AP Investigation: Calif. pension bonuses examined

AP via Yahoo Finance ^ | 9/21/2010 | Cathy Bussewitz

[Qbert]

SACRAMENTO, Calif. (AP) -- As its investment portfolio was losing nearly a quarter of its value, the country's largest public pension fund doled out six-figure bonuses and substantial raises to its top employees, an analysis by The Associated Press has found.

Board member Tony Olivera said the California Public Employees' Retirement System tried to reduce the bonuses but was under contractual obligations to pay them.

CalPERS' plunging value came as stock values tumbled around the world, the state's economy suffered its worst decline in decades and basic state services faced severe budget cuts.

[Ann Archy]

These people should be in PRISON!

[forgotten man]

The situation will be examined. After the situation is examined it will be discussed. Tsk tsk tsk.

[WOBBLY BOB]

don’t forget the “special commissions”...those out to bring some former pols a few hundred thousand for their retirement.

[Red in Blue PA]

They should be flogged.....but I would accept prison.

[Ann Archy]

I think things have changed....we’ll see.

[Da Coyote]

And we should let CA deal with it.

The minute I start paying for another state’s DEMOCRAT pension sins, it’s war.

Real war.

[Qbert]

When is Obama going to start bashing these folks for the bonuses that they paid, like he did with AIG?

(yes, rhetorical question...)

[nascarnation]

I disagree.
They are compensated based on a 5 year moving average of the investment performance.
Changing the rules in the middle of the game (aka the GM bankruptcy) is what Baraqqis do.

[WHBates]

I don't know, what do you think the stimulus was all about?

[paul51]

whoever agreed to any contract that could have such an outcome should be in jail. I suspect their portion of the kickback donation will allow for a fine defense.