Posted on 07/26/2002 4:51:46 PM PDT by First_Salute
Edited on 07/19/2004 2:10:12 PM PDT by Jim Robinson. [history]
Bangkok, July 26 (Bloomberg) -- Greetings from Thailand, where accounting standards are more rigorous than those found in the U.S.
A bold pronouncement for sure, yet that's exactly what Thailand's Securities and Exchange Commission is saying these days. In the wake of scandals at Enron Corp., Global Crossing Ltd., WorldCom Inc. and elsewhere, Thai regulators are calling on investors to be careful about putting money into the world's biggest economies.
(Excerpt) Read more at bloomberg.com ...
Several of us have guessed that Calpers is also heavily invested in Calpine, an energy company which can do no wrong according to Doofus Davis.
The people managing Calpers do what their politican bosses tell them to do. There was a need for cash to prop up the American stock market and that is where the money went. Losses to the retirees is incidental. Just another example of how the average investor gets it in the neck while the ruling class elite laugh about it at the beach house.
Richard W.
Published Sunday, May 6, 2001, in the Contra Costa Newspapers
When the shareholders of Duke Energy Corp. gathered for the company's annual meeting, Chief Executive Richard Priory likened California's business climate to that of a Third World country: "It's no different than if it was Ecuador or Peru and we had investment decisions to make in those countries."
There was an interesting article summarized in the Friday Rough and Tumble that stated the CalPers was going to have to ask some state agencies to pony up additional funds to cover unfunded pension liabilities. The article didn't say whether it was state agencies (i.e. like CalTrans or local agencies like BART, or some cities.)
The implication to me was that the Budget crisis for Davis, just got a lot worse as some of the agency money that folks think will go for public services is going to be funneled off to pay for public employee retirement instead.
The budget problem is starting to get much worse for California. Could California have an Enron or WorldCom like overstatement of its financial position? Yes, perhaps Simons can grab this concept and run with it. The democrats have historically counted on public employees. With the stock market collapse, a lot of public employees will not feel good about their retirement being put at risk. This is a potential issue for Simons that someone should grab.
I wonder who is serving as the Actuary for CALPERS, Arthur Anderson?
I hope Simon has some good people working for his campaign.
If not, then the state budget people probably were trained by AA.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.