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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! ....
Premium Content Subscriber only The message was simple from Gympie Magistrate Chris Callaghan to a young P-plater caught driving on a licence that had been taken off him for too many demerit points: âDo the mathsâ. Christopher James Gallaher, 19, pleaded guilty to driving on a disqualified licence in court on Thursday, after he was caught behind the wheel by police on November 18 last year. The court heard Gallaher had been driving on that occasion because he wasnât aware his licence was suspended. Magistrate Chris Callaghan. âYouâre a P plater and youâve racked up seven points. How many points do you get on your P plates? Four. Do the maths,â Mr Callaghan told Gallaher while sentencing him. ....