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Old Yesterday, 11:23 PM
 
Location: Silicon Valley
3,710 posts, read 1,689,237 times
Reputation: 6333

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I'm sure the largest accumulation of deploy-able capital has some amazing wonks leading it....

Right?

I mean, they wouldn't let some hack manage it would they?

https://www.latimes.com/business/la-...nap-story.html

Well, they got someone better though, right?
https://www.kcra.com/article/meet-th...frost/26914590

Timeout....she's a high school graduate? She has no Investment banking experience? She's a 16 year vet of the Washington pension system.

She must have done some outstanding work there to impress people here. Washington must have a rock solid pension program now:

https://www.seattletimes.com/busines...ension-system/

Oh.

Well, at least she's backing herself with people in the trade. Ben Meng....new CIO.

https://www.calpers.ca.gov/page/news...stment-officer

He has bonafide creds on Wall Street.

Before joining CalPERS in 2008, Meng worked at <snip> Lehman Brothers as a risk officer. Did I read that the former CIO was leaving the State entirely for an undisclosed opportunity in New York?

I mean, I'm sure they're both very good. Glad we've got some devoted public servants.
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Old Today, 04:09 AM
 
Location: Oregon, formerly Texas
5,501 posts, read 3,833,615 times
Reputation: 9342
Every state I've ever lived in, as long as I can remember being aware of such things,* has said that they are in some kind of a pension crisis regarding its public workers and/or teachers that will manifest disastrously in a few years. Yet somehow they survive. Detroit is one of the few where the chickens actually came home to roost, and it took a significant decline in population to do it. Hasn't mattered if its a red or blue state.

Two red states I've lived in have "pension crises:"

Texas: https://www.texaspolicy.com/teachers...isis-in-texas/
South Carolina: https://www.greenvilleonline.com/sto...mb/1637814001/

It's the same story in every state. Too many debt obligations, pension fund investments not making the projected returns. Not surprising when they projected an AVERAGE of 7-10% per year!

*since the early 2000s. When I was in middle school and high school in the 90s I didn't care.

Last edited by redguard57; Today at 04:18 AM..
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