Five Wisconsin school districts claim they were misled by advisers and could lose most of $200M investment.
“Board members from all five districts – West Allis, Kimberly, Waukesha, Whitefish Bay and Kenosha – signed closing documents that outlined investment risks. But according to Whitefish Bay’s Yde, “the risk that was verbally provided to us is not the risks that we have in this transaction.”
A videotape of another local school board meeting in May 2007 shows Noack saying, “If we stick to all investment-grade companies, you’ve still gotta have 10% go under, and I would assume – I’m not an economist, but that’s a depression.”
Well guess what? We are ALL in a deep depression. Betting your money on Wall Street is no different than going to Vegas. You win some and you lose some.
I’m sure the investment company had some language in the contract all these school districts signed like…
The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
They all do. And the rep even spelled it out further for them and said you could lose all of your money if the economy goes in the shitter.
In my company sponsored plan I contributed 4,000 this year and the total value YTD is down 5,000. Money down the hole…
We are all in the same boat Wisconsin. Man up! Get back to work and this time bet on black! Or black and gold… Steelers look good. Some well placed bets and you’ll have all your money back by groundhogs day!