Yes the FUND chose - more specially Nyhan and his tight knit group of investment "experts" at CSPF, chose to go with the high risk equity managers instead of much more stable and guaranteed return funds. Nyhan was first hired for his "expertise" in fund management in 2001-2002. Shortly after, he lost over $2 billion in CSPF assets. Fast forward to 2008-09, he lost nearly $10 billion more in CSPF assets, including the $7.2 billion in cash paid out by UPS to exit the fund, that Hoffa gave to Nyhan and the fund. Now this idiot is still in his job some 7+ years later being paid $694,000 per year (plus perks). Why? At the very least, this guy should have been fired years ago - but realistically he should be in jail for gross mismanagement, failure to do his fiduciary duties and possible corruption. Instead, he just goes on and on - even refusing to submit any additional plan at the last meeting recently with retirees' representatives. What is he getting paid for?
Aside from that, where was the Congressional Oversight Committees that were first formed in 1972 and later to "oversee" the CSPF and the IBT after the previous fund was used as a "piggy bank" by the Mob in Las Vegas. The "Oversight Committees" were put in place to make sure no more corruption, mismanagement and draining of the fund would happen again like it did prior to the '70's. Instead they did nothing. Nyhan and his predecessors just went on as before, using the fund as their (and the IBT's) convenient ATM cash machine. Even in January 2015 a NYC Federal judge, Loretta Preska, ruled that there was no longer any corruption going on in the IBT and thereby ended a Consent Decree that began inn 1989 to oversee, and put an end to, the corruption in the IBT, it's Locals and I would assume also it's previously proven "cash cow" the CSPF..
Was this Fed Judge just stupid, seriously uninformed or just paid off? You choose. Anybody with at least 2 brain cells still working knows the corruption is still widespread in the Teamsters, from top to bottom. There are few locals that are not in lock-step with whatever Hoffa wants.