The people running CalPERS constantly pat themselves on the back even as they join in a dishonest effort to downplay the pension crisis with disinformation and shady accounting. This is just what their most powerful patrons — public employee unions — want them to do. But the “social justice” set of the political left, which nominally includes unions, is also a victim of CalPERS’ arrogance and incompetence. It turns out that CalPERS basically ignored directions from the Legislature that it divest its investments in firms involved in the Sudan genocide, one of the dearest causes of the celebrity and campus left. That’s my CalPERS!
Ed Mendel continues to break more juicy stories about CalPERS than the rest of the state media combined. Along with the Dans (Weintraub and Borenstein), he will be a first-ballot inductee in the Golden State Pension Coverage Hall of Fame. His latest scoop shows CalPERS officials being more honest than they’ve ever been, worrying that a big economic downturn could drive the giant pension agency down to just 40 percent of necessary funding. So why does CalPERS keep cranking out the happy talk and disinformation on its calpersresponds.com website? This, as the kids say, is wack.