Trouble at CalPERS: Abrupt exit hits $400-billion state pension fund

  • 📰 latimes
  • ⏱ Reading Time:
  • 78 sec. here
  • 3 min. at publisher
  • 📊 Qulity Score:
  • News: 35%
  • Publisher: 82%

The investment chief at California’s massive state pension fund stepped down. It seems CalPERS might have fallen short of its own conflict-of-interest rules.

United States Headlines News

United States Latest News, United States Headlines

The news landed just after 9 p.m.: The investment chief at California’s massive state pension fund was abruptly stepping down. Before dawn the next day, Sacramento was abuzz — and a sense of crisis was descending over the mighty California Public Employees’ Retirement System.

So, too, did Meng’s abrupt downfall after a brief, tumultuous run marred by underwhelming investment returns and wild conspiracy theories about his supposed links to the Chinese Communist Party. Issues around his personal financial disclosures seem to have been the final straw.“Clearly it’s yet another black eye” for CalPERS, said former board member J.J. Jelincic. “We ought to be able to do better.

The disclosure requirements fall under California law regulating conduct by public officials and are overseen by the state’s Fair Political Practices Commission. As a public employee, Meng had to file Form 700 submissions detailing his personal financial interests.“I have disclosed all of my financial holdings on applicable forms, and I have no further comment,” Meng said in a telephone interview.

What may have been a dream job soon turned sour for Meng. He faced not only the immense pressure that comes with running the largest public pool of money in the U.S. — which needs to gain 7% a year to meet its obligations — but also came under attack because of his time in China. of being a tool for the Chinese government, funneling American money into Chinese hands due to his role at SAFE. Sen. Tom Cotton and Rep.

In a statement early Thursday, CalPERS said Meng had helped the fund beat its “benchmark of 4.3% during a time of extreme financial market volatility sparked by the coronavirus pandemic.” Later in the day, the organization thanked Meng for his service and said he “put us on a positive path forward.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 11. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

More selling out to China not surprising lol

Please Like share and subscribe my channel

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CalPERS investment chief steps down at $400 billion pension fundThe investment chief of CalPERS, Yu Ben Meng, has resigned effective immediately, the largest public U.S. pension fund said on Wednesday, amid pressure from the Trump administration to curb investments in China. How do you step down to a pension fund?
Source: Reuters - 🏆 2. / 97 Read more »

Calpers Investment Chief Ben Meng to Step Down From Largest U.S. PensionBen Meng resigned after about a year and a half in the position, marking an abrupt exit for the investment chief, who set out to implement a reform agenda. Corruption Indictment coming? Many $$$$$$$$$, konw? Hi! Vuuuuuu Juliojosecabre1
Source: WSJ - 🏆 98. / 63 Read more »

Moderna Plans To Charge $32-37 Per Covid Vaccine Dose, Discussing Supply Deals With Several CountriesThe vaccine maker has received about $400 million in deposits from various countries for potential supply. The challenge for any future COVID19 vaccine is to be sold at cost prices and be made accessible to all, especially for those developing countries. Any interest to be also overcome, and instead the vaccinces be distributed based on equitable need and objective prioritisation. Not going to pay to be a guinea pig. No thanks.
Source: Forbes - 🏆 394. / 53 Read more »

Moderna Plans To Charge $32-37 Per Covid Vaccine Dose, Discussing Supply Deals With Several CountriesModerna is discussing supply deals for its experimental Covid-19 vaccine candidate, with several countries adding that it plans to charge between $32 to $37 per dose En caracas te la mezclaran con suero y te la venderan en 70$. Still better price than Indian Biocon. They are planning to charge $110-120 Free. Or keep it.
Source: Forbes - 🏆 394. / 53 Read more »

'Fortnite' developer Epic Games raises $1.78 billionEpic Games, the creator of the popular video game 'Fortnite' said on Thursday it has raised $1.78 billion in its latest funding round, taking the company's valuation past $17 billion.
Source: Reuters - 🏆 2. / 97 Read more »

Tesla's Chinese rival Xpeng raises $400 million ahead of U.S. IPO, sources sayXpeng has confidentially filed for an initial public offering in the U.S., but has not decided which exchange to list on, sources told CNBC. a ban china Trump taketh and givith to Musk. Just wonder why still go to U.S. after what happened in these few years… Don't they worry about getting robbed by some president…
Source: CNBC - 🏆 12. / 72 Read more »