State loses $600 Million last year on investments

Gee, and we can’t find any money for the roads, and they give the guy in charge who already makes over $300,000 a year a bonus. Huh? I have said the state should spend the money it has and not let it collect mold in a bank account.

UPDATE: Madville shoots holes in the bonus justification.



4 comments ↓

#1 Douglas Wiken on 08.19.08 at 10:21 am

As usual reports don’t convert that into meaningful numbers. If my division is not off by a few factors of ten, that $600,000,000 is about $800 per man, woman, or child in South Dakota. That puts a little perspective on the numbers which are a bit incomprehensible standing alone.

#2 lewis on 08.19.08 at 11:09 am

and I know it is just money ‘on paper’ but it always makes me cringe a bit when Marion crys about not having money for HP, Schools and Roads when the state has $10 Billion in investments . . . yeah, right.

#3 Ghost of Dude on 08.19.08 at 3:02 pm

The investments are mainly for the state pension funds (so our industrious and efficient state employees can retire). The loss was actually not bad when you consider how the stock market as a whole performed this year. I’m just glad to know they don’t have all the money invested in lottery tickets, Amway inventory, and ponzi schemes.

#4 l3wis on 08.19.08 at 3:43 pm

What?! You don’t take Nutrilite Vitamins!?