J. buys $180 million in Lehman shares

Discussion in 'Political Discussion' started by weswelker#83, Sep 12, 2008.

  1. weswelker#83

    weswelker#83 Rookie

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    New Jersey government retirees picked up a $180 million stake in the troubled Lehman Brothers investment firm on june 2008.
    http://www.nj.com/news/index.ssf/2008/06/nj_state_pension_funds_invest.html



    Date: June 9/08
    Trade: 6,428,571 shares of LEH @ $28
    Total cost: $180,000,000
    Date: September 11/08 (90-day M-PIS + 3)
    Stock Price: LEH-$3.80
    Value of Acct: $24,428,569
    Loss: $155,571,431


    They lost $155.5 million of their pensioners funds in 90 days. If they're still holding this POS, they will lose it all! Is there anyone minding the store in NJ?
    These are community organizer kinda folk running these funds.
  2. PatriotsReign

    PatriotsReign On the Roster

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    I wonder what kind of idiot would have suggested they add Lehman stock to their investors' portfolio...That makes no sense at all.

    I'm still praying we don't bail them out.
  3. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Maybe the former head of Goldman Sachs, who gave up his 10 million dollar a year job, to run for the Senate, and now sits in the banrupt governor's mansion in New Jersey, maybe???????????
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    John Corzine D-NJ ex Goldman Sach CEO and corrupt govenor of NJ takin care of his Wall St boys. ;)
  5. PatriotsReign

    PatriotsReign On the Roster

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    You and Ted W may just be right...it is New Jersey after all!:rolleyes:
  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Yup the drats run the whole stinking place.

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