Category Archives: Corporate governance

Shareholder Capitalism’s Ugly Legacy

Debunking some of Milton Friedman’s destructive ideas, such shareholders, who only have residual claims in a company, ought to come first.

As Boeing Inches Toward 737 MAX Recertification, 787 and Lunar Lander Go Sour, Charleston v. Seattle Looms

Boeing, Boeing…..

CalPERS Cooks Its Books: Grossly Understated Investment Consultant Meketa’s Expenses in Annual Financials; Made a Criminal False Account by Burying the Cost

CalPERS violates accounting rules by hiding outside consulting costs in internal investment overheads. None of the possible reasons are good.

CalPERS’ Bad Numbers: CEO Marcie Frost’s Multi-Hundred Thousand /Year Advisor Randle Communications Missing from Board Reports

A remarkable series of accidents led to the CalPERS board not being told how much CEO Marcie Frost’s advisor Randle Communications costs.

Another Compliance Failure: CalPERS Discussed Recusal of Ex-CIO Ben Meng but Failed To Enforce It; CEO Marcie Frost Says “Not My Job”

CalPERS CEO Marcie Frost told the press that she’s punting on her compliance duties.

Influential California State University Council Calls for CalPERS CEO Marcie Frost to Go on Administrative Leave During Investigation by Inspector General

A CSU group has asked Gavin Newsom to put CalPERS CEO Marcie Frost on administrative leave while an inspector general probes governane failings.

CalPERS Staff Yet Again Tries to Usurp Board’s Power by Steering Governance Reforms After CIO Ben Meng Departure

CalPERS staff is too obviously still trying to stymie Controller Betty Yee’s governance reforms.

State Controller Betty Yee Calls for Public Discussion of CalPERS Governance Reforms Following Sudden Departure of CIO Ben Meng

Controller Betty Yee forcefully slapped down CalPERS’ CEO Frost’s claim that Yee was satisfied with the burial of Yee’s governance issues.

How CalPERS Staff Keeps the Board in the Dark About Compliance Problems

CalPERS has long covered up its dirty linen, including by making uninformative presentations to the board.

Influential CalPERS Retiree Group Demands Resignation of Board President Henry Jones; Calendars Confirm Secret “Board Within Board” Abuse

CalPERS governance has become so visibly defective that a normally loyal retiree organization has gone into revolt.

CalPERS Misappropriates Funds, a Violation of the Criminal Code, By Laundering $40,000 Speaker Fee Through Randle Communications, a Nearly $500,000 a Year Advisor to Marcie Frost

CalPERS is not only hiring overpriced motivational speakers it can’t afford, but it is also cooking its records to do so.

Devastating Lawsuit Targets Bank of America, Credit Suisse, and Bayer Board Members and Executives Over Disastrous Monsanto Acquisition

Is the shortest road to cleaning up bad corporate governance in the EU through New York courts? Bayer is one of a set of test cases.

CalPERS Board Member Theresa Taylor, Under Investigation for Multi-Year Failure to Report Income, Digs Her and CalPERS’ Hole Deeper Via Supporting Conflicted Actions Taken by Ex-Chief Investment Officer Meng

CalPERS’ Board Vice President Theresa Taylor shoots herself and CalPERS in the foot.

Looting, American Style: CEOs Get Big Pre-Bankruptcy Bonuses Even When Lenders and Employees Stiffed

Failed CEOs succeed in looting their companies on the verge of bankruptcy filings.