In yet another failure of Texas politicians (I’m looking at you, Ted Cruz and Greg Abbott), the Texas Permanent School Fund’s Russian assets have lost nearly all of their $260 million value, leaving it with a paltry $14 million.
This comes after losses to assets in the fund attributed to the Russian invasion of Ukraine.
The total value of the Texas PSF is over $41 billion, so Russian assets made up a small portion of the portfolio.
However, there was no way to stop the losses because the Russian markets have been closed since a host of countries enacted economic sanctions on Russia.
Editorial: First, they fucked up the power grid. Now, they’ve hosed the kids out of necessary educational funds. $246 million is not a drop in the bucket. That could have paid a few salaries or bought some textbooks and supplies.
Way to go, Texas! Maybe you should treat the money like its your own, rather than as a gift that doesn’t really matter.