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Arizona Land Sells for 8% of Price Calpers Paid
Forextv.com ^ | May 29, 2011 | staff writer

Posted on 05/29/2011 3:49:53 PM PDT by fifedom

A desert site in Arizona sold for $32.5 million this week, five years after the California Public Employees’ Retirement System paid $400 million for the land. “Of all the speculative deals I’ve seen here, this was right at the top,” McDonnell said. Calpers had investments valued at $209.7 million in MW Housing Partners III June 30, 2007. The next year, the investment had a negative market value of $102.9 million.

(Excerpt) Read more at forextv.com ...


TOPICS: Crime/Corruption; Government; Politics/Elections; US: California
KEYWORDS: bubble; calpers; macfarlanepartners; speculation; unions; victormacfarlane; wallstreet
Guess who is on the hook to payoff the losses? Taxpayers. This is criminal but Dem DA Camala Harris and Dem Controller Chung will do nothing. There is plenty of evidence of payola from Wall Street to Calpers employees.
1 posted on 05/29/2011 3:49:58 PM PDT by fifedom
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To: fifedom

It’s important to remember that the Dems appointed the officials who made these investments. They certainly aren’t going to prosecute them.

There should be a law that Democrats can only appoint Republicans, and Republicans can only appoint Democrats.


2 posted on 05/29/2011 3:54:21 PM PDT by Brilliant
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To: fifedom

Another reason for state pension systems to be disbanded. At the very least if private citizens made such bad investments the taxpayer would not be on the hook.


3 posted on 05/29/2011 4:01:51 PM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: Brilliant

Crooks come in both flavors.(R)(D)


4 posted on 05/29/2011 4:02:02 PM PDT by itsahoot (We make jokes, they make progress. Dimmitude, get used to it.)
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To: fifedom

Only a government that is this big can screw up this many things

I hope President Palin GUTS IT TO THE BONE~!!!!

I have worked for government agencies- ALL OF THEM I have seen can easily do twice the work with half the people.

WE NEED AN WASTE INCENTIVE PROGRAM~!!

You get to keep 10% of any cost you save.

Also, one year AMNESTY for any fraud- as long as they report everyone involved and how it was done, and retunr whatever moeny is left.

THEN after one year- MANDATORY MINIMUM 10 YEAR JAIL FOR FRAUD OF TAXPAYER MONEY


5 posted on 05/29/2011 4:12:17 PM PDT by Mr. K (CAPSLOCK! -Unleash the fury! [Palin/Bachman 2012- unbeatable ticket])
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To: fifedom
The real estate advisor to the deal was Victor Macfarlane. IIRC, he is a former employee and/or Calpers Board Member. “Advisor” is a euphemism for gatekeeper which is how Calpers has operated for decades until recently. If you took care of the gatekeeper in any number of ways, often just for advice, you got to Calpers and got your money. Macfarlane made millions off of such deals and if you Google him, you'll get the picture, bro.
6 posted on 05/29/2011 4:14:47 PM PDT by masadaman
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To: Mr. K
yes but “waste & fraud” compare to entitlements is a non-problem! In fact you could triple or quadruple “waste & fraud” and entitlements would still be driving us off a cliff! (Do NOT think for a second I am advocating waste & fraud!)
Ryan is courageously but tentatively trying to point that out to everyone.
7 posted on 05/29/2011 4:18:20 PM PDT by Reily
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To: fifedom
Dissolve CALPERS today, pay out a percentage to every member, based upon what their retirement is, and say ‘there you go, reinvest it if you want, but you're not getting one red cent more from us.’

Public employee pensions is one of the many things killing California - and not those who retired 30 years ago, or retired 20 years ago, but those who are in the system today and enjoying the raping of California taxpayers on all levels as part of sweetheart deals with the liberals.

Next, give a quarter of all current benefits payouts for health, dental and other programs to the public employees in the state and tell them to go out and buy their own insurance - or keep the money, their choice. Use the other 3/4s to knock down the budget deficit. For elected or appointed officials, sever all benefits, period, including vacations, retirements, etc. They can have back any money they've contributed (HAHAHAHAHA).

Finally, limit every public employee in the state to 7 paid holidays a year, and two weeks of vacation. I'd prefer to slash in half every public employee's salary over $50,000 as well, but at least the other steps can contain the labor costs to something not astronomical.

