[fifedom]

Guess who is on the hook to payoff the losses? Taxpayers. This is criminal but Dem DA Camala Harris and Dem Controller Chung will do nothing. There is plenty of evidence of payola from Wall Street to Calpers employees.

[Brilliant]

It’s important to remember that the Dems appointed the officials who made these investments. They certainly aren’t going to prosecute them.

There should be a law that Democrats can only appoint Republicans, and Republicans can only appoint Democrats.

[pnh102]

Another reason for state pension systems to be disbanded. At the very least if private citizens made such bad investments the taxpayer would not be on the hook.

[Mr. K]

Only a government that is this big can screw up this many things

I hope President Palin GUTS IT TO THE BONE~!!!!

I have worked for government agencies- ALL OF THEM I have seen can easily do twice the work with half the people.

WE NEED AN WASTE INCENTIVE PROGRAM~!!

You get to keep 10% of any cost you save.

Also, one year AMNESTY for any fraud- as long as they report everyone involved and how it was done, and retunr whatever moeny is left.

THEN after one year- MANDATORY MINIMUM 10 YEAR JAIL FOR FRAUD OF TAXPAYER MONEY

[masadaman]

The real estate advisor to the deal was Victor Macfarlane. IIRC, he is a former employee and/or Calpers Board Member. “Advisor” is a euphemism for gatekeeper which is how Calpers has operated for decades until recently. If you took care of the gatekeeper in any number of ways, often just for advice, you got to Calpers and got your money. Macfarlane made millions off of such deals and if you Google him, you'll get the picture, bro.

[kingu]

Dissolve CALPERS today, pay out a percentage to every member, based upon what their retirement is, and say ‘there you go, reinvest it if you want, but you're not getting one red cent more from us.’

Public employee pensions is one of the many things killing California - and not those who retired 30 years ago, or retired 20 years ago, but those who are in the system today and enjoying the raping of California taxpayers on all levels as part of sweetheart deals with the liberals.

Next, give a quarter of all current benefits payouts for health, dental and other programs to the public employees in the state and tell them to go out and buy their own insurance - or keep the money, their choice. Use the other 3/4s to knock down the budget deficit. For elected or appointed officials, sever all benefits, period, including vacations, retirements, etc. They can have back any money they've contributed (HAHAHAHAHA).

Finally, limit every public employee in the state to 7 paid holidays a year, and two weeks of vacation. I'd prefer to slash in half every public employee's salary over $50,000 as well, but at least the other steps can contain the labor costs to something not astronomical.

But none of this is going to happen. No Democrat wants to cut into their base, and no (R)ino wants to ‘alienate’ voters they'll never have. And everyone wants to keep feeding at the public troth like the more equal pigs they are.

[ansel12]

I wish you guys would take us to the source rather than a link to the source.

http://www.bloomberg.com/news/2011-05-27/arizona-land-sells-for-8-of-price-calpers-group-paid-at-peak.html

[Steamburg]

It’s all about buying votes with other people’s money.
As long as a politicians can use your assets to advance their career it’s a good idea to prepare for a screwing.

[WashingtonSource]

bump

[blueunicorn6]

Keep the land and give each retiree ten square feet and cut off the retirement money.

[CriticalJ]

Interesting that Goldman Sachs had a part in the foreclosure.

[wac3rd]

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.