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Very interesting article on page B1 in the Sat/Sun Jan 12-13 copy of the Wall Street Journal.

-I didn't know the TSP funds were being run by Blackrock. The TSP Investment Board oversees the fund...I thought they ran it also.

-Blackrock does lend out shares to short-sellers. In other Blackrock funds, it was noted that Blackrock returns 65% of the fees (recieved from the borrowers of shares) and keep the rest for themselves. Its suggested that Blackrock returns a larger percentage to the TSP funds in order to keep managing the funds. But it mentions Vanguard returns 100% of such fees to the funds.

The last paragraph makes a subtle suggestion that all fees recieved from lending shares belong to the fund (i.e, the shareholders).

Did Congress favor a big contractor at the expense of federal employees again?

The good news?? Fund management expenses are dirt cheap.

If you want a copy of the article, try emailing the author at, or
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