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Coffeeshop Chit Chat - Lose billions, get roasted in public</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Lola (Langusta) <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>7:21 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>22745.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>http://www.theage.com.au/national/milliondollar-public-servant-presided-over-lost-billions-20091015-gz62.html
PAP leh? The aussies should be lucky they didn't have Hoe Jinx managing their retirement money!
<!--<headline>-->Million-dollar public servant presided over lost billions <!--</headline>-->
<!-- Class 'push-0' just right-aligns the element so that the main content comes first. --><!-- cT-storyDetails -->DAVID ROOD
<CITE>October 16, 2009</CITE>
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Justin Pascoe earned more than $1 million last financial year as acting head of the Victorian Funds Management Corporation, despite presiding over billions in losses. Photo: Paul Jones
Last financial year, Justin Pascoe achieved something spectacular. As acting head of the authority that manages Victoria's public sector superannuation, he presided over the loss of more than $5 billion of state employees' savings.
Instead of being punished for this, he was rewarded - handsomely. Bonuses paid to Mr Pascoe on top of his regular salary catapulted him to a new status: Victoria's first million-dollar public servant.
The annual report of the Victorian Funds Management Corporation, tabled yesterday, reveals one senior executive - believed to be Mr Pascoe - was paid between $1 million and $1.099 million in the year to June 30.
He was among six senior executives who shared in more than $1.2 million in pay bonuses. Yet in the two years to June 30, the funds they were overseeing crashed in value from $41.3 billion to $31.1 billion in the face of the global financial crisis.
The revelations have prompted an embarrassed Premier John Brumby to order former top bureaucrat Michael Vertigan to head an investigation into the payments.
Mr Brumby said Victorians would look ''dimly'' on bonuses paid when performance had been poor. ''The investment returns of the VFMC last year don't warrant excessive performance bonus payments,'' he said. Shadow treasurer Kim Wells said VFMC ''fat cats'' had been feathering their nests when they should be punished for shocking results. ''It's time John Brumby came clean with Victorians and accepted responsibility for these shocking losses and the massive rewards to VFMC executives,'' he said.
The corporation manages the super savings of thousands of state employees, including emergency service workers and MPs. The annual report says its 13.7 per cent loss on investments last year was worse than a composite industry benchmark of minus-10.9.
VFMC spokeswoman Deb Johnson said the investment performance was challenged by the global crisis, and a $5.9 billion loss over the past financial year included more than $1 billion in client withdrawals.
Mr Pascoe could not be contacted.
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PAP leh? The aussies should be lucky they didn't have Hoe Jinx managing their retirement money!
<!--<headline>-->Million-dollar public servant presided over lost billions <!--</headline>-->
<!-- Class 'push-0' just right-aligns the element so that the main content comes first. --><!-- cT-storyDetails -->DAVID ROOD
<CITE>October 16, 2009</CITE>
<!-- cT-imageLandscape -->
Last financial year, Justin Pascoe achieved something spectacular. As acting head of the authority that manages Victoria's public sector superannuation, he presided over the loss of more than $5 billion of state employees' savings.
Instead of being punished for this, he was rewarded - handsomely. Bonuses paid to Mr Pascoe on top of his regular salary catapulted him to a new status: Victoria's first million-dollar public servant.
The annual report of the Victorian Funds Management Corporation, tabled yesterday, reveals one senior executive - believed to be Mr Pascoe - was paid between $1 million and $1.099 million in the year to June 30.
He was among six senior executives who shared in more than $1.2 million in pay bonuses. Yet in the two years to June 30, the funds they were overseeing crashed in value from $41.3 billion to $31.1 billion in the face of the global financial crisis.
The revelations have prompted an embarrassed Premier John Brumby to order former top bureaucrat Michael Vertigan to head an investigation into the payments.
Mr Brumby said Victorians would look ''dimly'' on bonuses paid when performance had been poor. ''The investment returns of the VFMC last year don't warrant excessive performance bonus payments,'' he said. Shadow treasurer Kim Wells said VFMC ''fat cats'' had been feathering their nests when they should be punished for shocking results. ''It's time John Brumby came clean with Victorians and accepted responsibility for these shocking losses and the massive rewards to VFMC executives,'' he said.
The corporation manages the super savings of thousands of state employees, including emergency service workers and MPs. The annual report says its 13.7 per cent loss on investments last year was worse than a composite industry benchmark of minus-10.9.
VFMC spokeswoman Deb Johnson said the investment performance was challenged by the global crisis, and a $5.9 billion loss over the past financial year included more than $1 billion in client withdrawals.
Mr Pascoe could not be contacted.
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