CalPERS Unlucky Again

Posted By on June 22, 2010

I guess we could say CalPERS (California Public Employees’ Retirement System) is just plain unlucky….either that or they’re plain stupid.  Maybe a little of both.  After dropping a quarter of the value (and that’s being generous, it may be greater) of its $200-billion portfolio during the recession of 2008 and 2009, the country’s largest public pension fund is posting more big paper losses because of the massive 2-month-old BP oil spill in the Gulf of Mexico.   Since the real estate isn’t marked on losses, well….you get the point!  The more important question is what does CalPERS really have left and how do they  pay all those pensions.
 
 
June 22, 2010 

After dropping a quarter of the value of its $200-billion portfolio during the recession of 2008 and 2009, the country’s largest public pension fund is posting more big paper losses because of the massive 2-month-old BP oil spill in the Gulf of Mexico.

Since April 20, the 58 million BP shares owned by the California Public Employees’ Retirement System have plunged in value by $285 million, dropping from $586 million to $301 million, according to an analysis by Bloomberg News.

BP-related losses for all U.S. pension funds have totaled $1.4 billion as the value of BP stock tumbled 47%, Bloomberg data show.

— Marc Lifsher

More at: http://latimesblogs.latimes.com/money_co/2010/06/calpers-loses-big-on-bp-stocks.html

Categories: Commentary, Economy, Finance, National News, Oil and Nat Gas, Real Estate, Wall Street
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