Where's CalPERS? - W.C. Varones

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8.03.2007

Where's CalPERS?

In June I noted that CalPERS was stupidly buying the riskiest tranches of asset-backed investments, so-called "toxic waste" CDOs. The idiots at CalPERS were swindled by banks like Bear Stearns and Citigroup, which wanted to get the toxic waste off their own books as quickly as possible.

With even the highest tranches now taking huge losses, the CalPERS toxic waste is probably nearly, if not totally, worthless.

So where is CalPERS spokesman Clark McKinley? No apologies to the employees whose retirement funds were squandered? No plans to sue the pants off of the banks? Step up, McKinley.

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