Calpers Watchdogs

CalPERS defaults on $42 million loan for this SF building with no tenants. In addition to CalPERS losing it's original investment and ongoing mortgage payments, how much did CalPERS pay in commission and fees to Canyon Catalyst Funds and to Rubicon Point Properties the property manager. https://therealdeal.com/sanfrancisco/2024/01/05/canyon-catalyst-and-rubicon-surrender-sf-office-building/?fbclid=IwAR1ApQZa1whKjwksyrfBpIgxWNjtxRa94tnQjJu-x132XeEURLToSnO6c88

Canyon Catalyst and Rubicon Surrender SF Office Building East West Bank takes ownership of 2238 Market Street after owners default on $42M loan.

Leverage on Leverage Is Big Danger for Investors and Their Lenders

Leverage on Leverage Is Big Danger for Investors and Their Lenders The decision by Calpers to use borrowed cash to boost returns shows how everyone is taking more risk to make a buck.

I could not support the increased risk to the fund. BTW, the issue of risk was raised by Controller Betty Yee who also voted NO. From the article "Private equity offers the potential for higher returns, but also more risk to the tax-payer if the funds don't pay off".

CalPERS Announces More Leverage to Increase Investments The California state pension plan, CalPERS, just announced it will take on more leverage in order to increase its investment in private equity. Taking this extra risk will enable to them to justify their projected 6.8% return. But this follows a long-running trend. According to data on about 200 pla...

I agreed with the ruling by the ALJ and voted in support. CalPERS Retirees need to work less than 960 hours per year for a CalPERS employer to be compliant (Margaret Brown).

These retirees took part-time jobs. Now CalPERS is demanding $400K in pension clawbacks ‘I had no idea CalPERS was going to penalize me. Paying the money will have a big financial impact on my life,’ one said.

A shocking local agency audit by CalPERS will soon be released that reveals “public corruption” by a series of retired police officials. No information on a second CalPERS audit regarding a “no show” or “ghost” employee who is collecting a pension but never worked for the same agency according to insiders.

In my opinion CalPERS’ staff and board are hypocrites participating in international forums talking about global warming and destruction of our planet. CalPERS should be judged on its actions, not its lip service!

https://twitter.com/fossilfreeca/status/1460330636611178496?s=21.

FossilFreeCalifornia on Twitter “🚨 BREAKING: Board Member Margaret Brown voiced public support for divestment from fossil fuel companies at this morning's board meeting in Sacramento. Thank you for investigating the power & progress of your investments.”

I think more and more CalPERS will continually need to be sued and their secrets/law breaking revealed by the courts in order to get CalPERS staff to change their behavior