Posted on 06/09/2008 8:37:28 PM PDT by BurbankKarl
The California Public Employees’ Retirement System (CalPERS) may lose nearly $950 million from its investments in US housing crash-victim LandSource.
CalPERS invested $947 million in US property developer LandSource, which recently filed for bankruptcy protection.
“CalPERS will represent the interests of the CalPERS fund in the bankruptcy process,” the pension fund said in a statement.
“LandSource is one of thousands of investments of CalPERS, and it does not represent a large portion of the overall fund.”
The investment by CalPERS went to MacFarlane Partners, who along with Weyerhaeuser took a 68 per cent interest in the venture known as LandSource. Real estate investment firm LNR Property Corporation and US home builder Lennar are also the partners of LandSource, each owning a 16 per cent stake in the venture.
Despite the gloomy outlook, CalPERS claims the bankruptcy protection process will allow LandSource to restructure its debts and obligations, and expects the company to continue its operations.
“The CalPERS fund, which includes stocks, bonds, real estate, private equity and inflation-linked assets, remains strong with a market value of assets of approximately US$245.4 (A$258.6) billion,” said CalPERS.
1billion loss of 245 billion?...
thats not much.
this isnt even News.
Pingaroo!
NO Bankruptcy protection for these A holes.
Make the liberals pay their debts.
Oh, there is more where that came from.... try dividing 245 billion by 1.5 million plan members....I say they have a problem.
This is a great example of why retirement & pension funds should be banned from things like derivatives, commodities and futures markets under ERISA.
If CalPERS took a whoppin’ huge loss (and this isn’t it - yet), guess who they’re going to hit up for a refund so that public employees always get their pension payments?
Good, let the tax paid, government employees, their unions and elaborate tax paid pensions die.
Government at all levels need to be downsized dramatically.
Let me guess... responsible taxpayers?
Seems that acting responsibly is the fool’s path these days...if you act irresponsibly—and there are enough people doing the same stupid things—everyone thinks you the government should bail you out.
The Republic is barely alive.
Someone may correct me, but I think the state must back up the pension fund if needed. Usually, it’s the other way around. I can’t remember which Gov wanted to borrow from the fund and the state court slapped him down.
I’ll make a prediction...Few here will pay little attention to this thread.
That’s begs the question...Why?
Thank you for wishing my retirement would go away. The one I worked 28 years in prisons to earn. There’s a word for people like you, but I’d like to stay on the site.
Cal is in such bad shape with $14 bill a year going to illegals in the regular budget. I billion loss in the pension fund is less that .6% if I calculate correctly and will probably not effect the ability of the fund to pay retirements.
We all have our priorities friend.
Mine just happen to be with the non-government, private sector, and I feel government at EVERY level needs to be cut, slashed, down sized, or reduced.
If someone works for 28 years in a system and builds a retirement and there is money to pay them, why in God's name would someone like you wish their retirement would disappear?
I suppose when we do away with social security, the seniors at that time will be out of luck if you have your way.
Well, I certainly tired to be.
Look Freddy, to hell with your expanding government, bloated government pensions, bloated government paid medical benefits...To hell with their bloated wages and to hell with the rest of these punitive governments, at every stinking level. Not to mention their never ending laws forced on us by these corrupt degenerates every year. I've got a belly full of that crap.
I hope I didn't offend.
Hey numb-nuts, this guy worked for the prison system for 28 years. Don’t know about you, but I generally think prisons are a good thing, so maybe we don’t want to cut and slash that program....
Thankayooo!!!
I think the message here is to welcome your gold-plated pensioned insect overlords!
Answer the question. If we do away with social security, do you favor stopping payments to retirees at that time or do you just want me to lose my pension?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.