Last week came the story of how the Dallas Police and Fire Pension System lost $196 million on various risky real estate development projects in recent years. Pension board chairman George Tomasovic has posted a response on the fund’s web site.
Dear Fellow Police Officers and Firefighters: You may have read the recent news about our losses in real estate. While these numbers are generally accurate, I can tell you these figures were not news to me or to my fellow Trustees. We have known about these losses. There is no doubt some of these investments did not turn out as well as we had hoped. But your Board has already begun working with the staff and our consultants to rework our real estate portfolio…
See the entire post here.