California state controller Betty Yee blows off a union official’s request for carry fee information by saying CalSTRS “is being very diligent,” when CalPERS has already gotten the information.
Read more...CalSTRS’ and CalPERS’ consultant, Pension Consulting Alliance, argues for getting rid of benchmarks altogether in a desperate effort to depict investing in private equity as ever and always sound.
Read more...Former California official Tony Butka He deems Chief Investment Officer, Ted Eliopoulos, the head of private equity, Réal Desorchers, and private equity professional Christine Gogan to have been so dishonest with the board that they all have should have received a notice of intent to discharge.
Read more...A recent report slammed public pension funds for losing money relative to what they could have done by investing in high fee strategies like private equity. And that’s even before incorporating the fact that private equity returns are overstated.
Read more...One big private equity tax abuse, management fee waivers, is on its way out. Will others follow?
Read more...Tax-free junk bonds. High real estate and transactions fees. High consultants’ fees. Lack of transparency. A charter school Ponzi scheme.
Read more...Private-equity-backed providers undercut charities in providing refugee services. It’s not hard to imagine how the results are coming in.
Read more...Why you need to help CalPERS kick its bad private equity habits.
Read more...Alec Baldwin retweets a link to “How CalPERS’ Consultant, Pension Consulting Alliance, Promotes Intellectual Capture by Private Equity”
Read more...“It’s shocking to see how many of the CalPERS investment committee are utterly ignorant. Aren’t these people supposed to know something? “
Read more...One of the not-well-recognized channels by which private equity orthodoxy, meaning general-partner-favoring party line, is propagated and defended is via private equity consultants. CalPERS’ consultant, Pension Consulting Alliance (PCA), performed this role during the most recent Investment Committee meeting.
Read more...If you are in Northern California, I hope you’ll tune in to KPFA this Friday!
Read more...In the last CalPERS Investment Committee meeting, one of the most revealing incidents took place when Investment Director Christine Gogan repeatedly refused to answer a simple, direct question about a widely-used private equity tax abuse, management fee waivers.
Read more...In the last Investment Committee meeting, CalPERS’ chief investment officer Ted Eilopoulos invoked the One Excuse That Rules Them All for investing in private equity. It happens to be bogus.
Read more...One of the strongest, most consistent reactions of experts who watched the video of the last meeting of CalPERS’ Investment Committee was that the staff and the Investment Committee members, save JJ Jelincic, were completely captured by the private equity industry.
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