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Tag Archives: CalPERS

Hedge Fund Chatham Sends Nastygram Over NY Post Removal of “Parked Transaction” in Piece on Questionable Deals Involving American Media, Owner of National Enquirer. CalPERS Too.

At the end of this post, we have embedded a letter from the law firm Clare Locke objecting to a July post about its client, Chatham Asset Management. Chatham, through four hedge funds it manages, is the unhappy majority owner of American Media, the owner of National Enquirer and other publications. Clare Locke asked us to update a July post to reflect the fact that it got the New York Post to change part of a sentence that we had quoted. More on that shortly. We took interest in this story...

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Influential CalPERS Beneficiaries Charge Sacramento Bee With Biased Coverage

Those of you who have taken interest in the seemingly never-ending saga of CalPERS’ diseased governance and incompetence, and now the determined efforts of its executives and the majority of the board to thwart efforts to clean the institution up may have noticed how the Sacramento Bee, the newspaper CalPERS cares most about, has reliably run what looks like official PR in lieu of reporting. The fact that CalPERS can rely on the Bee to cover its back has helped institutionalize incompetence...

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Crooked Conflict of Interest: CalPERS Board Member Lisa Middleton Pushed Radical Changes to Board Schedule to Solve Her Personal Schedule Conflict

CalPERS board member Lisa Middleton engaged in blatant violation of ethics by devising and actively promoting radical changes in the board’s meeting schedule and voting for them in a Tuesday Board Governance Committee meeting when she should have recused herself due to a clear conflict of interest. The entire process of pushing through the schedule change, which was approved in the Board Governance Committee on Tuesday and is set for a vote of the full Board of Administration, was corrupt to...

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CalPERS Engineering Board Resignation: Underhanded, Dishonest Plans to Cut Investment Meetings of Poorly Performing Fund by More Than 50%, Shrink Investment Committee

CalPERS’ staff is seeking to complete its de facto takeover of the board through a set of measures initially presented at a board offsite last month. Not only is the substance of these proposed changes contrary to the US and California constitutions, as well as the statute governing CalPERS and fiduciary law, but also consistent with these proposals being the governance equivalent of a coup, the staff has advanced the plan in an underhanded manner, designed to minimize the ability of...

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CalPERS Engineering Board Resignation: “Attempted Coup” via Unconstitutional, Fiduciary-Duty-Violating “Code of Conduct”

In our companion post today, we describe the deceptive manner in which CalPERS’ staff is trying to get the already zombified CalPERS board to cede what little is left of its authority to staff. That post also described two of the important elements of this scheme: that of greatly reducing the number of meeting of the most important committee, the Investment Committee and the Pension and Health Benefits Committee, and reducing the size of the Investment Committee. This post describes how a...

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CalPERS Board President Henry Jones Exposed for Leaking Confidential “Closed Session” Information; Board Member Theresa Taylor Gives Factually-Challenged Denial of Her Closed Session Leak

In surprisingly speedy confirmation of a theory we presented yesterday, more evidence has emerged that some, and perhaps most, of the CalPERS board members have either lost their minds or are frightfully stupid. The object lessons today are Board President Henry Jones, and a repeat performance by Theresa Taylor, both of whom violated closed session confidentiality. The hypocrisy should be obvious: this is the smear the majority board faction regularly, applies to the pro-accountability...

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CalPERS Board Member Theresa Taylor Breached Confidentiality, Board Engaged in Apparent Criminal Violations of Open Meeting Law in Attacks on Pro-Transparency Board Membrs

It appears that some, and perhaps most, of the CalPERS board members that shun performing their fiduciary duty and justify that by backing the staff that they abjectly fail to supervise, have either lost their minds or are frightfully stupid. Board member Theresa Taylor has made a clear-cut violation of CalPERS’ confidentiality practices in on the record remarks to a journalist where she tried to dirty up pro-transparency board members. And what offense have the dissidents supposedly engaged...

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Dow Jones “Emasculated” in CalPERS Copyright Abuse Per Supreme Court Amicus Brief Citing Work of This Humble Blog

Yesterday, in Wall Street Journal Publisher Tells Supreme Court of Being Victimized by California, the Hollywood Reporter described in detail, based on an amicus brief filed with the US Supreme Court, how Dow Jones had tried to obtain damages for systematic copyright abuses we identified, and got way less than they thought they were entitled to due to California claiming that CalPERS had sovereign immunity.1 On Tuesday, Rupert Murdoch’s Dow Jones & Company shared a tale of woe with the...

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CalPERS Staff Caught Out in Yet Another Power Grab, Tries Gagging the Board With Staff’s “Board Code of Conduct”

CalPERS attempted the governance equivalent of a Saturday Night massacre by hiding a proposal to gag board members and deny them their First Amendment rights of free speech. To this date, CalPERS continues to hide its planned power grab by failing to upload the relevant document to the Internet. Fortunately, Randy Diamond publicized one of the worst aspects of this scheme in an article in CIO Magazine, CalPERS Board Considers Gag Policy. In a display of its sense of entitlement, CalPERS...

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CalPERS in Bed With Jeffrey Epstein Client and Co-Investor, Apollo’s Leon Black Even After Apollo Pay-to-Play Scandal Led to Conviction and Jail Term for Former CalPERS CEO

CalPERS, which has endeavored to wrap itself in the mantle of ESG virtue-signalling, now finds itself embarrassed by its connection to Leon Black, the founder and long-standing head of private equity heavyweight Apollo, who in turn is more than trivially connected to sex offender Jeffrey Epstein, whose misdeeds are now coming under renewed scrutiny. It’s telling that image-above-substance-sensitive CalPERS is bothered by being tainted by being one of many limited partners in Apollo funds,...

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