Posted on 03/16/2009 7:48:46 AM PDT by Liz
>>Other holdings include a 45%-stake in Japanese bank Aozora, real estate services firm LNR Property
Ah, I forgot about LNR!
LNR Property was a principal in the miraculous disappearance last year of about $1 Billion of Calpers funds. (okay... not disappearance, more like musical chairs.) It was a risky joint venture land deal called “Landsource” that involved Calpers, Lennar, and Cerberus/LNR Property. Landsource filed for bankruptcy shortly before the RE market tanked.
http://www.sacbee.com/opinion/story/1518469.html
CalPERS made a bet and lost
I forget the gory details but there are several articles on FR
http://www.freerepublic.com/tag/landsource/index
http://www.freerepublic.com/tag/calpers/index
Poor old MadOff if only he could have held on a little longer he might have qualified for his own printing press.
(Sniffle), Geeze I'm all broke about that.
Maybe we can still bailout Madoff "investors"?
Americans are lining up now, hoping to give the Madoffians bonuses (bawl).
http://www.freerepublic.com/tag/landsource/index
http://www.freerepublic.com/tag/calpers/index
http://www.sacbee.com/opinion/story/1518469.html
Snort---everytime you hear about billions disappearing, Calpers name comes up.
Got to get first in line for permission to print 'dollars'. There is where the 'real' bonuses will be given.
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