Fla pension fund's bad $250-mil bet
This is the story of how the Florida board that invests public money bet $250 million on a huge Manhattan real estate deal and lost every last penny of it. A number of others didn't do too badly, however. On top of the money lost, Florida paid $16 million in fees to real estate developers, bankers and Wall Street money managers who persuaded the state to make the deal.
State elected leaders with potential influence over the pension funds' investments received campaign contributions from some of those same corporate giants. And state pension managers in the real estate unit got performance bonuses.