Not only that, a few years before the state Educational Retirement Board and the State Investment Council lost nearly $90 million with Vanderbilt, the SEC found the Chicago-based firm had engaging in "a fraudulent trading practice." You can read what the SEC had to say about that previous case HERE.
Kate Nash has a story about legislator's reactions to the new scandal. You can find that HERE.
It's easy to get wound up in the minutiae of the case -- the details of the high-finance shenanigans, whether or not the state's deals with Vanderbilt are related to the campaign contributions to Bill Richardson's presidential campaign, whether former ERB investment officer Frank Foy, who brought the matter to light in his civil lawsuit, has an ax to grind, etc.
The important thing to remember is that 90 million bucks -- $40 million of which was money that was was supposed to be invested for teachers' pensions -- was flushed down the toilet.
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