One Idea from a Reader. Three stories?

Posted by: John A. Byrne on July 11

A story idea is a living thing. It takes twists and turns as a journalist begins to poke and prod an idea, report it out, and eventually deliver an original article that adds value to the debate of an issue or a topic. So it was with an idea suggested by reader Tom Gerber (left) a few weeks back, resulting in the story “A Not So Golden Goose” on our home page today.

Tom wrote: “No one seems to be telling the story of how the current financial turmoil is affecting state investment funds around the United States. Yes, Florida’s busted fund made the news, but a comprehensive survey needs to be made. What is it like in all the other states? Someone needs to sound an alert. Will it be Business Week that does it?”

Tom knows his stuff. He ran for governor of South Dakota on the Libertarian ticket in 2006 and has been seriously concerned about the exposure of S.D. State investment funds to the current credit crisis. Tom first started reading Business Week in the 1950s and has looked to us “for clear, factual presentation of business conditions” ever since. Tom retired from business several years ago, and celebrated his 83rd birthday on July 5. As a consultant for Price Waterhouse, and later for Booz-Allen, he guided management at many organizations. Among them were, Prudential Insurance, NASA Goddard Lab, Pentagon Weapons Development Command, Fifth-Third Bank, and Corning Glass. After returning to South Dakota, he spent two years as Director of Systems Management reporting to the Commissioner of Administration of the state.

We assigned Chris Palmeri of our Los Angeles bureau Tom’s assignment. After a discussion with finance editor Adrienne Carter in New York, Tom’s idea morphed into “A Monster Deal Turns Scary” about the pension plan of Ontario’s teachers that had taken bigger risks than most and found itself in a precarious state. Adrienne and Chris thought the Florida example already was well covered. And then, based on Tom’s idea, Chris suggested a story on the California teachers’ pension fund Calpers.

So Tom’s suggestion has led to two stories already, and Chris is still looking into yet another. Thanks Tom and happy birthday.