Frank: CalPERS Corruption? At the Very Top

As a friend would say, you just can’t make this stuff up.  CalPERS, which refuses to invest in oil, tobacco and other politically incorrect stocks, invested $3.1 billion, of our retirees money, in BLACK LISTED Chinese firms.  Which firms? Firms that help the Chinese Communist military.  So American jobs can not be part of the investment strategy, but helping the enemies of freedom around the world is allowed.  It is illegal to invest in black listed firms—so will the Department of Justice take action.  Will the person responsible be fired?

That is where the story gets interesting.

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)

The fund has invested $3.1 billion in Chinese companies, some of which have been blacklisted by the U.S. government, Congressman 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.”

What is the Thousand Talents Program?  From Vision Times:

China’s Thousand Talents Program was established in 2008 with the stated aim being to bring top-notch professionals from all parts of the world to work in China, contributing to the growth and success of the Chinese society. But as the FBI conducted their investigation, colleges and universities in China began to comprehensively delete any details and information about the program along with data on related personnel.

Going underground

Since its implementation in December 2008,  the Thousand Talents Program has recruited 8,000 overseas experts. In June of this year, U.S. defense and intelligence officials made it clear at the hearing of the House of Representatives Military Committee that the Chinese government was aiming to transfer American technology, intellectual property, and knowledge to the mainland by attracting overseas talents.”

At the least Mr. Meng needs to be suspended.  He is being accused of being part of a conspiracy against the United States, though he denies it.  What he can not deny is that he approved the purchase of equity worth $3.1 billion in Chinese Communist military firms—that alone should be cause for firing and a Federal Grand Jury investigation.

Yet with all of this, what does  CalPERS say?

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.”

CalPERS violated Federal law.  They have an investment office under investigation for corruption and maybe treason.  Yet they think the issue is the exposing of Meng as the major concern.  This is an agency which according to the Stanford Pension Institute, run by Democrat former Assemblyman Joe Nation, has over one trillion dollars in unfunded liabilities.  This is an agency with former Board members and staffers in prison (or committed suicide before going to prison) for corruption, bribe taking and more.

Note Governor Newsom has said nothing, the Lt. Governor has said nothing.  Neither political party has said anything.  It is as if this was a normal bit of business.

Will they divest the black listed equities?  Will someone publicly explain why they were bought?  Why does a Congressman feel that Meng IS an agent of the Thousand Talents Program of the Chinese government?

This is an agency in a death spiral.  Many cities are going bankrupt to finance keeping the doors open.  Sales tax increase on the ballots of dozens of cities are just to pay the massive increases demanded by CalPERS from member agencies.

Isn’t it great—law enforcement, DA’s, city planners and other government employees are getting checks, in part thanks to the Chines Communist Party.  How long with it take for President Trump to say and do something?

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. John Steele says

    Mr Frank is correct. The idiots that run PERS have invested in China and now… With the weaponized Corona virus .. China’s economy has stopped.. It’s at a standstill. Nothing is being produced and most factories aren’t running or running at a much lower capacity. That means that PERS will not be able to fork over those generous retirement payments.. The storm is going to hit those folks with pensions from PERS.. I wonder how Gov Gel Hair is going to handle that coming disaster..

  2. Recall “Gov Hair” Newsom will Love this as CAL-PERS goes under, he will have an incredible number of people who worked and planned for their retirement, according to promises made to them over the many years of employment with the State, who will be without a pension and thus will need the ‘government’ welfare and food stamps to survive, they will lose their homes and become homeless and in need of medical care. THAT is when Gov Gel Hair will swoop in as the ‘solution’ to provide ‘all’ the needs of these folks with his Socialist form of ruling and see himself as the hero as people come begging for needed services, including power and water. Solution: FIRE all the CAL-PERS board and hire real managers and those who would have known back when the ‘so called solution’ to them being unable to get the 7% they promised on returns was to hire Chief Investment Officer Yu Ben Meng! I tried to warn folks back then he was not the right person for the job (after doing some checking on my own about him). This issue warrants headlines in the MSM which will never happen. Thankfully Tucker Carlson covered it on his show on 2-17-20! Wonder if anyone is listening to the drum beats of a major disaster on it’s way?

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