California public pension fund invested in blacklisted Chinese companies per a congressman

Is the investment office of CalPERS a Chinese agent—buying $3.1 billion of equity in BLACKLISTED Chinese firms?  Even the head of CalPERS does not deny this.

RESPONSE from CalPERS CEO Marci Frost: “This is a politically opportunistic attempt to force us to divest, undermining our ability to perform our fiduciary duty to provide retirement security to California’s public employees. This is a reprehensible attack on a U.S. citizen.”

Note she does not say it is untrue, just that she does not like it reported.    Why isn’t Schiff and friends investigating this corruption and harm to our national security?

Glad to see, by her lack of denial that the head of CalPERS ADMITS her employee has violated numerous Federal laws.

SACRAMENTO, CA – JULY 21: A sign stands in front of California Public Employees’ Retirement System building July 21, 2009 in Sacramento, California. CalPERS, the state’s public employees retirement fund, reported a loss of 23.4%, its largest annual loss. (Photo by Max Whittaker/Getty Images)

California public pension fund invested in blacklisted Chinese companies: congressman

Rep. Jim Banks says CalPERS chief investment officer has ‘suspicious’ ties to China

By Evie Fordham, FOX Business, 2/13/20 

Rep. Jim Banks, (R-Ind.), argue $3.1 billion from CalPERS, the largest state pension fund in the country, has been invested in many different blacklisted Chinese companies that make military equipment.

Rep. Jim Banks, R-Ind., joined “Mornings with Maria” to explain why he wrote a letter to California Gov. Gavin Newsom highlighting his concerns about the state public pension fund’s chief investment officer having ties to China.

The fund has invested $3.1 billion in Chinese companies, some of which have been blacklisted by the U.S. government, Banks told FOX Business’ Maria Bartiromo.

“If this were up to me, I would fire [Chief Investment Officer Yu Ben Meng] immediately because of these suspicious ties,” he said. “We learned that Mr. Meng, who is the chief investment officer of CalPERS, was actually recruited to this position by the [Chinese Communist Party] through something called the Thousand Talents Program. Now he’s denied it.”

CalPERS stands for the California Public Employees’ Retirement System, the largest public pension fund in the nation.

“What is unusual is that many of these companies are companies that we’ve blacklisted, that make Chinese military equipment or are responsible for technologies like Hikvision, which is the equipment that’s used by the Chinese for surveillance on the Uighur Muslim population that they’ve been abusing in their own country,” Banks said.

The Commerce Department blacklisted Hikvision in October “for engaging in or enabling activities contrary to the foreign policy interests of the United States.”

CalPERS defended Meng.

“This is a reprehensible attack on a U.S. citizen. We fully stand behind our Chief Investment Officer who came to CalPERS with a stellar international reputation,” a CalPERS spokeswoman told Reuters.

About Stephen Frank

Stephen Frank is the publisher and editor of California Political News and Views. He speaks all over California and appears as a guest on several radio shows each week. He has also served as a guest host on radio talk shows. He is a fulltime political consultant.

Comments

  1. Democrats love to bleed for the underprivileged and businesses that use slave workers/prison workers.

    Yet they are happy to invest money in the same types for big returns. OPP”S found out.

    Now what will Nopolitano, Harris, Newsom, Waters and the rest do about this?

    Nothing. Because just like the crooked Clinton’s they are having their hands greased.

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