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CalPers Joins Everyone Else Who Has Lost Money Or Stands For Reelection, In Reevaluating Goldman Relationship
Today's Casablanca moment of the day is brought to you by CalPers. The latest entity to be shocked, SHOCKED, at just what Goldman's standard operating procedure has been for many, many years is none other than the world's largest pension fund, the California Public Employees' Retirement System (and repeat Goldman client), which itself has been having quiet a few problems recently, and not just ethical ones, but more importantly performance related ones. The irony is that were Goldman to close tomorrow, the outcry from all these same hypocritical bandwagoneers would have been ten times louder. Telegraph reports:
CalPERS said it wants to look into the bank's risk management and corporate governance systems.
The pension fund, which owns 1.8m shares in the investment bank worth approximately $291m (£190m), said it is "disturbed" by the charges, which the bank denies.
"We're very disturbed about the SEC charges," said Joe Dear, CalPERS' chief investment officer. "We'll follow that closely."Mr Dear noted that Goldman does not manage any money for the pension fund, adding that CalPERS' staff will also look into shareholder communication
This is understood to be a key issue for many shareholders, given investors were not made aware of the investigation until Friday, as a result of the SEC's announcement, even though the bank received a "Wells Notice" from the SEC – which notifies a firm of its intent to bring charges – in July 2009.
At this point it is a virtual certainty that anyone standing for reelection, or anyone who may have lost any money over the past 5 years will soon join the anti-Goldman brigade. If this was all an orchestrated pr stunt by Rahm, or an MBO attempt by Goldman's execs, it may very quickly escalate out of control, as Lehman showed the world all too well that in modern banking the distance between solvency and insolvency is just one rumor away.
h/t David
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Is it just me or has Zero Hedge permanently partnered with CougarLife.com ?
Indeed.... they must pay well.
Strictly PIK, no wonder Tyler is too busy to post
+100 LMAO!!! ... (lucky Tyler... money for nothin' and his chicks for free. LOL)
If I click on this stuff does ZH get more money?
Or does my browser just collect more cookies?
Easy solution: Adblock Plus. Greatest addon ever.
For some reason ABP hasn't worked (as well as any other add-on) since last fall on my xp64 machine. Sometimes it's annoying, but the humor provided by the cougarlife ads make up for the annoyance.
might be my fault - I keep clicking on the ads. Ya know - to support TD and all!
LOL! Yes they have, and you should partner with a cougar too!
With the name "Cougar Life," I would expect neither partnership nor permanence.
Like CalPers never took kickbacks from the squid. PuhLEEZE!!!
exactly.. the crooks got paid to rape the pensions and now gunning for a scapegoat.. parasites are worse than the squid
but let them kill the squid first
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYcHB9j52VWg&pos=9
I'm just happy to see The Squid becoming toxic. I hope the ball keeps rolling....they need to be destroyed before we can start to advance.
If Warren Buffett could bail out GS for a few billion $, then GS is not bullet proof. A great deal of GS's influence is derived from the price of their stock. If the stock can get pushed down far enough, whatever they have pledged against their stock will need more collateral, and the fire sale will be on. All that is needed is an entity that wants to be the first out of the burning building to yell "Fire!" on the way out.
Does GS really add anything to society? GS makes their money by making everything else more expensive for every single living person. When you buy gasoline, do you ever think, "Wow, if not for GS, I would be paying 30% less for this."?
If the public unions want to make life better for all their union members, make GS pay for their sins. They need to be the first to yell, "Fire!" as they exit the burning GS.
complete the circle jerk please.
politicians "top-up" the pensions when things "go bad" for them.
"everybody" is happy.
Typical Bernie Madoff syndrome. As long as the money keeps flowing, returns keep coming in, however unrealistic the scheme is cooked, none of the clients are bothered.
I, for one, would like to put that theory to the test.
'Selling Fire Insurance To Arsonists' -- The Best Goldman Sachs Fraud Metaphors!!!!! +1000
An implosion of the system and the de-throning of the kings and masters of the universe needs to occur for there to be a chance that the ordinary among us can once again rise from the ashes into greatness.
The way "greatness" is defined in this environment may not be a place I would want to aspire to. Having the most toys, and liens on everybody else's toys, is a precarious pedestal!
