Green energy moonbattery is not the best investment:
The California Public Employees’ Retirement System for state employees lost 71% of its $468 million investment in a clean energy and technology private equity fund, state records show, but CalPERS won’t explain how.
Don’t worry, retirees; California taxpayers will pick up the tab.
CalPERS says its pension benefits are only 79% funded, leaving the state, and its taxpayers, on the hook for the other 21%. According to a recent report from Reason Foundation, CalPERS’ pension shortfall is approximately $180 billion.
The 71% loss comes to over $330 million…
…for which private equity firms were paid at least $22 million in fees and costs.
CalPERS has not been forthcoming regarding specifics of how it flushed away the money.
Had the money put into the [CalPERS Clean Energy & Technology Fund] been passively invested in an S&P 500 index fund, with dividends reinvested, the fund would have been worth approximately $3 billion.
But that would not have saved a planet imperiled by the alleged menace of anthropogenic global warming.
The Obama legacy endures in California, which continues his policy of wasting vast amounts of taxpayer money on green energy boondoggles, possibly to launder it on behalf of those with a seat at the table.
On a tip from Steve T. Hat tip: Pirate’s Cove.
The post California Public Employees’ Retirement System Flushes Fortune Down Green Energy appeared first on Moonbattery.
About The Author
Discover more from MEK Enterprises Blog - Breaking News, SEO, Information, and Making Money Online!
Subscribe to get the latest posts sent to your email.
