Recently, a study found that North Carolina’s $90 billion state pension fund was wasting billions of dollars on Wall Street fees for no good reason. Now, there is a new reason to dislike this ineptly managed corruption of the public trust!
Bloomberg reports that North Caroline treasurer Janet Cowell, who administers this pension fund—and whose track record, again, is one of foolishly forgoing billions of dollars that could have gone to average retirees by flinging that money at high-priced ineffective hedge fund managers, instead—has been elected board member of two private companies, with the blessing of the North Carolina State Ethics Commission. A funny thing about that is that Cowell is still the treasurer of North Carolina who runs the state’s $90 billion pension fund for eight more months! And everyone is sure that these board positions with private companies, which will pay her more money than her state job, will not create any conflicts of interest! Hey, it’s only $90 billion in retirement money being ineptly managed by this now-conflicted for-sale bureaucrat, after all!
Corporate America is a meritocracy that is working well!