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State employees question NC pension Facebook stock

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TWC News: State employees question NC pension Facebook stock
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Many current and retired state employees want to know why North Carolina's pension fund used a firm that invested in Facebook stock.

The News & Observer of Raleigh reports 618,000 shares the state currently has in the social media company are now worth just half of the $38 dollars per share paid.

This is after Facebook's initial public offering in May.

A spokeswoman for State Treasurer Janet Cowell told the paper that the Facebook stock made up less than a tenth of one percent of the pension fund's global stock portfolio.

Cowell's Republican rival in the November election, Steve Royal said a company like Facebook is not an appropriate investment for a state pension fund.

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