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Article: PENSION JOB CANDIDATE HAS KNOWN UPS, DOWNS
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- September 30, 2003
- Author:
CopyrightCopyright 2003 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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The most unflattering moment as an investment manager for Steven
Weddle, the man Massachusetts Treasurer Timothy Cahill wants to put
in charge of state pensioners' $29 billion retirement fund, may be
the deal with Kingdom Financial Holding Ltd.
Weddle was running a southern Africa venture fund, which in 1997
invested $1.2 million in Kingdom Financial, a banking, brokerage, and
asset management company in Zimbabwe. The company did well, and
Weddle's fund cashed out in 1999, expecting a profit of around
$500,000.
Just one problem: Weddle's fund had failed to specify that the
investment be repaid in US dollars. Instead, the fund was repaid in
Zimbabwe dollars, which were worth substantially ...