Category Archives: Investment management

To Beat China, US Should Tax Ray Dalio Out of Existence

A recap of the recent China “Bund Summit,” which included discussion of China’s continuing need for foreign capital.

Goldman Gets Off Easy in 1MDB Scandal Despite Further $2.9 Billion in Payments, Criminal Charge Against Malaysian Sub

Despite the big numbers, Goldman gets the kid glove treatment relative to the severity of its 1MBD misconduct.

CalPERS: Poster Child of Private Equity Cargo Cultism

CalPERS’ zealous defense of private equity looks pathological. So we hazard a diagnosis.

An Indictment of the “Standard Model” for Pension and Endowment Investing

A lucid and daming explanation of why public pension funds and other instutitional investors regularly fall short of popular indexes.

Why Has Mayoral Candidate Scott Stringer Invested New York City Pensions in Private Equity Firms Like Blackstone?

The New York City pension system provides more proof that investing in private equity hurts performance.

What Did Billionaire Leon Black of Apollo Get for >$50 Million in Fees to Jeffrey Epstein?

The more we learn about Leon Black’s relationship with sex offender Jeffrey Epstein, the less there is to like.

CalPERS Cooks Its Books: Grossly Understated Investment Consultant Meketa’s Expenses in Annual Financials; Made a Criminal False Account by Burying the Cost

CalPERS violates accounting rules by hiding outside consulting costs in internal investment overheads. None of the possible reasons are good.

CalPERS’ Bad Numbers: CEO Marcie Frost’s Multi-Hundred Thousand /Year Advisor Randle Communications Missing from Board Reports

A remarkable series of accidents led to the CalPERS board not being told how much CEO Marcie Frost’s advisor Randle Communications costs.

Another Compliance Failure: CalPERS Discussed Recusal of Ex-CIO Ben Meng but Failed To Enforce It; CEO Marcie Frost Says “Not My Job”

CalPERS CEO Marcie Frost told the press that she’s punting on her compliance duties.

CalPERS Staff Yet Again Tries to Usurp Board’s Power by Steering Governance Reforms After CIO Ben Meng Departure

CalPERS staff is too obviously still trying to stymie Controller Betty Yee’s governance reforms.

State Controller Betty Yee Calls for Public Discussion of CalPERS Governance Reforms Following Sudden Departure of CIO Ben Meng

Controller Betty Yee forcefully slapped down CalPERS’ CEO Frost’s claim that Yee was satisfied with the burial of Yee’s governance issues.

22 Year Study Finds Hedge Fund Managers Collect 64% of Investors’ Gross Returns

Hedge fund managers claw an awful lot in fees out of their investors but the reasons look to be different than for private equity.

How CalPERS Staff Keeps the Board in the Dark About Compliance Problems

CalPERS has long covered up its dirty linen, including by making uninformative presentations to the board.

Influential CalPERS Retiree Group Demands Resignation of Board President Henry Jones; Calendars Confirm Secret “Board Within Board” Abuse

CalPERS governance has become so visibly defective that a normally loyal retiree organization has gone into revolt.

CalPERS Board Member Theresa Taylor, Under Investigation for Multi-Year Failure to Report Income, Digs Her and CalPERS’ Hole Deeper Via Supporting Conflicted Actions Taken by Ex-Chief Investment Officer Meng

CalPERS’ Board Vice President Theresa Taylor shoots herself and CalPERS in the foot.