Calpers, TED, Founder discussed on Rich Dad Radio Show

Automatic TRANSCRIPT

He is the founder of benchmark financial services. So Ted thank you for being on this program. Can you tell us a little bit about CalPERS, which is a nation largest public pension plan CalPERS since nineteen ninety and I've known their board members. And it obviously is. The nation's largest public pension, and for many years enjoyed a reputation as being sort of the gold standard, you know, that that CalPERS was so big so professional well manage that they were always. On the cutting edge, and they were the standard other pensions. Should strive to me. But over the years over the last twenty years become increasingly obvious that they're not at all the Bill standard. They had been rocked by scandal after scandal. I wrote an article made two thousand seventeen called how to feel a lot of money from CalPERS and the first a line in the article was how hard would it be steal millions from CalPERS the nation's largest public pension with three hundred twenty billion s assets, easy, peasy the answer. So and it talked about I started by talking the article talking about how in a in two thousand fifteen meeting the board admitted they didn't even know what the fees they were paying to Wall Street money manager. So it is a. Very poorly managed pension that loses a lot of money because of. Political is Asian high called political politicisation of the investment process and other mismanagement my attorney who follows all this. He said that there were CalPERS was sued to find out how under how far underwater CalPERS was. And he said, it was one trillion dollars, can you verify that I I'm not familiar with that all I know is that the that that underperforms chronically and the fees that pays or after nominal, and and you know, billion higher that it needs to. So I kinda letter to the board. I think it was about eight years ago saying that I was aware of investment wrongdoing related to their to the pension, and I would be prepared to meet with the board discuss. It and they had no interest in meeting with me at all. I wonder why they a board member at CalPERS me to send the letter. He he walked it in and they were not interested and one of the board members said how is this letter from Sedale any different from the thousands of others. We receive. And I set my response to that was look if you're getting thousands of letters from leading experts and pension forensics that something you're doing is wrong. And that's really screwed up. Obviously, they're not getting those letters. My letter was unique my credential degree unique. There was there were very compelling reasons to meet with me, no financial downside. I wasn't asking them to pay me to meet with me. So all they could have done was all the could've happened is they could've learned. But they didn't wanna learn what I say. So that was the downside covering up. Something it certainly they certainly are covering up something good things about public pensions for your listeners is that they are public. They're minutes of meetings, their contracts and things are generally available under state public records or freedom of information act Foucault your listeners, should you know, if they have concerns right to the pension and half to see the documents most public pensions, all the ones I'm aware of today have websites and post. A lot of the documents about the pension performance reports. The information is often wrong, but you can get a lot of information from their website and from public records request. But Ted talk you say that this was this is your forte. This is your shrink, you know, you go in and take a look at it. The average person probably could not see what you see a move in on you went after the pension of Rhode Island. What did you find there as Wissel blower? There was a large award going out. I think you might be confusing things that I recently received the largest with abo- award history from the CFTC thirty million dollars forty. Thank you. Thank you well-deserved. Yeah. And then the largest award history from the SEC of forty eight million..

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