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Showing posts from July, 2017

Greenspan's Body Count: Glenn Scarpelli and Patricia Scarpelli

The bony fingers of Alan Greenspan still leave fingerprints at crime scenes, long after the notorious serial killer has faded from the headlines.

Daily Mail:
The couple who jumped to their deaths from a 17-story New York City office building Friday morning, after struggling with debt, have been identified.

Chiropractor Glenn Scarpelli and his wife Patricia, ages 53 and 50, are the victims in the early morning suicide.

[...]

Glenn Scarpelli had been pursued in federal court over failing to pay back a federal loan issued in 2000 for advanced medical education in 2013, having failed to make most payments over the course of more than a decade.

Public records showed that Glenn owed about $213,000 to the federal government and nearly $42,000 to the state in unpaid taxes dating back to 2003.Greenspan's Body Count stands at 261.

HT: IP Freely



Despite huge Trump rally, CalPERS' long-term returns get even worse

Until last year, CalPERS used to brag about its distant past returns from the tech bubble and the housing bubble as evidence that its return assumptions weren't crazy.

Today CalPERS is boasting about "smart investing and strong oversight" for having a single good year, thanks to the Trump rally, after decades of underperformance.

But despite this year's 11.2% return, CalPERS' long-term returns are still getting worse, because the 10- and 20-year records are now rolling off huge returns from the 90's and 2000's tech and housing bubbles.


20-year return15-year return10-year return5-year return3-year return
6.08%6.35%3.39%8.82%4.64%
Despite having failed to earn 7% over the past decades, CalPERS still makes taxpayers guarantee 7% in perpetuity to government retirees, in addition to having to pay hundreds of billions for CalPERS' past failures.