ONE FUND within theI llinois Bright Start College Savings plan suffered a huge loss not directly related to the stock market decline. It was a bond fund that should have provided low, secure, and positive returns. Instead, it appears that the Fund Manager took extreme actions with the portfolio, resulting in a loss of more than 30 percent of the value of this fund, which is included in the age-based portfolios.
State Treas Alexi Giannioulias is threatening to file suit to recapture the $85 million lost because of this bond fund.
IMPORTANT: Losses in stock market funds are to be expected in a bear market. So thisis not an attempt to recoup market losses in the stock funds.
Please post your comments here, and I am sure the Treasurer and AG will be looking at these personal stories!
Here's a link to that column: http://www.suntimes.com/business/savage/1376279,CST-FIN-savage14.savagearticle
January 2009 Archives
On Monday, January 21st I posted a column with a "Dear Santa" wish list for our new President. And I asked you to join in, adding your ideas to the list!
Here's a link to the column: http://www.suntimes.com/business/currency/1384986,CST-FIN-terry19.savagearticle
I'm looking forward to your comments!
Terry Savage
Terry Savage writes a syndicated personal finance column for the Chicago Sun-Times and for TheStreet.com. Her latest book is "The Savage Number: How Much Money Do You Need to Retire?" Read more at TerrySavage.com.
