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  #981  
Old Today, 01:02 PM
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Mary Pat Campbell
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NEW JERSEY

https://burypensions.wordpress.com/2...-for-pensions/

Quote:
NJ Policy Group (4) Selling State For Pensions
Spoiler:
The official GASB 67 unfunded liability for the New Jersey Retirement System as of July 1, 2017 is supposed to be $142 billion. The Economic and Fiscal Policy Working Group in a draft document included an entire category of recommendations for dealing with this debt:



Two main problems:


It’s not nearly enough. Slapping tolls on out-of-staters, inventorying marketable assets for quick sales*, and leasing out backrooms will not get it done.
These are not the ones who piled up the debt though most of those taxpayers, retirees, and politicians who did are unreachable now.
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.

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* To avoid being labelled as totally negative I do have a revenue generating suggestion. ‘New Jersey’ is bland, derivative, and british-centric. We can do better and make some money for the pension system at the same time. Trumponia?
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  #982  
Old Today, 01:06 PM
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Mary Pat Campbell
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Quote:
Originally Posted by campbell View Post
Comments from Leo Kolivakis:
https://pensionpulse.blogspot.com/20...y-problem.html

Quote:
Private Equity's Diversity Problem?
Spoiler:
Sabrina Willmer of Bloomberg reports, TPG Scolded for ‘Stunning’ Lack of Diversity by Pension Official:

[the one above]

Russell is right, the OIC can't change the industry alone which is why the Institutional Limited Partner Association (ILPA) is getting involved and sending out a questionnaire to its members to use in their due diligence with GPs.

The ILPA is wasting its time. For one, many of its members suffer diversity and inclusion problems within their own senior ranks.

I once attended an ILPA meeting in Chicago with Derek Murphy, PSP's former head of Private Equity. It was one big schmooze fest, a total waste of time in my opinion but I got to meet Mark Wiseman there and met some other big investors. Let me tell you, it was mostly white men attending this meeting and I include myself as part of that group.

Another reason why the ILPA is wasting its time? Because private equity is run by old white men, most of which have a very high opinion of themselves and privately scoff at diversity and inclusion.

This article singles out TPG but trust me, it's not that much better at other big private equity funds. Go and drill down at their upper management and look at who's calling the shots, old white men.

"So what? What's wrong with that? David Bonderman, Jim Coulter, Henry Kravis, George Roberts, Stephen Schwartzman, Leon Black, David Rubenstein, William Conway are all successsful private equity titans who worked hard to become billionaires and they can do whatever they want."

Well, not exactly. They became billionaires through the billions public pensions invested in their funds so they do have to answer to their investors just like public companies have to answer to them when it comes to diversity in upper management and at the board level.

Why are pensions putting the pressure on private equity and public companies to focus on diversity and inclusion? It's not just a social mission, they're acting as fiduciaries who are first and foremost looking for better returns over the long run and it turns out diversity and inclusion are important factors for any organization to improve its long-term performance.

I personally hate the word "diversity". It's limp and impotent, offers no power. I much prefer inclusion and empowering women and minorities to make real consequential decisions.

By the way, some private equity funds are doing a lot better than others when it comes to diversity and inclusion so it isn't fair to bundle them all up but truth be told, the real power in the industry still resides with old white men.

And it's not just private equity. The hedge fund industry isn't any better, at least not at the very top. It too is run by old white men but there are cracks starting to test that male-dominated power structure.

Leslie Picker, Dawn Giel and Jen Zweben of CNBC recently reported, The woman suing Point72 and Steve Cohen speaks out about alleged gender and pay discrimination:
[omitted]
Now, I'm on record stating that it's time for investors to take a closer look at hedge funds and I wouldn't flinch investing in Steve Cohen's new fund (but I wouldn't pay 3 & 30 to him or anyone else).

But when I read Bonner's accusations, she raises several red flags. She might be after money or she might just be sick and tired of the "old boys club" and trying to do something about it.

I certainly don't buy the utter nonsense that she was "too aggressive for a promotion". The woman has cojones and she's proving it. Cohen would have definitely promoted her if she was a man. He knows it, she knows it and I know it.

Hell, the whole world knows it which is why my best advice to Steve Cohen is cut your losses, promote her and give her more responsibility at your firm. If it's a question of pride, swallow it, ten years from now, you won't care especially if it turns out to be the greatest decision of your life.

Having said this, I will defend Cohen and others on one point, these discrimination suits aren't always black and white. Sometimes you see women who bark loud being promoted and just like men who bark loud being promoted, they often don't deserve it.

There are a lot of men and some women in the finance industry who have a grossly inflated view of their qualifications and what they offer their employer.

