Subprime burns NYS teacher fund

The New York State Teachers Retirement System owned more than 2 million shares of troubled subprime lender New Century Financial. At the end of last year, the pension fund’s stake in New Century totaled $65 million, when New Century was trading at $31.59 a share. New Century’s shares were valued at 67 cents before the New York Stock Exchange halted trading on them this Tuesday. more [Post]