COMING WEDNESDAY: Treasurer Ted Wheeler and Wall Street
Tuesday, March 01, 2016
COMING WEDNESDAY: Treasurer Ted Wheeler and Wall Street
For the past six years, Ted Wheeler has served as Oregon’s Treasurer and a key component of that position is managing Oregon’s $89.53 billion pension fund. Under Wheeler, the relationship and fee structure paid to many of Wall Street’s largest firms has transformed during his tenure.
According to leading researchers and the biggest public pension watchdog in the United States, Wheeler’s strategy may have big payoffs for many of the biggest firms on Wall Street.
Wheeler initially was named to the position of Treasurer after the death of then-Treasurer Ben Westlund.
Wheeler then ran for the Treasurer’s office in 2010 and his campaign promised that his experience would be a boon to managing Oregon’s Public Employees Retirement System. “Overseeing the continued, careful investment of state pension and school funds to earn the highest possible return while also protecting these funds from risk and Wall-Street-type speculation,” was the stated goal of his campaign material in 2010.
Wheeler’s business experience was mentioned in 2010 -- but not in subsequent campaign materials and bios.
Wheeler is former analyst for Bank of America and Vice President of Union Bank (now owned by Mitsubishi Bank). He also ran his own real estate investment firm in Massachusetts for five years.
Now, Wheeler wants to be Mayor of Portland, and has proposed many initiatives to improve the City. GoLocalPDX takes a look at Wheeler’s promises and record as Treasurer. What have been his successes managing Oregon's retirement funds and what could and should have been done better.
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