Califorian Pubilc Employees Retirement System
Documentation Sources
Excerpts are included merely to help scholars with research
Contents
Calpers Sells Catellus to Catellus
Conflict of Interest - lotsa names; Brown and both Davis's are in there.
http://contracts.corporate.findlaw.com/agreements/catellus/calpers.stock.2001.12.12.html
On 12-12-01 Calpers sold 10,600,000 of its 18,782,276 shares of Catellus to Catellus for $$183,120,300 in immediately available funds. Deal closed on 12-14-01 at Latham & Watkins, 633 West Fifth Street, Suite 4000, Los Angeles, California 90071.
"Existing Agreements" shall ... mean: (i) the Agreement dated as of January 14, 1993, as amended by Amendment No. 1 to Agreement dated as of February 4, 1993, between Catellus and Bay Area Real Estate Investment Associates L.P. (predecessor in interest of CalPERS) ("BAREIA"), (ii) the Stockholders Agreement dated as of January 29, 1993 among ... BAREIA, Olympia & York SF Holding Corporation ("Olympia"), Itel Corporation ... ("Itel") and Catellus, (iii) the Standby Stockholders Agreement dated as of ... February 4, 1993 among BAREIA, Itel and Catellus and (iv) the Stock Subscription Agreement between BAREIA and Santa Fe Pacific Realty Corporation ("Santa Fe") ... dated as of November 13, 1989, as amended by Amendment No. 1 to Stock Subscription Agreement dated as of December 29, 1989, between BAREIA and Santa Fe.
Research might prove interesting to follow the money trail: What were the stock prices when Calpers bought and sold? And why doesn't this last sale show up in the SEC listing of Catellus? And who got the money?
<http://www.oaklandtribune.com/Stories/0,1413,82%257E10834%257E824304,00.html>
Calpers lost a bundle on the stocks.
Mark Anson is chief Investment Officer for Calpers.
<http://www.businessweek.com/magazine/content/02_25/b3788097.htm>
JUNE 24, 2002
FINANCE
Can CalPERS Afford to Throw Stones?
The pension fund is rife with potential conflicts of interest
[excerpts]
of other large pension funds.
Just as troubling, CalPERS' board seems to have developed a blind spot for potential conflicts of interest. In March, CalPERS put $100 million into Premier Pacific Vineyards Inc., which buys land for growing grapes. The co-CEO of that firm, Richard Wollack, is a major fund-raiser for California Governor Gray Davis, a Democrat, who names three CalPERS' board members.
CalPERS also committed more than $760 million in the past year to two funds created by Los Angeles billionaire Ronald Burkle, who, with his wife, has contributed to the campaigns for state office of two CalPERS board members, Treasurer Philip Angelides and Controller Kathleen Connell, according to the California Secretary of State's office. He previously employed two other board members, San Francisco Mayor Willie Brown and actuary Sidney L. Abrams, both have confirmed. Burkle is also a big contributor to Davis, whose wife, Sharon, earned $37,500 last year as a board member at a Burkle company, according to Jordan Rasmussen, her spokeswoman.
Davis spokesman Roger Salazar says that neither Davis nor his wife have a role in CalPERS' investments beyond the governor's board appointments. Wollack says his campaign contributions and CalPERS' choice to invest with him are unconnected. "I've supported the governor for 10 years," Wollack says. And Burkle's spokesman Ari Swiller says CalPERS staff and McKinsey & Co. vetted Burkle's firm: "We have a 16-year track record of 46% annual returns."
While giving CalPERS' business to board supporters isn't illegal under state law, it certainly creates the appearance of political influence in CalPERS' investment choices. CalPERS' investment staff of more than 100 makes recommendations. But the board decides where the money goes. It consists of the state treasurer and controller, the three gubernatorial appointees, one legislative appointee, and a civil service representative, plus six members elected by the fund's constituencies.
CalPERS spokeswoman Patricia K. Macht says board members can't vote on proposals from companies that have paid them significant income in the past 12 months. The rule doesn't apply to campaign contributions. "It's legal, but it's alarming," says Jim Knox, executive director of government watchdog California Common Cause. All members voted on the Burkle and Wollack investments except Abrams, who was absent, and Connell, who abstained, Macht says.
CalPERS maintains that it's entirely coincidental that some investment managers are campaign contributors. Burkle, for example, got his first $200 million because his track record outshone that of 66 managers who responded to a CalPERS talent call. CalPERS staff chose Burkle's next fund and the Premier Pacific investment after months of analysis, Macht says. CalPERS, she adds, discloses all dealings between board members and contractors.
The issue has come up before. Macht says that CalPERS tried to ban outside fund managers who contributed to board members' campaigns from doing business with the fund in 1998, but a Sacramento County Superior Court ruled it illegal. The judge's decision was based on a procedural point, Sacramento attorney Charles H. Bell Jr., who argued the case for CalPERS. The state legislature could still outlaw such conflicts, he says.
