December 18, 2008

MORE ON THOSE UNDERFUNDED / OVERGENEROUS PUBLIC PENSIONS: Connecting CALPERS and Madoff. Is that too harsh? Never mind — when the government does it, it’s not a crime!

More here: “Calpers in recent weeks said it expects to report paper losses of 103% on its housing investments in the fiscal year ended June 30. That’s because Calpers invested not only its own money, but billions of dollars of borrowed money that must be repaid even if the investment fails. In some deals, as much as 80% of the money invested by Calpers was borrowed.”

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