GO SIMON
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Tom McClintock for CA State Controller
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Dick Ackerman for CA Attorney General
Posted on 10/17/2002 9:34:50 AM PDT by NormsRevenge
Edited on 04/13/2004 3:29:50 AM PDT by Jim Robinson. [history]
The Mercury News on Wednesday filed a lawsuit against the California Public Employees' Retirement System, saying California residents have the right to know how the pension fund's private investments are performing.
CalPERS provides aggregate data about the performance of its investments in venture capital and other private equity assets, but does not provide information about individual fund performance.
(Excerpt) Read more at bayarea.com ...
(1) First, the Governor doesn't want the public employees and retired state workers to know that they have been shafted by a democratic administration prior to an election.
(2) The Governor probably doesn't want it to become public knowledge that massive State General Fund obligations in future years budgets are going to be needed to pay the state employees their pension benefits. This could be very bad news for state G.O. Bond issues that will need to occur soon. It would be an ugly disclosure item and could really undo the whole illusion of a "balanced budget" that the legislature passed the the Governor signed.
(3) It would be embarising to have to open the books in one area, because then some of the really strange terms of the PERS loan to the state for energy money would also likely come out in time.
Yes, there is a lot for Davis to want to hide here.
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