To these men and women, all I have to say is come into my universe where all you have is a computer and try to make a buck to survive by eating what you kill.

The market doesn't care if I'm short, tall, fat, skinny, good looking, ugly, a woman, a man, trans, gay, disabled or a visible minority, the market is equally ruthless to everyone, which is the one truism every investment manager knows all too well.

Every single day, I sit in front of my computer or iPad and just look at stocks and charts and the one thing I love is it's me versus Miss Market and let me tell you, she's ruthless and always looking to take my money. Sometimes she wins and sometimes I win, and as long as I can beat her most of the time, I'm surviving, but man does she suck out all my energy!!

On that note, here are the stocks making big moves on my watch list today (click on image):



Once again, don't try trading or investing in any of these stocks, especially if you don't know what you're doing, you might get whacked hard when you least expect it:



Below, Jason Kelly of Bloomberg News reports on TPG's diversity problem. Like I said, it's not just TPG although it looks to be lagging its peers when it comes to diversity and inclusion.

And Lauren Bonner, plaintiff in a lawsuit against Steve Cohen’s hedge fund, discusses her decision to take Point72 to court with CNBC’s Leslie Picker.

Is Mrs. Bonner right to sue? I don't know, all I know is she is courageous to take on one of the fiercest sharks in the hedge fund industry. Maybe Steve Cohen has finally met his match, but whatever happens in this case, it's time everyone in the private equity and hedge fund community and their big investors take note, diversity and inclusion are a real problem.
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  #983  
Old Today, 01:20 PM
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Mary Pat Campbell
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PENNSYLVANIA
https://www.ai-cio.com/news/pennsylv...ampaignId=3972

Quote:
Pennsylvania SERS Grows to $29.7 Billion
Funded status improves thanks to portfolio changes.


Spoiler:
The Pennsylvania State Employees’ Retirement System returned 15.1% net of all fees in 2017, boosting its funded ratio in the process.

The public worker pension plan now has $29.7 billion in assets under management and is 59.4% funded, its 2017 comprehensive annual financial report revealed. The gains satisfy actuarial numbers reported in April. Total assets have grown slightly larger than the $29.3 billion predicted.

The 2017 returns mark 17 out of 20 years in which the fund has achieved positive earnings.

Over the year, the fund increased its equity exposure to 55% of assets. The other big change was in hedge funds, which are now half of 2016’s allocations (4%). Minor tweaks were made to fixed income (now 16%), private equity (13%), real estate (7%), and short-term investments (5%).

The fund still has $19.7 billion in pension obligations. This year, the Pennsylvania retirement system paid $3.3 billion to its beneficiaries. Employer and member contributions totaled $2.2 billion.
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  #984  
Old Today, 01:21 PM
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Mary Pat Campbell
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Join Date: Nov 2003
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KENTUCKY

https://www.ai-cio.com/news/kentucky...ampaignId=3972

Quote:
Kentucky Judge Deems Governor’s Pension Law Unconstitutional
Ruling favors attorney general’s objection over how it was passed.


Spoiler:

A judge has thrown out GOP Gov. Matt Bevin’s controversial Kentucky pension overhaul law, siding with Democratic state Attorney General Andy Beshear’s objection over how it was passed.

Judge Phillip Shepherd ruled in favor of Beshear on Wednesday, agreeing that the aggressive manner in which the reform was passed was unconstitutional. At the end of the 2018 legislative session, the governor’s retirement change was tucked into a sewage bill. Six hours later, it became law without being reviewed by lawmakers or made public knowledge.

Shepherd also voided the overhaul because the vote did not get three readings in each chamber. The judge said that, since the bill appropriated state funds, it was two votes short of the constitutional majority to pass. Beshear also argued that the law violated the state’s “inviolable contract” with teachers, but the judge said that objection was irrelevant as the measure was enacted improperly.

The bill cut pension benefits for Kentucky teachers and moved new hires into a 401(k)-style plan, rather than into the traditional defined benefits pension program. The governor’s plan was an attempt to shore up the struggling state’s $40 billion shortfall. Kentucky’s pension system is 31% funded.

The Beshear called the decision “a win for open, honest government.” Plus, “The ruling voids Senate Bill 151 in its entirety, which restores the promised retirements to over 200,000 teachers, police officers, firefighters and other public servants,” he said in a Twitter video.

Elizabeth Kuhn, a spokeswoman for the governor, said the ruling was “expected” and announced Bevin’s plans to appeal the decision. She said that the consequences for the judge’s call are “tremendous” for Kentucky, claiming that other bills have been passed under the “exact same process” as the voided bill.

“If all of these bills are now invalidated based on Judge Shepherd’s ruling, our legal system will descend into chaos,” Kuhn said.
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