Author Archives: Yves Smith

CalPERS Engineering Board Resignation: Underhanded, Dishonest Plans to Cut Investment Meetings of Poorly Performing Fund by More Than 50%, Shrink Investment Committee

The first of a two-part series describing the process and substance with which CalPERS staff is trying to engineer a de facto resignation of its board.

CalPERS Engineering Board Resignation: “Attempted Coup” via Unconstitutional, Fiduciary-Duty-Violating “Code of Conduct”

Just when you think CalPERS can’t sink any lower, it manages to outdo itself, this time, with an illegal governance monstrosity masquerading a code of conduct.

CalPERS Board President Henry Jones Exposed for Leaking Confidential “Closed Session” Information; Board Member Theresa Taylor Gives Factually-Challenged Denial of Her Closed Session Leak

The hypocrisy of CalPERS’ board is on full display yet again.

CalPERS Board Member Theresa Taylor Breached Confidentiality, Board Engaged in Apparent Criminal Violations of Open Meeting Law in Attacks on Pro-Transparency Board Membrs

CalPERS has managed to outdo itself, in a predictably bad way.

Links 8/17/19

De-Facto Annexation of Kashmir Means India as a Secular State is Ending

Some of the implications of India’s annexation of Kashmir.

Out of the Ashes of Puerto Rico’s Economy Emerges a Promising Currency for All

A local currency in Puerto Rico gets a foothold in the US.

A New Assessment of the Role of Offshoring in the Decline in US Manufacturing Employment

Offshoring killed American manufacturing jobs.

Links 8/16/19

Even Larry Summers Denounces World Bank’s “PEF” Ebola Bonds That Enriched Investors at Expense of the Sick in the Congo

The World Bank wants to double down on financial gimmickry rather than develop the public health infrastructure to combat pandemics.

Who Will Pay for the Huge Costs of Holding Back Rising Seas?

Combatting rising seas is a big ticket item, and one beyond the meane even of prosperous cities.