If you want to get confused on the RSA, read their last published financial statement at:
http://www.rsa-al.gov/About%20...CAFR/2012%20CAFR.pdf
I'm an accountant, and I cannot begin to understand how this very complicated agency works with the scant information provided in the 144 pages above. The financial statements are completely void of details on specific investments. I do see where they invested a fortune in a building in Manhattan that was wiped out in the hurricane last year, and they had to put another $80 million in it after insurance settlements.
Bronner really screwed up with the rail car factory, and he thought Navistar was going to save his *** renting the place. Navistar's out of money after their new generation heavy truck engine won't pass EPA, and they're a takeover target in the future--and business sucks for them. Now, they rented out 1/2 the railcar factory to a real railcar manufacturer. This alone is a $650 million nonperforming asset.
I've heard in the past that Dr. Bronner's performance has not been as good as pension funds in other states. RSA is not the worst, but far from the best.
My question is how many other nonperforming assets are hidden in that illegible financial statement? Are the golf courses turning a profit? If Dr. Bronner has been at the helm for almost 40 years, isn't it time he retired? Whoever heard of a financial institution with a manager with virtually no limits on credit approvals?
I'm sure glad my retirement funds are not in this pension fund. It's about time they held Dr. Bronner accountable for some debacles he's made.