01.16.2009 2:08 pm
MOSERS lost $3.5 million with Madoff, Zweifel says
St. Louis Post-Dispatch
Missouri’s new state treasurer, Clint Zweifel, says he learned something disturbing in his first meeting with the Missouri State Employees Retirement System, known as MOSERS. The big pension fund, he says, lost $3.5 million in Bernie Madoff’s giant Ponzi scheme.
According to a Zweifel news release, MOSERS placed money with Silver Creek Capital Management, which in turn invested in Madoff’s fund. Several other public pension funds, including some in Louisiana and New Mexico, also have disclosed that they lost money in the Madoff scam.
Zweifel is calling for more transparency on MOSERS’ investment policies, and for a comprehensive review to make sure the fund didn’t have any other exposure to Madoff.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
