Skip to comments.Calif. teacher pension posts low investment return
Posted on 07/12/2012 4:52:41 PM PDT by Last of the Mohicans
SACRAMENTO, Calif. -- California's teacher pension fund has earned a 1.8 percent return from investments this year, a rate that falls short of expectations and could add to the system's shortfall.
(Excerpt) Read more at sacbee.com ...
I don’t see it as a problem at all.
In a country where an unlimited amount of Baraqqi/Bernanke/Geithner minibucks can be created electronically, let those retired Cali teachers have all they want.
True up until a few years ago, but the passage of GASB 42 requires all future pension benefits to be fully capitalized or else the state has to make it up out of its general fund. That can be another huge shortfall for Moonbeam and his Democrat cronies to make up or hide.
I have a feeling we will be seeing lots of this. Dems will seize on the libor rate scandal to say thats why dem cities are going bankrupt.
A classic example is Catellus Development, once the old Southern Pacific real estate thug racket and more recently a long time plaything of ChiFi's husband Richard Blum. CalPERS is the biggest stockholder.
Conservatives would do well to snag the few remaining copies of Richard Trainor's book, "Paradise Lost?" He's a former Sacramento freelance reporter and honest liberal, who got his clock cleaned more than once chasing the corruption behind high speed rail in California.
The bond collapse will happen.