In any case, say longtime fund watchers, CalPERS' investment strategy has become increasingly influenced by the political priorities--notably of its union- affiliated members. "There is an old guard who wants to invest in anything that makes money and a new guard that wants to pursue a social agenda," notes James McRitchie, an official of the state Toxic Substances Control Dept. who operates an independent Web site with information about CalPERS called perswatch.net.
Critics say the board members are getting in way over their heads, and should rely on the professional investment staff. Few board members have finance backgrounds, and none is an experienced investment manager. "There's just too much temptation for politicians to meddle," says Terry Sutherland, a state business tax assessor and plan member who watches the fund closely. "None of these board members is Warren Buffett."
*********************************************************
Yes, and Ron Burkle also employs another scoundrel, a guy named Bill Clinton thru his Yucaipa Corporate Partners shell.
Ron isn't a bad guy if you talk to him, but I surely don't like where he's gone with his politics.
[Name withheld]
This one is almost Negative.
Election could alter CalPERS' non-disclosure policy
Says Calpers board won't disclose results of Calpers investment in Bill Simon's business.
<http://news.com.com/2100-1001-210625.html?legacy=cnet>
CalPERS: Shake up AMD board
Calpers owns 500,000 shares of AMD
<http://www.corpgov.net/calpers/>
Index of /calpers
<http://propagandamatrix.com/CalPERS_Carlyle_profit_from_Afghan_war.htm>
CalPERS, Carlyle profit from Afghan war
Calpers has $730 million invested in the Carlyle Group.
[It is recommended that these sources be doube checked for reliability.]
<http://www.conspiracyplanet.com/channel.cfm?ChannelID=53>
Burton is taking a job with the World Gold Council
The Carlyle-Calpers Scam
by BOB CHAPMAN
posted by Conspiracy World
The reason we bring the research to you is two-fold. First, to show you how powerful Carlyle is lying at the center of the elitist universe and secondly, to bring your attention to a 5.5% shareholder, which has an option to buy another 5.5%, and that is Calpers, the California Pension Fund.
Calpers and its management are obviously very connected with the elitists or they wouldn't have made that kind of an investment.
The former CEO of Calpers was James Burton, who is taking over operations for the World Gold Council.
It seems very strange to us that Mr. Burton would be taking on his current position especially with his background and his close proximity to the antithesis of gold. We will do more research, but the situation bears watching. We don't want another search and destroy mission.
(Extracted from The International Forecaster Newsletter, August 31, 2002)
<http://www.cimgroup.com/cimgroup/news/pr_cimfund.asp>
FOR IMMEDIATE RELEASE
APRIL 24, 2001
CALPERS AND CALSTRS ARE LEAD INVESTORS IN CIM GROUP'S NEW INVESTMENT FUND DEDICATED TO CALIFORNIA URBAN PROJECTS
—- First closings for a projected $400 million fund that will provide equity to finance $1 billion in properties —
<http://www.lapressclub.org/bbs/messages/63.html>
California Public Employees Retirement System (Calpers) Swindled
Posted by Biggest Story in the United States Not Covered by the Media on March 25, 2002 at 21:29:14:
Public Agency Managers have been retiring from their public agency, with full benefits from Calpers, and then returning as temporary employees at $100 to $150/hour rates ... making $300,000 to $400,000 a year.
This is illegal and all money swindled from Calpers should be returned.
[Is Willie Brown in there, or Gray Davis?]
[May be a strip outfit]
Follow Ups:
Re: California Public Employees Retirement System (Calpers) Swindled Willette D. Jacobs 14:05:27 10/23/
02 (1)
Re: California Public Employees Retirement System (Calpers) Swindled W.D.J. 14:28:30 10/23/02 (0)
Re: California Public Employees Retirement System (Calpers) Swindled hmm 18:22:00 07/28/02 (0)
[Is Catellus in these same states?]
<http://www.rebuz.com/transact/08-01-real-estate-transactions/calpers_takes_partnership_stake_.htm>
CalPERS Takes Partnership Stake in Three Malls
The three shopping centers, located in California, Texas and Illinois, total nearly 4.5 million sq. ft. of retail space, including major department stores, theatres and specialty shops.
The properties are being purchased through a newly formed joint venture between CalPERS and Rodamco North America, N.V. a Dutch publicly-held property investment company operating in the United States. The joint venture will provide CalPERS with approval rights over major decisions such as budgets, leasing, and financing. CalPERS will also have change in control rights related to property management.
Please update your Browser's Link to:
Rodamco North America <http://www.rodamco-na.com>
Urban Retail Properties Co. <http://www.urbanretail.com>
End Note
OK, Folks, there you have it. For good reasons I have offered no conclusions. That is left to you. Ample references are provided to get you started. Go figure. Take it and run with it.
Forest Glen Durland
Saratoga, CA
11-3-02
Copyright 2002 by Forest Glen Durland