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Article: San Mateo County considers hiring independent firm to oversee investments
- Article from:
- Oakland Tribune
- Article date:
- June 20, 2009
- Author:
CopyrightCopyright 2009 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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The $2 billion investment pool that dozens of San Mateo County
public agencies contribute to should be monitored by an independent
firm because its current oversight is inadequate, according to a
report released this week.
County supervisors ordered the review late last year after the
pool lost $155 million worth of investments in Lehman Brothers,
which went bankrupt.
The Board of Supervisors currently approves the pool's investment
policy, and a nine-member committee representing agencies invested
in the pool -- such as cities, school districts and special
districts -- reviews the policy annually, according to the report.
But the oversight is "not being conducted by anyone with portfolio ...