But none of this is going to happen. No Democrat wants to cut into their base, and no (R)ino wants to ‘alienate’ voters they'll never have. And everyone wants to keep feeding at the public troth like the more equal pigs they are.

8 posted on 05/29/2011 4:22:47 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: itsahoot
Yes, the tax payer paid the 200 million to build the road to Dennis Hasterts development.
9 posted on 05/29/2011 4:28:53 PM PDT by org.whodat
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To: itsahoot
Crooks come in both flavors.(R)(D)

Someone profitted big time from this.

10 posted on 05/29/2011 4:50:05 PM PDT by The_Media_never_lie
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To: fifedom

I wish you guys would take us to the source rather than a link to the source.

http://www.bloomberg.com/news/2011-05-27/arizona-land-sells-for-8-of-price-calpers-group-paid-at-peak.html


11 posted on 05/29/2011 5:00:19 PM PDT by ansel12 ( JIM DEMINT "I believe [Palins] done more for the Republican Party than anyone since Ronald Reagan")
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To: masadaman
Wow, you're right. I did not realize how this deal stinks to high heaven.

Here is a 2006 Washington Business Journal story about MacFarlane.

http://www.bizjournals.com/washington/stories/2006/12/25/story12.html MacFarlane Partners took off in 1995 when MacFarlane pressed his longtime client, the California Public Employees Retirement System (Calpers) to invest $50 million in South Central Los Angeles, ... The institutional investor (CALPERS) was under pressure to rebuild sections of the city

Under pressure from whom, inquiring minds ask? This is community banking, Fannie Mae and Freddie Mac all over again.
12 posted on 05/29/2011 5:03:08 PM PDT by fifedom
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To: ansel12
I wish you guys would take us to the source rather than a link to the source.

FreeRepublic will not source stories from Bloomberg.
13 posted on 05/29/2011 5:04:43 PM PDT by fifedom
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To: The_Media_never_lie
Location south of Goodyear on the Maricopa/Pinal County line. Yikes look at a map! Goodyear zoning map online.

Bet this is in the far, far southeast corner. Damn near Mexico! ... well not quite... but certainly is near the indian reservations in far southern Maricopa County! check out the last paragraph....sealed the deal with the granola crowd <2008 story>

  This place is by Ak-Chin Reservation!

  This is another case study for leap-frog planners. The good news is that the financial hickey is on Californians and not the taxpayers in Arizona.   That's a nearly true statement, unless you reside in California.

14 posted on 05/29/2011 5:15:21 PM PDT by pointsal
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To: Reily
The only ‘entitlement’ on my city's budget, is the massive amount of cost that comes from employee salaries and benefits. CALPERs debt for the city now exceeds the city's budget (52 million owed, 41 million dollars yearly budget.)

Meanwhile, the police department's budget is 25% of all funds, the fire department's 20%. Nearly half of the city's budget goes to 38 people and their toys. $485,000 per employee.

The police department, in turn, extracts more in fines from the people who either live or travel through the city than the city takes in from sales taxes or property taxes. These fines are now a budget item, and counted as income towards paying off the extractors.

I'd compare public employees in California to the mob, but that’d be painting the mob badly. And we're trained by the public employees to accept this situation.. The other day, in a nearby city, there were reports of a very loud argument followed by shots fired. When the police sent in a robot five hours later, two bodies were found within the home, both having bled out from gunshot wounds. It was a domestic murder-suicide.

The rational response would be arriving at the scene, and if no arguing is heard, nor shots being fired, to enter into the home and help the victim. The union response is to stand around, call for more assistance, ensure that neighbors are evicted from their homes, then summon up some expensive solution that will arrive hours beyond any chance of saving a life, lest someone who is paid to risk their lives for the public good actually do something. Then undergo expensive counseling and sick leave to handle the trauma of finding a victim was dead that might have been saved.

Everyone at the table thought my opinion was completely irrational and outrageous. What if someone had a gun in there and was waiting to shoot a cop? Well, what of it? Is that not what police are paid to do? Instead, police today are paid to extract under force as much money as possible from the citizens to pad their salaries and benefits. They drive luxury cars at public expense with the latest technology to better rob the public, armed to the teeth and armored against most dangers.

At the federal level, yes, slashing the welfare programs is critical for balancing the future budgets. At the state and local levels, slashing the salaries and benefits for public employees is most critical, followed by demanding public employees actually perform the job they're paid to do. Ryan budgets do nothing to affect these issues, nor the massive debts that public employee benefits are piling onto the shoulders of the taxpayers.

