And now the pusillanimous part:
UPDATE: References to past news reports about failed investments by the firefighters pension fund were removed from this story pending further investigation.
Luckily for everyone Lee Zurik over at Fox 8 has investigated and now Fox 8 has a whole page of stories on the topic and of course there are the good people over at The Bright:
The New Orleans Firefighters Retirement Fund has gone through many problems in recent years. The money has been poorly invested in various projects including a hedge fund that failed. There is also evidence that the money was invested in golf courses and other ventures.
And just a few months ago NOLA.com had this:
The audit shows that the firefighters fund’s board has also gotten into the film business, including a $225,000 loan to Tell Tale Heart LLC “for the production of a movie” that went into default. The loan was made in May 2012 as part of a deal that supposedly was to earn the fund a healthy 20 percent return. Tell Tale Heart was supposed to pay back the money and the 20 percent profit in November. Even though it has not done so, the fund still listed $51,000 in investment income from the deal in its 2012 audit. Continue reading “New Orleans firefighters oust leadership of long-troubled pension fund: T-P coverage Pusillanimous”