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Education group concerned about JPMorgan losses

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ATLANTA -

The Professional Association of Georgia Educators says it has concerns about losses at JPMorgan Chase and how they might affect a retirement plan for teachers.

The Atlanta Journal-Constitution reports (http://bit.ly/JlmmFX) that JPMorgan Chase's shares represent a $251 million portion of the Teachers Retirement System of Georgia's holdings.

Those JPMorgan Chase shares were worth $291 million at the end of June, but the bank's stock began to slide when it disclosed that it lost $2 billion in a complicated trading bet.

PAGE spokesman Tim Callahan says he doesn't think retirement funds belong in investments that brokers can't understand, and that more caution is needed.

But TRS Executive Director Jeffery Ezell said the system's view of the bank hasn't changed, and it has no plans to dump its 7 million shares of its stock.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com

 

Copyright 2012 The Associated Press.

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