By Bob Walsh
CalPERS is as far as I know the largest public employee
retirement system in the world. They have a shit-ton of money. Over
the last several years (Jerry Brown 2.0 and Gavin Newsom) the
organization has been more and more proactive about what they do with it
and about using their muscle on boards to get what they want. (In
years gone by the mostly stuck with making objectively "good"
investments.)
CalPERS has
invested heavily of late in various warm-and-fuzzy and green projects.
The green projects especially have lost well over $300 million dollars.
Apparently a lot of reasonable people think these investments were
stupid to begin with and were political in nature and not made with any
likelihood of benefiting state retirees.
There is enough money involved now that Congress is looking into it.
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