Posted on 05/29/2011 3:49:53 PM PDT by fifedom
A desert site in Arizona sold for $32.5 million this week, five years after the California Public Employees Retirement System paid $400 million for the land. Of all the speculative deals Ive seen here, this was right at the top, McDonnell said. Calpers had investments valued at $209.7 million in MW Housing Partners III June 30, 2007. The next year, the investment had a negative market value of $102.9 million.
(Excerpt) Read more at forextv.com ...
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“Location south of Goodyear on the Maricopa/Pinal County line. Yikes look at a map! Goodyear zoning map online.”
Having lived in Arizona years ago I know what that land is like. 115 degrees, creosote bushes, and sun blistered rock! And no water!
Every drop of water in Arizona is owned by three people, the person who has it, the person who wants it, and the person as yet decided by the courts.
Keep the land and give each retiree ten square feet and cut off the retirement money.
Interesting that Goldman Sachs had a part in the foreclosure.
Being a retired public employee through the ranks to a Director I don’t believe any government employee should be compensated with public funds for having performed their obligated duties to perform for the benefit of the pubic tax payers. In today’s world public employees are paid very good for the benefit of the public.
There was a CALPERS investment a few years back that a former CALPERS employee (I’m sure, still on the retirement plan) went to the “private sector” and make a bet into the CDO markets and lost over $300 million taxpayer dollars while personally earning $15 million in placement fees.
No charges were brought.
Democrats laugh as we pay for their mansions.
From haz-mat teams to police and fire, these jobs are now all about "officer safety" and less about taking the risks for which they are outrageously compensated. They invent massive responses to minuscule events that end up as social gabfests... leading to the big sweetener... overtime. CaCHING!!! It's why we're paying San Jose police sergeants over a quarter million per year.
This is particularly bad at the State level, whether in the Highway Patrol, the California Department of Fish and Game, and the California Department of Forestry and Fire Protection. These people think more about what their union can do for them than they do about the jobs they are paid to perform.
I just hope it was AZ as CA has been stealing our water for years.
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