Author Archives: Yves Smith

CalPERS Keeps Board in the Dark About How Private Equity “Subscription Line Financing” Gooses Staff and General Partner Pay and Systemic Risk

CalPERS is asleep at the switch yet again.

Saudi Finance Minister: “I Wouldn’t Care If The Oil Price Is Zero”

The Saudi government has developed plans for root and branch economic change. But how can they cope if (when) it falls short?

Government Austerity Demands That We Die Within Our Means

Theresa May’s plans to intensify austerity are costing her votes. About time.

Reminder: NYC Meetup With Lambert Next Wed, May 31

More details about our NYC meetup next week.

Wall Street Journal Trolls CalPERS After Getting It to Correct Expense Misrepresentation

The Wall Street Journal forced CalPERS to retreat on its misleading private equity expense reporting.

4 Lies in 25 Seconds: CalPERS’ Wylie Tollette, PR Staff, Keep Cooking Cost Numbers Despite Being Called Out

Another example of institutionalized lying is deeply rooted at CalPERS, even though they aren’t very good at it.

Gaius Publius: The Dying Fossil Fuel Industry

The oil industry is on a downward trend, and the trajectory could be faster than most anticipate.

Board Member JJ Jelincic Calls Out CalPERS’ “Roy Cohn,” General Counsel Matt Jacobs

CalPERS board member JJ Jelincic shows the lengths to which the board and staff will go to silence dissident board members.

Healthcare Inefficiency: “Low-Quality Drugs Diffuse More Quickly in the US”

Another way in which the US health care system is exceptional: minimally effective drugs find a market faster here than abroad.

WSJ: JJ Jelincic to Leave CalPERS Board

JJ Jelincic is retiring from CalPERS’ board. He has made some more pointed comments about the sorry state of affairs at the pension fund.

The Bank Competition Myth

Why banks should not be considered to be private enterprises.

Notes From an Emergency: Tech Feudalism

A wide-ranging, lively, sobering talk about tech feudalism and the implications for all of us.

Trump Treasury Secretary Steve Mnuchin Renounces Commitment to Glass-Steagall While Saying He Isn’t

Steven Mnuchin demonstrates that he is a shameless liar even by Goldman standards.

Private Equity’s Lousy Governance

A upcoming law journal article does a fine high-level job of debunking private equity’s claims of providing better governance.

Quelle Surprise! Pricey Housing Discourages Having Kids

Yet another cost of expensive housing…fewer kids.