Posted by
The Prof on Tuesday, September 12, 2006 1:24:46 PM
CalPERS (California Public Employees' Retirement System) has spent the last few years telling corporations how they should govern. They demand transparency.
LA Times headline today, CalPERS Invokes State Law to Keep Dealings With Venture Capital Firms Secret
"The author of the 2004 law, state Sen. Joe Simitian (D-Palo Alto), says it was never supposed to be used in such a way.
"I'm disappointed," said Simitian, who explained that his measure (SB 439) was intended to protect venture capitalists doing business with the state from having to disclose trade secrets and other sensitive information to competitors.
"It was not designed to give [pension funds] carte blanche to withhold documents that might be embarrassing," he said."
CalPERS ignores the author of the bill they cite and refuse to hand over material for public oversight of their activities.
There is more. Today’s Sacramento Bee has CalPERS considers a volatile expansion
"In recent years, investors have flocked to the risky commodities markets and reaped lucrative returns. Now the California Public Employees' Retirement System is poised to join in.
The run-up in the commodities market has been fueled by rising oil prices and the industrial demand for raw materials in emerging countries such as China and India."
No doubt CalPERS has been influenced by Hillary’s great returns in commodities. Is this a good idea?
"But as trustees hear today from a panel of U.S. and international experts, some strategists wonder whether the five-year commodities bull market has run its course. After four years of increases, the Goldman Sachs Commodity Index has dropped 5.1 percent this year."
Is CalPERS going to sell commodities short?
We must remember that CalPERS, the great investors, were hit hard during the tech bubble. Now we, the public, are paying for their folly. Will we be asked to bail them out again?