Oops, $21 mil lost by way of a of an investment into sub-prime mortgages. Another scandal in Baltimore County.
When they meet in secret you can bet there's something up and it ain't the stock market.
The county charter requires fiduciary responsibility and the retirement board must approve these types of decisions. If one person made this investment I would advise hiring a good lawyer.
Think of what the Merrill Lynch broker made on this deal? Their fees range between 3% to 5 1/4% = $600,000 to $1 million in fees.
All together that's two oops'.