Is there a Black Swan so obvious we cannot see it?
Like... Money?
Uh oh.
No matter how many times it has been attempted, the serfs have never become wealthy by destroying the wealthy. Jealousy is an evil part of the human condition.
No matter how many times it has been attempted, the serfs have never become wealthy by destroying the wealthy. Jealousy is an evil part of the human condition.
like to Vote if Goldman should be suspended or not in Europe ?
http://online.wsj.com/community/groups/question-day-229/topics/should-eu...
Hopefully Calpers does the right thing and sells the whole peice. Ethical investing is important in this day and age.
In this case ethical is smart! Win/win!
Gasp! Goldman?!? Oh, the implications!
Having money invested in Goldman is like not having your soap on a string.
Soapdrop!
Boondocks- DONT DROP THE SOAP:http://www.youtube.com/watch?v=rgRxevA7ydI&feature=related
----Squid Oil----
In carney voice:
Hurry.... Hurry... Hurry
Step right up...
Stake your claim before it's gone.
European politicians now calling for Goldman Sachs ban.
http://online.wsj.com/article/SB1000142405274870376390457519623074935214...
They better not leave JPM out of all this, they are in the thick of it all somewhere and somehow. We all know it.
Calpers is just an innocent victim.
i like this
Its time for the truth lloyd:
http://blogs.wsj.com/deals/2010/04/19/mean-street-it-is-time-for-the-tru...
mmm...the smell of blood in the water
Calpers....'WHAT? GS was doing something wrong? With our 291 million dollars? Why didn't anyone tell us about this?
Hmmm, I think I would do more research if I was investing 291 million dollars. But maybe that just seems like a large amount to someone like me.
I'm such small PO-TA-TOES
The KillerRich *
Financial information that seems conflicting, crazy, stupid and just does not make sense...well, it makes me feel confused and unable to act with confidence.
You know...why would a bunch of rich Harvard summa cum laudes get together to act so stupid? To do wild and crazy schemes to destroy their own money? To revel in fraud and bad-faith? And create mass unemployment? And globally?
And in-your-face proudly? And really act like they know so much more than the rest of us?
So what to do? When matters get to that point, one can inspect the data for clues that suggest some possible game which would make sense of all that data...some purpose that suddenly clarifies the confusions and makes sense out of what seemed to be nonsense.
Often, such a hypothetical game that accounts for all the observations is, in fact, similar to the actual game. When this happens, the new understanding leads to confident responses.
For one or two persons, maybe the actions are in fact the products of full-blown insanity. But, that is very different than being stupid.
The RichAndPowerful do share at least one certain intention. Namely, each is driven to maintain his kingly status by unending buttressing and defensive measures and attacks on all enemies, real or imagined. That intention is inherently shared and agreed-upon, without being spoken. No need to put it in writing or even discuss it. It is automatic. And any R&P without such intention will soon become ordinary or powerless.
.Their essential game-plan is to maintain their status and privileges. Thus they worry, fear and obsess over stability of their status and privileges.
They are already rich, by definition, so do not seek more money beyond its utility for defense of their status. After all, you cannot be rich unless there are poor. That's financial relativity.
There are other game-plans that may account for the data. E.g. Sacrificing the world's Reserve Currency to undermine opposition forms of government to create a more controllable tyranny, like OneWorldGov. The R&P stay R&P. [Recall that Standard Oil was known to sell gasoline at a loss to drive competitors out of business, then adjust prices accordingly. After they bought-out their competitors. Slurp... Mmm, you taste good!]
Note this is not necessarily true for the RichOrPowerful, such as Bill Gates or your Chief of Police.
* KillerRich---a friend used this term. At first, I thought it was silly.
Guess which GS Senior Advisor for Public Finance, Western Region, first name Kathleen, is the sister of current California Attorney General and gubernatorial candidate, Jerry Brown. http://en.wikipedia.org/wiki/Kathleen_Brown
the more you know, the more you shake your head and shiver (possibly throw up a little in your mouth).
EURO continues to get a lot of support ...
But USD index weekly chart continues to give bullish warnings.
Euro chart:
http://www.zerohedge.com/forum/latest-market-outlook-0