Under Gov. Walz, Minnesota’s Teachers Retirement Association is accused by a pension investigator of hiding fees and reporting implausibly high returns, termed a “Madoff miracle.”
A leading pension investigator claims that under Minnesota Gov. Tim Walz — Vice President Kamala Harris’ recently tapped running mate pick — the state’s public school teachers’ retirement system is manipulating financial reports by significantly understating annual fees paid to Wall Street investment managers, and showing unrealistically high returns, the New York Post first reported.
Edward Siedle, an independent pension investigator, alleges that the state-run Teachers Retirement Association (TRA) has only revealed less than 10% of the $2.9 billion in fees it spent over the last decade. He also criticized TRA for reporting gains that barely exceed its own benchmarks by 0.2%, which he described to The Post as “virtually impossible.”
“Even Bernie Madoff didn’t claim to beat the market every single year — and certainly not by the exact same percentage”, Siedle said, and called the TRA performance a “Madoff miracle under Walz’s watch.
