During his acceptance speech in Tampa Thursday night, Republican presidential nominee Mitt Romney said that he was risk-averse during the early years of establishing his private equity firm, Bain Capital. So he didn’t approach his elders in the Church of Jesus Christ of Latter-Day Saints to ask them to invest a portion of their pension fund in the venture. But, he said, one of his partners snagged the Episcopal Church’s pension fund, set up to fund the retirements of that denomination’s clergy.
“That shows what I know,” said Romney. “Another of my partners got the Episcopal Church pension fund to invest. Today there are a lot of happy retired priests who should thank him.”
They should indeed, and they could thank their pension fund managers while they’re at it. Though it hasn’t fared quite as well over the last few years, the Episcopal Church’s pension fund, with some $9.5 billion in assets as of March 31, 2012, is one of the best run and most successful around.
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