15 posted on 05/29/2011 5:16:30 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: fifedom

Go to the city of Goodyear’s website and start looking at the press releases in 2006 and 2007. The Goodyear General Plan Amendment - Sonoran Valley fun reading, a fairy tale.


16 posted on 05/29/2011 5:17:26 PM PDT by pointsal
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To: kingu

amazing!


17 posted on 05/29/2011 5:21:41 PM PDT by Reily
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To: fifedom

I didn’t know that, sorry.


18 posted on 05/29/2011 5:33:27 PM PDT by ansel12 ( JIM DEMINT "I believe [Palins] done more for the Republican Party than anyone since Ronald Reagan")
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To: pointsal
Diving Deeper into Land Deal

Location south of Goodyear on the Maricopa/Pinal County line. Yikes look at a map! Goodyear zoning map attached. Bet this is in the far, far southeast corner. Damn near Mexico! ... well not quite...

Arizona Central Story

Looks like current use is agricultural land Business Journal

check out the last paragraph....sealed the deal with the granola crowd <2008 story>   News Release Nov. 5, 2008 City of Goodyear Trouble Ahead This place is by Ak-Chin Reservation! Feel Good Planners  

This is another case study for leap-frog planners. The good news is that the financial hickey is on Californians and not the taxpayers in Arizona.   That's a nearly true statement, unless you reside in California.

19 posted on 05/29/2011 5:41:40 PM PDT by pointsal
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To: fifedom

It’s all about buying votes with other people’s money.
As long as a politicians can use your assets to advance their career it’s a good idea to prepare for a screwing.


20 posted on 05/29/2011 5:48:31 PM PDT by Steamburg (The contents of your wallet is the only language Politicians understand.)
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To: fifedom

bump


21 posted on 05/29/2011 5:53:05 PM PDT by WashingtonSource
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To: pointsal

“Location south of Goodyear on the Maricopa/Pinal County line. Yikes look at a map! Goodyear zoning map online.”

Having lived in Arizona years ago I know what that land is like. 115 degrees, creosote bushes, and sun blistered rock! And no water!
Every drop of water in Arizona is owned by three people, the person who has it, the person who wants it, and the person as yet decided by the courts.


22 posted on 05/29/2011 6:34:31 PM PDT by count-your-change (You don't have be brilliant, not being stupid is enough.)
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To: fifedom

Keep the land and give each retiree ten square feet and cut off the retirement money.


23 posted on 05/29/2011 7:20:38 PM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: fifedom

Interesting that Goldman Sachs had a part in the foreclosure.


24 posted on 05/29/2011 7:21:17 PM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
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To: Mr. K

Being a retired public employee through the ranks to a Director I don’t believe any government employee should be compensated with public funds for having performed their obligated duties to perform for the benefit of the pubic tax payers. In today’s world public employees are paid very good for the benefit of the public.


25 posted on 05/29/2011 7:36:21 PM PDT by noinfringers2
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To: fifedom

There was a CALPERS investment a few years back that a former CALPERS employee (I’m sure, still on the retirement plan) went to the “private sector” and make a bet into the CDO markets and lost over $300 million taxpayer dollars while personally earning $15 million in placement fees.

No charges were brought.

Democrats laugh as we pay for their mansions.


26 posted on 05/29/2011 8:37:46 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: kingu
I note ruefully that no one has replied to your post, I think arising primarily from its cognitive dissonance with the usual conservative support for basic police and fire services. What you are describing I have been observing for years.

From haz-mat teams to police and fire, these jobs are now all about "officer safety" and less about taking the risks for which they are outrageously compensated. They invent massive responses to minuscule events that end up as social gabfests... leading to the big sweetener... overtime. CaCHING!!! It's why we're paying San Jose police sergeants over a quarter million per year.

This is particularly bad at the State level, whether in the Highway Patrol, the California Department of Fish and Game, and the California Department of Forestry and Fire Protection. These people think more about what their union can do for them than they do about the jobs they are paid to perform.

27 posted on 05/30/2011 9:45:07 AM PDT by Carry_Okie (The environment is too complex and too important to manage by central planning.)
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To: The_Media_never_lie

I just hope it was AZ as CA has been stealing our water for years.


28 posted on 05/30/2011 4:53:38 PM PDT by az wildkitten
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