CalPERS is corrupt and nobody is doing anything about it – including the voters

9 Dec

You ever read stuff and set it down and say, “Oh, my, Gawddddd!

Look at this:

http://www.pionline.com/article/20171205/ONLINE/171209922/calpers-sees-unfunded-liabilities-rise-27-billion

Dude sent me this story a few days ago, and I been reading it in installments, you know, trying not to have a stroke. I’ll tell you what I want to do when I read stuff like this – I want to drive to Sac-o-tomatoes and kick somebody’s ass.

“CalPERS’ unfunded liability grew $27.3 billion to $138.6 billion in the fiscal year ended June 30, 2016…”

Billion. Remember when Jed Clampett was a millionaire, and that was a really big deal?  Now they kick billion around like it’s Chump Change. 

I guess it is, and guess who’s the Chumps?  “CalPERS is also in the midst of a plan to lower its investment return assumptions to 7% from 7.5% by July 1, 2019.  A lower rate of return increases unfunded liabilities unless investment gains can cover the difference.”

Lowering their assumptions essentially means, they’re reneging on their promises to cover these crazy pensions, and we’re on the hook to pay them.

A Washington based “think tank” is  calling CalPERS on the carpet for their sketchy investment strategy.  While I heard bad investments were the result of a bribery scandal 

http://www.sacbee.com/news/business/article80982407.html

this “think tank” tells it a different way – CalPERS officials said they were practicing “sustainable investment strategies”, like this wind farm they bought?

http://www.pionline.com/article/20171130/ONLINE/171139940/calpers-buys-80-stake-in-wind-farms

The report also criticizes the CalPERS board, saying they have little or no investment experience. Another “OMG” moment. We’ve got a truckload of turnips running an investment group.  At this point Jesus H. Christ is also brought into the conversation.

Think – CalPERS sold our governor and legislators on a plan that shifts the responsibility for one’s own retirement onto the general populace. I don’t think it was a very hard sell, since Governor Moonbeam and his peanut gallery all get pensions they  don’t have to pay for too.

What doesn’t make sense is why the voters keep going along with it.

I believe there is flagrant corruption and racketeering at CalPERS – members of a public board accepting bribes to buy stock that nobody else wants, at inflated prices. What are they doing, buying 80 percent of an Italian energy company? I think the Italians want out, and they just handed the California taxpayers The Bag.

We need to dump these publicly funded retirement systems and put over compensated public employees on the street. 

 

 

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