If you are a government employee, or retiree, covered by CalPERS, your money is being used to force corporations into being affiliates of the Klan in Tan, KKK. CalPERS is using your money to forced companies into discrimination and racism.
“Emblematic of the investment funds misplaced investment strategy is their recent statement “CalPERS may withhold votes from director nominees who show failed oversight and/or a lack of commitment surrounding labor issues such as diversity, equity and inclusion”
In defiance of President Trump’s elimination of DEI guidelines CalPERS recently announced it is actively engaging with 16 companies regarding their reported rollback of DEI initiatives.” Nowhere in these statements was there concern about the impact on return of investment relating to their stand on social issues.”
Want to end racism? Start with CalPERS.
California Pension Funds by Richard Eber
Richard Eber, Exclusive to the California Political News and Views, 4/10/25 www.capoliticalnewsandviews.com
No one really knows what the actual amount of the California budget deficit might be for 2025 and beyond. Trying to balance revenue with payables appears to be near impossible under the Gavin Newsom regime.
Being termed out next year, the Governor has one foot out the door planning a run for the White House in 2028.
His solutions for the Golden State being the land of budget deficits, is by glossing over real problems. He has resorted to accounting tricks, over estimating revenues, cutting higher education, and raising gas taxes. These actions are intended to make over 57 billion dollars in red ink to temporarily disappear.
At the same time Newsom has chosen to ignore the 20 billion dollar tab owed the Federal government for paying fraudulent unemployment claims during the Covid19 Epidemic. He still has not given up throwing money down the drain for the ill-fated Bullet Train fiasco. The slick one has downplayed the $10.5 billion bill for providing free Medi-Cal services for illegal aliens.
Meanwhile the Governor and his Attorney General Rob Bonta are filing suit against the Trump Administration at every opportunity. There is concern such actions may jeopardize Federal relief for the devastating Los Angeles fires and other funding California is entitled to.
Newsom has downplayed declining tax revenues because over regulation, high energy, and housing costs have resulting in businesses fleeing the State. This is most apparent with the film industry and Silicon Valley concerns moving elsewhere.
With all of this bad news surrounding the state one would think about cutting the number government employees and benefits they receive. During Newsom’s term of office both pay and benefits have gone up an estimated 35%.
Taking care of California’s civil service workers has been a high priority of Democrats. This constituency donates time and funding to the Progressive cause that has made the State a virtual “Blue” dictatorship.
To augment this monopoly both Gavin Newsom and his predecessor Jerry Brown have poured billions of taxpayer dollars into CalPERS and CalSTRS pension programs thru Prop 2 and other means. This was needed to make up for poor management and corruption that has led to them to require more funding to meet their commitments to workers.
Emblematic of the investment funds misplaced investment strategy is their recent statement “CalPERS may withhold votes from director nominees who show failed oversight and/or a lack of commitment surrounding labor issues such as diversity, equity and inclusion”
In defiance of President Trump’s elimination of DEI guidelines CalPERS recently announced it is actively engaging with 16 companies regarding their reported rollback of DEI initiatives.” Nowhere in these statements was there concern about the impact on return of investment relating to their stand on social issues.
Many of these misplaced priorities go back to when Fred Buenrostro was the CEO of CalPERS from 2002 to 2008. He was corrupt to the core. Buenrostro later served a five years sentence for receiving bribes for a pay to play investment scheme. It is certain this was not his only illegal activity.
It appears he was involved with several other scams during his term in office. One was a 970 million dollar loan made to Lennar Corp. subsidiary LandSource Development to finance housing construction at Newhall Ranch, and the Mare Island Naval Base.
A year later after LandSource purchased the Newhall Ranch property from Lennar, the real estate market tanked. LandSource went bankrupt in 2009. The Miami Beach developer was later able to buy back most of the land back for pennies on the dollars to start a new company Five Point Holdings.
Despite Buenrostro retiring at the time of the bankruptcy, there was never an investigation of his possible involvement with the ill advised loan. When contacted about this matter last year James Scullery of CalPERS wrote me. “Good afternoon and thank you again for this opportunity. Unfortunately, we do not have anything additional to add at this time.”
Such lack of interest is surprising given that a False Claims suit against Lennar has been filed with the California Attorney General’s office. It is currently sitting on Ron Bonta’s desk waiting for action. Thus far he has declined to pursue recovering the 970 million plus damages associated with the ill-fated loan.
Is the reason for this simply negligence or the embarrassment of the involvement of Buenrostro and others who likely received pay-offs from Lennar? Such suspicion appears to be justified given the developer’s shady past record.
Their bagman/consultant Keith Jackson for their Hunters Point Project (built on radioactive land) was sentenced to prison. His role with Lennar was never revealed. In addition Jerry Brown’s sister Kathleen sits on the Five Point Holdings Board of directors.
Lennar also made questionable political contributions to then Concord Mayor Tim Grayson’s Assembly campaign 2016. They were attempting to become the developer for the multi-billion Concord Naval Weapons Depot Project. These donations were legal but ethically challenged.
Grayson later returned the money while at the same time denying there was no conflict of interest with his association with Willie Brown. The former Assembly Majority Leader and Mayor of San Francisco was a close business associate of Lennar investing EV-5 Visa funds with them at considerable profit.
Apparently, there is no inclination to change the kid glove treatment of California employees. The State prefers to pour cash each year to subsidize the underperforming pension funds rather than reforming CalSTERS or asking union members to increase their contributions or reduce benefits.
Thus “As the world turns” in Sacramento continues where one party rule reigns supreme.
The amazing part is that the majority of voters seem oblivious of the magnitude of waste. One has to admire Democrat politicians for being so good as gaslighting.