Big questions about oversight and accountability in light of the disclosure that the MBTA pension fund may have lost a staggering $25 million.

According to the Boston Globe, the investment may have been victim of a Ponzi scheme by a New York hedge fund called Fletcher Asset Management.

The former head of the T's pension fund, Karl White, joined the hedge fund and then pitched a new investment opportunity to the T pension board. The board agreed to invest $25 million dollars in 2007, and now that money is gone and the FBI and SEC are investigating.

WBUR's Sacha Pfeiffer speaks with a certified public accountant about the situation.

Mary Connaughton, director of finance and administration, the Pioneer Institute