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News Flash: CalPERS Invents Time Machine! Not News: CalPERS Again Lies in Suit Over Illegal Secret Board Meeting and Smears Former Board Member Margaret Brown as Diversion

EXPOSED: How CalPERS Tried and Continues to Try to Cover Up Former Chief Investment Officer Ben Meng s Misconduct

EXPOSED: How CalPERS Tried and Continues to Try to Cover Up Former Chief Investment Officer Ben Meng s Misconduct
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California Judiciary Committee Gives Blistering Assessment of CalPERS Fiduciary Duty Failings in Analysis of Fraud-Friendly Private Debt Secrecy Bill

It appears that at least some people in Sacramento are paying attention to what has been happening at CalPERS and don’t like what they see. Below, we have embedded the California Assembly Judiciary Committee staff analysis for AB 386, a bill providing for secrecy of private debt investments. The analysis calls out some of CalPERS’ major fiduciary duty failings in remarkably blunt terms. This matters because CalPERS claims it intends to set up an in-house unit to make direct debt investors, or as laypeople would put it, make loans. CalPERS further maintains that it wants to keep these debt investments until maturity. Yet it also insists that it needs to hide all the details about these loans, including their terms, whether there is any collateral, and who the borrower is!

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