Saturday, May 1, 2010

Bernie "Madoff" with other people's money

The lead article in the Journal on Saturday, May 1, concerned investing West Warwick pension money and whether or not the pension board made a prudent decision. "The local unions whose pensions are a stake are taking a wait-and-see attitude".

Don't we get it yet? Investments are gambles. It's risky business. If you bet your pension money on a horse race and won would that make it a good decision? Come on people. These are gambles and it's the the risks not the outcomes that must determine whether the decision was appropriate or not, especially when you are responsible for other people's money to be available for their pensions.