Public pension funds stung by Facebook's falling stockSubmitted by emalvini on Sat, 09/01/2012 - 15:57
Public pension funds stung by Facebook's falling stock
By Andrew Tangel, Los Angeles Times
August 31, 2012, 5:31 p.m.
NEW YORK — Wall Street investors aren't the only ones feeling the sting of Facebook Inc.'s falling stock: So are some of the country's troubled government pension funds.
Public employee retirement funds from around the country took part in the Menlo Park, Calif., social networking juggernaut's May 18 initial public offering and plowed millions of dollars into Facebook stock before its value plunged.
Facebook shares continued their decline Friday, falling $1.03, or 5.4%, to a record low of $18.06, or less than half their $38 offering price