What should be done to the Detroit Pension Funds?

Here is what Burgess Foster State Rep candidate for the Michigan House of Representatives for District 5 thinks about the recent Pension Fund fiasco. Detroit needs better leadership appointed to the Pension Fund Boards. The Scandal that has rocked the public sector nation wide on 11 on a 10 point richter scale at its epicenter in Detroit should warrant a grave discussion of what to do!

But I vehemently disagree with Dave Bing.

I recommend a professional Mutual Fund manager like Oppenheimer to take over the Detroit Pension Fund. It would add value, by creating more efficiency due to the commission driven performance. No positive returns-no commission.

I think if this was to be done-Detroit should mandate that it stays with an Oppenheimer branch in the Metro Detroit area.

I would recommend Gail Perry-Mason the Director of one such branch. A native Detroiter who holds the coveted series 7 licensure.

She is proof that the last bastion of power and prestige can be penetrated by the talented and dedicated African American leadership in our area.

http://www.detnews.com/article/20100330/METRO01/3300410/1409/Council-hears-protest-over-Bing-s-overhaul-of-Detroit-pension-funds