Tuesday, February 10, 2009

Real? or from The Onion?

Feb 10th: New York: The New York Lottery is proposing a gamble where the odds aren’t always in its favor -- moving its $1.3 billion prize fund into investments such as stocks, corporate bonds, real estate and hedge funds and out of the safety of U.S. Treasuries. If the agency were to double its annual return to 8 percent as it projects, the prize would be $37 million more for state coffers as New York grapples with a record $13 billion budget deficit next year.

I mean come on... that cannot really be from Bloomberg can it? the NY Lottery, after watching the biggest multi-asset-class blowup in multiple generations has decided it wants to take MORE risk? This has to be from The Onion right?

Nope. It's a real story, and yet another sign we haven't seen the bottom yet.


1 comment:

Anal_ said...

Feel like I've read this story before, but with Pension/Endowment funds.

"If we only increase our exposure to LBO/HF/derivatives to 20% we can make up our shortfall, its a no brainer!"

Yea, that worked out well...