May 24, 2013
Florida's pension fund of about $88 million is due to drop in WorldCom stock.
That's a major lottery ticket for most people. But for the state's huge pension fund, it's barely noticeable and has no effect on what retirees get.
The retirement fund is already suing an outside money management firm over nearly $300 million lost when Enron stock collapsed.
Most of the pension fund's WorldCom holdings are in an index fund. Active managers hold fewer than two million shares.
The fund bought the shares at nearly $94 million. By Thursday, they were valued at around $5.5 million.
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