Drudge Retort: The Other Side of the News
Friday, February 22, 2019

The National Enquirer has been one of President Trump's most controversial allies, delivering scathing coverage of his opponents to supermarket checkout lines and funneling $150,000 to one of his alleged mistresses to buy her silence. So it will probably come as a surprise to many California state employees and taxpayers to learn they were helping fund those efforts.

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I saw this in the LAT this morning - CalPERS has a lot of holdings that would be horrifying to the rank and file contributors, but it has to try to make up the $400 Billion in unfunded entitlement liabilities somehow:

"It has long drawn scrutiny over whether its mandate of seeking strong returns meshes with liberal Californians' expectations of ethical investment. Some of its investments drawing recent scrutiny have included oil pipelines, retailers that sell semiautomatic rifles, Russian sovereign debt and coal-producing companies."

According to CalMatters:

"California state and local governments face more than $400 billion in unfunded liabilities for public employee retirement benefits -- enough money to cover the state's general fund for three years, including funding schools, universities, prisons and health care for the poor.

That debt is made up of two chunks: $254 billion in pension liabilities and $147 billion in retiree health care."

CalPERS is in a really tough spot.

#1 | Posted by Rightocenter at 2019-02-22 04:57 PM | Reply

They should buy 1/6th more and own it all.

#2 | Posted by snoofy at 2019-02-22 05:03 PM | Reply

This will chsnge fast.

#3 | Posted by Tor at 2019-02-22 07:41 PM | Reply

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Drudge Retort