Posted on 04/27/2008 2:07:10 PM PDT by george76
The California Public Employees Retirement System Chief Executive Officer may leave by the end of the year amid tensions with the board, marking the third top level executive at the $244 billion retirement fund to depart in 2008...
Calpers is in the middle of an internal debate over whether to require infrastructure projects that receive Calpers investments to use union employees...
In February, Christianna Wood, senior investment officer, stepped down ...
(Excerpt) Read more at marketwatch.com ...
/s
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Yucaipa fund companies work closely with union pension funds and CalPERS, the nation’s largest public pension fund with assets totaling $147 billion.
“Obviously, CalPERS can not allow Bill Clinton, who admitted to lying to a court and a grand jury and who has been credibly implicated in crimes ranging from bribery (Chinagate, Pardongate) to bank fraud (Whitewater), to have any involvement with how its pension and health funds are invested.
To have a suspended lawyer manage its investments is contrary to the fiduciary duties CalPERS has to the hundreds of thousands of California state employees whose pension and health care funds CalPERS is supposed to protect,”
There are report they may have lost over a billion on flipper loans
What do you have on that, the flipper loans?
http://online.wsj.com/article/SB120916479361446151.html
A large California land partnership involving one of the largest U.S. pension funds has received a notice of default on a $1 billion loan after failing to meet certain terms of its lenders.
LandSource Communities Development LLC, a partnership that involves the California Public Employees’ Retirement System, received the default notice Tuesday, amid talks to restructure $1.24 billion of debt. The partnership, which owns 15,000 acres in Southern California, had received an extension to meet its current loan terms, including a required payment, but the deadline expired on April 16. The default notice applies to about $1 billlion of the total debt.
LandSource spokeswoman Tamara Taylor said that the default notice won’t accelerate the company’s debt payments and that negotiations with lenders are continuing.
Hundreds of lenders, including banks and institutional investors, hold the syndicated debt. Barclays Capital arranged the financing in early 2007. At the time, LandSource’s assets were appraised at $2.6 billion.
(okay, speculative lands deals...maybe not flipper loans)
When the books are opened, it will probably be learned that the guy is leaving because the fund has been vaporized by credit derivatives.
then they'll whine.
Thanks geo.
Sharpton leads “Kill the Police” rally
MichelleMalkin.com | 4.26.08 | Michelle Malkin
Posted on 04/27/2008 2:33:48 PM PDT by OnRightOnLeftCoast
http://www.freerepublic.com/focus/news/2007769/posts
And a union has introduced a bill to keep Calpers money out of private equity fund investments where the co-investors or shareholders of the p.e. firms include funds from states with poor human rights records (i.e., U.A.E., Saudi Arabia). Many of Calpers’ best performing investments (Apollo, Carlyle, etc.) fit this description.
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