The Bigger Significance of CalPERS’ Private Equity Carry Fee Release: Another Nail in the Carried Interest Tax Loophole Coffin
Why the CalPERS carry fee disclosure could affect the debate over ending the carried interest loophole.
Read more...Category Archives: Investment management
CalPERS Staff, Scandal-Ridden Fiduciary Counsel Argue to Weaken Board Oversight by Reducing Number of Board Meetings
CalPERS CEO and its tainted fiduciary counsel Robert Klausner try to sell the CalPERS board on giving up even more power, when CalPERS clearly needs more, not less, oversight.
Read more...Investors Like CalPERS Rely on ILPA to Advance Their Cause, When It is Owned by Private Equity General Partners
Private equity limited partners are such chumps that they rely on a trade group, ILPA, to lobby for them when it is funded by their opponents.
Read more...CalPERS Debunks Private Equity: Executive Summary
Announcing a series that shows how CalPERS’ efforts to defend its private equity program through a workshop for its board backfired.
Read more...CalPERS Hired a Fiduciary Counsel Accused of Serious Misconduct Over More Than a Decade, Including Kickbacks, Failure to Disclose Conflicts of Interest
CalPERS’ board has hired a fiduciary counsel, Robert Klausner, who has been associated with scandals for over a decade, the latest in Jacksonville, Florida.
Read more...Board Member Reveals That CalPERS Engages in Systematic Violation of California Open Meeting Statutes
CalPERS’ CEO and its staff are engaged in systematic, flagrant, and apparently long-standing violations of California’s open meeting law, the Bagley-Keene Act.
Read more...CalPERS Changes Executive Bonus Procedure After We Alert Them of Violations, but Still Falls Well Short of CalSTRS on Transparency
We infromed theCalPERS’ board members that the manner in which they had awarded bonuses and salary increases to CalPERS executives fell short of the requirements of the Bagley-Keene Open Meeting Act of 2004. CalPERS took some steps to address the lapse.
Read more...New York City, CalSTRS Engage in Pension Fee Transparency Theater to Try to Fool Critics
Efforts at greater fee transparency at the New York City public pension fund and CalSTRS are still largely exercises in improving optics.
Read more...Is the Billionaire-Creating Carried Interest Loophole an Endangered Species?
An internationally recognized tax expert told me a few months ago that the widely-mislabeled “carried interest” loophole was on its deathbed. A new PBS video lends some support to this bold call.
Read more...Why is Helane Morrison, General Counsel for Hall Capital, Fund Manager for the Super-Rich, Attacking SEC Investor Protection?
Earlier this month, we excerpted a section of a panel discussion from an SEC securities enforcement conference. It showed the degree to which former senior SEC officials who’ve gone into private practice openly ridicule the idea that the SEC should do its job, for instance, by deriding enforcement as “gotcha”. Today, we’ll look at the […]
Read more...Wolf Richter: IBM Discloses SEC Investigation, Plunges to Worst Level since 2010, Even Share Buybacks Don’t Work Anymore
IBM discovers that financial engineering bites back.
Read more...Oxford Professor Schools CalPERS: Contrary to Board Presentation, Private Equity is “Most Expensive Asset Class, By Far”
Oxford professor Ludovic Phalipoou uses a recent CalPERS board meeting as a teaching tool in his private equity class. Even with him bending over backwards to be fair, the results are seldom flattering to CalPERS.
Read more...Exclusive: Are the SEC’s Mary Jo White and Her Husband Teaming Up to Gut Corporate Disclosure and Make It Harder to Fight Fraud?
The heart of the SEC’s mission is disclosure, providing enough information to investors so they can make reasonable choices about stock and bond offerings. Without disclosure you don’t really have an SEC, and you put investors – and potentially the whole economy – at risk. But the commission is striving to hit that self-destruct button, by allowing new rules that would make it much easier for companies to hide their activities. And it’s highly likely that this reaches all the way to the office of SEC Chair Mary Jo White.
Read more...Michael Hudson on Parasitic Financial Capitalism
An interview with Michael Hudson on his latest book, Killing the Host, which focuses on the destruction wrought by financial capitalism.
Read more...CalSTRS Board Chairman Harry Keiley, in Op-Ed Rejected by Financial Times, Gave Inconsistent and Inaccurate Information in Carry Fee Scandal
The Financial Times saved CalSTRS board chairman Harry Keiley from embarrassing himself. We aren’t.
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