patrick.net
An Antidote to Corporate Media
1,191,796 comments by 13,863 users - askmeaboutthesaltporkcure, HeadSet, The_Deplorable, UkraineIsTotallyFucked online now
CalPERS Tries to Hide Its Dirty Laundry, Threatens Most Effective Board Member: Quit or Else
invite response
2017 Feb 1, 7:55am 1,597 views 6 comments
Comments 1 - 6 of 6 Search these comments
zzyzzx
2017 Feb 1, 7:58am
I'm adding this story to my long list of reasons not to live in California.
joshuatrio
2017 Feb 1, 9:43am
I'm adding this story to my long list of reasons not to live in California.
I'm adding this as a reason not to move back.
Here's hoping the California State Supreme Court does the right thing on the upcoming pension ruling.
If they go the way of the union hacks that run the Illinois Supreme Court and knock down any meaningful reform to the "California Rule", I may have to consider moving too.
The Democrat morons that run this State from top to bottom can't keep raising taxes, reducing services and shafting bond-holders to protect their 1% union supporters.
MisdemeanorRebel
2017 Feb 1, 10:45am
CalPERS needs massive reform. The Legislature ought to worry less about illegals, and worry more about protecting the pensioner and the taxpayer.
CalPERS needs massive reform. The Legislature ought to worry less about illegals, and worry more about protecting the pensioner and the taxpayer.
CALPERS is a sideshow. There is no reform or investment scheme that can square the circle of the bad promises politicians made to the California bureaucracy.
Pensioners are going to have to give something back.
The latest shocker (and it is shocking) is that the board has launched a plan to strip JJ Jelincic, the only board member who does his job by asking substantive questions of staff, of meaningful authority if he does not resign. This is a kangaroo court, pure and simple. Joe McCarthy would be proud.
When we asked law professor and former general counsel of the Federal Home Loan Bank of San Francisco, Bill Black, for his reaction, he was so disturbed that he wrote a post, which we are publishing in conjunction with ours. One of his major points was the board lacks the authority to take this move. He also stressed that General Counsel Matt Jacobs was acting contrary to “every normal reflex of a corporate general counsel†and was supporting rather than cleaning up “CalPERS’ corrupt culture.â€
Black’s analysis is detailed as well as devastating. I urge you to read it in full.
It is also noteworthy that CalPERS is trying to keep this indefensible action from public view. This plan would have started and might have proceeded entirely in secret, save for the fact that that Jelincic not insisted that the annual board peer review be held in an open session. CalPERS scheduled the meeting to discuss stripping Jelincic of power at an offsite in Monterey, away from its Sacramento board room. Jelincic had no warning that it would include a proposal to push him off the board.
Full Article with Video Etc. http://www.nakedcapitalism.com/2017/01/calpers-tries-hide-dirty-laundry-threatens-effective-board-member-quit-else.html
#CALPERS