Kentucky teachers’ retirement system lost millions in Russian bank stock — and narrowly avoided losing way more
Kentucky teachers’ pensions were rumored to be on somewhat shaky ground this week after a report circulated online alleging the state pension system remained a major shareholder in a tanking Russian bank stock.
Russia’s largest lender, Sberbank of Russia, cratered 95% on the London stock exchange Monday upon announcing it would be pulling out of the European market. News of the stock free fall turned up an interesting note: as of Dec. 30, 2021, the Kentucky Teachers Retirement System was listed as the bank’s second-largest U.S. institutional shareholder.
In a tweet posted Thursday night, the Twitter account “Market Sentiment” claimed that as a result of Sberbank’s collapse, the teachers’ pension system suffered a concurrent 95% loss in its position, amounting to more than $12 million.
Kentucky Rep. Thomas Massie picked up on the tweet and remarked, “It’s obviously part of a much larger portfolio, but still unfortunate and notable.” Later he added, “Buy the ticket, take the ride.” – READ MORE
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