MBTA Pension Fund Loses $25 Million Investment
Big questions about oversight and accountability in light of the disclosure that the MBTA pension fund may have lost a staggering $25 million.
According to the Boston Globe, the investment may have been victim of a Ponzi scheme by a New York hedge fund called Fletcher Asset Management.
The former head of the T’s pension fund, Karl White, joined the hedge fund and then pitched a new investment opportunity to the T pension board. The board agreed to invest $25 million dollars in 2007, and now that money is gone and the FBI and SEC are investigating.
WBUR’s Sacha Pfeiffer speaks with a certified public accountant about the situation.
Mary Connaughton, director of finance and administration, the Pioneer Institute
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