The retirement fund of the Massachusetts Bay Transportation Authority — which pays the pensions of unionized bus and subway train drivers — has lost the entire $25 million it invested in a hedge fund operated by Alphonse "Buddy" Fletcher Jr., the Boston Globe reports. The Globe doesn't mention Mr. Fletcher's $4.5 million gift to Harvard to endow the university professor chair held by Henry Louis Gates Jr., but the case of Harvard hanging on to its $4.5 million from Mr. Fletcher while the retirees (or the taxpayers who backstop them) settle for a zero is grist for a Harvard Business School case study, or a philosophy course in moral reasoning, or, at the very least, an Alex Beam column, or something.
Alphonse Fletcher Jr.
https://www.futureofcapitalism.com/2016/12/alphonse-fletcher-jr
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