Posted on 08/18/2002 4:55:44 AM PDT by snopercod
Ernest_at_the_Beach noticed the "PERS loan" at the bottom of the table, and questioned whether Davis was "borrowing" from CalPERS, the retirement plan for state employees.
It seems like he has been dipping into the CalPERS till, and the State Teachers Retirement System [STRS] to boot.
So I am spinning this off as a seperate thread regarding the fiscal rape of California working people.
STRS=State Teachers Retirement System
TCRP=Transportation Congestion Relief Program
Also, there was a thread a while back about Davis "borrowing" from the Dentists retirement plan.
Chapter 783, Statues of 1999 (AB 1012, Torlakson)
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. (a) The Legislature finds and declares all of the following: (1) The voters at the November 3, 1998, general election passed Proposition 2 to stop future diversion of transportation funds for nontransportation purposes by a 75 percent majority vote, thus indicating overwhelming support for using these funds on needed transportation improvements.
Do Davis's "emergency powers" allow him to disregard a voter iniative like Prop. 2?
It might be useful to forward your info and analysis to Dan Walters at the SacBee. He's written some good columns explosing the corruption and mismanagement of the Davis Administration.
I'm surprised Davis has only borrowed a billion or two from the state worker's and teacher's funds. Perhaps he didn't want it to be noticed. Or perhaps he got permission and sanction from the CalPERS board to do this. I wonder, because didn't he insult them by asking them for campaign donations before he granted them a favor they were asking of him? Maybe borrowing from the pension fund was part of the quid pro quo.
As of April 30, 2002, approximately 16.0 percent of CalPERS total assets are invested in California. The following breakdown illustrates CalPERS investments in California:
- Equities: $9.2 Billion
- Fixed Income: $4.6 Billion
- Real Estate: $10.1 Billion
- Total California Investments & Commitments: $23.9 Billion
Interesting that as fiduciaries, they would use the word "committments".
It would probably be better for somebody who actually lives in CA to contact Waters. I'm skeptical about those presstitutes, anyway.
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Either way, it's a sign that we as a state are headed for default. Most of the private money in the state will leave rather than face the massive tax increases required just to service the $58B in loans. Our budget deficit larger than the Federal deficit on an aggregate population basis.
No problem with that?
Do we count the illegals or just the taxpayers?
She is not happy to hear about the Governor raiding them!
I suspect many other teachers will feel the same way!
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