Well the shoe was eventually going to drop.
Concerns over the state of SEPTA’ s pension fund has caused it to sue Goldman Sachs Group Inc. regarding the way it was managed.
SEPTA is claiming Goldman Sachs pays it’s executives too much. SEPTA wants Goldman to make up the value in lost stock holdings.
The fund was worth $640 million at the time of September’s strike — down from $719 million in June 2008 but up from $471 million in March.
The suit was filed Tuesday in Delaware Chancery Court.
Wonder why SEPTA didn’t have a Pennsylvania-based firm manage the fund? What’s the moral difference between going to Delaware for a fund manager or going to Delaware for a bottle of wine?
Something to think about.