And yet again:
A shift away from stocks and private equity just before the presidential election has caused CalPERS to miss out on about $900 million in revenue since September.Thanks to CalPERS' bad performance and dishonest projections, Encinitas has an unfunded pension liability of $154 million by Stanford's analysis.
CalPERS Chief Investment Officer Ted Eliopoulos disclosed the number at a Board of Administration meeting on Monday in a presentation describing how a temporary shift in assets has played out.
The fund moved some of its investments away from stocks and private equity last fall, anticipating a period of market volatility. It has missed some of the broad market gains that have unfolded in recent months.
The average Encinitas government worker retires much earlier than private sector employees and gets $98,000 per year for life.
Greed has a bad ending.
ReplyDeleteI won't be surprised if one day we find out about a major, systemic bribe/payback/fancy trips, meals and hookers/kickback scheme going on between CalPERS and the investment banks who sell all this crap to CalPERS.
ReplyDeleteOh that already happened.
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For a sustainable personal and professional future, get a city or county job. The taxpayers will take care of you against their will.
DeleteNo government is better than bad government, Encinitas and CalPers are BAD government.
ReplyDeleteYou should have voted for Ron Paul like we said.
ReplyDeleteNow we are stuck with yet another disconnected wacko and a bleeding heart City Council for the next 4 years.
Next Vote - Get rid of Mosca! Bleeding Heart whos an atttorney by education and choses to work for the enemy SDGE. How could the other bleeding hearts be so stupid to elect this guy?
Ron Paul ran for City Council?
DeleteI should pay more attention.
6:43 - Mosca was not elected, he was appointed by the three (Blakespear, Kranz, Boerner) to ensure their absolute majority.
DeleteDon't be fooled by the "bleeding heart" presentation. Mosca is all developer-driven, as is Kranz especially, followed by the other two.
Remember Mosca worked to defeat his former city's version of Prop A. He's a diligent glad hander who has no sincere interest in what residents want.
Mosca is a money driven carpet-bagger. He smoozed these council people to make them think he was part of their "team". The developers still run the town - they've got their obedient shills on the council.
Delete7:48, I've read a lot recently about Mosca and his tenure in Sierra Madre. But I've never seen anything similar to Prop A. Can you please share links or the title of the measure or prop you are referring to?
DeleteI think 7:48 means Mosca's support of a downtown redevelopment initiative, which would be more analogous to supporting Measure T than opposing Prop A.
DeleteThank you for the correction, EU - that is what I was referring to and your analogy is right.
DeleteLololollll. These pension hogs are in for a big surprise....
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