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How to Protect Your IRA From Confiscation, Nationalization and Hyperinflation

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1 comment to How to Protect Your IRA From Confiscation, Nationalization and Hyperinflation

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    CalPERS Tries to Hide Its Dirty Laundry, Threatens Most Effective Board Member: “Quit or Else”
    Posted on January 31, 2017 by Yves Smith

    CalPERS has managed to descend to a new low. Its strategy of trying to sweep fundamental problems under the rug has reached the point that the rug is not just lumpy but also starting to move.

    The latest shocker (and it is shocking) is that the board has launched a plan to strip JJ Jelincic, the only board member who does his job by asking substantive questions of staff, of meaningful authority if he does not resign. This is a kangaroo court, pure and simple. Joe McCarthy would be proud.

    When we asked law professor and former general counsel of the Federal Home Loan Bank of San Francisco, Bill Black, for his reaction, he was so disturbed that he wrote a post, which we are publishing in conjunction with ours. One of his major points was the board lacks the authority to take this move. He also stressed that General Counsel Matt Jacobs was acting contrary to “every normal reflex of a corporate general counsel” and was supporting rather than cleaning up “CalPERS’ corrupt culture>”

    Black’s analysis is detailed as well as devastating. I urge you to read it in full.

    It is also noteworthy that CalPERS is trying to keep this indefensible action from public view. This plan would have started and might have proceeded entirely in secret, save for the fact that that Jelincic not insisted that the annual board peer review be held in an open session. CalPERS scheduled the meeting to discuss stripping Jelincic of power at an offsite in Monterey, away from its Sacramento board room. Jelincic had no warning that it would include a proposal to push him off the board.

    Moreover, CalPERS neither recorded a video, as it does for all open sessions in Sacramento and for most of the sessions its offsites, nor did it make a transcript for this illegitimate procedure. But we have a bootleg video, and we’ve uploaded the key section to YouTube. We have embedded the transcript at the end of this post. We’ll discuss the details shortly.

    This campaign against Jelincic is proof of diseased governance. And that is no surprise since the foxes are in charge of the henhouse. CalPERS’ staff is not accountable to anyone save its board, and once in a great while, the court of public opinion. And as we have documented over the past three years, the only board member who stands up to staff is Jelinicic. The other members of the board, rather than admitting to themselves that Jelincic is doing what they all ought to be doing, instead see him as a threat and are determined to beat him down.

    As CJ Latsa, a board member at Ohio’s state pension fund, Ohio PERS, wrote:

    This is potentially a very serious situation. It is my hope that any trustee would be considered innocent until proven guilty and an investigation would include adequate checks and balances. Without a fair and impartial review, a board could in effect act as judge, jury, and executioner. Considering the worst case scenario, it would be a travesty if a board mistakenly unelected the people’s choice without due cause.

    CalPERS members, beneficiaries, and California taxpayers should be alarmed. This is proof that CalPERS is not merely putting protecting its image over its duties to beneficiaries and taxpayers. It is operating as a rogue organization with no respect for the law. At the end of this post, we provide the names and contact information for board members and state officers. We urge you to circulate this post widely and ask friends, family, and colleagues in California to contact these public officials and tell them that you oppose this attack on a public-spirited board member and that CalPERS needs more, not fewer people like Jelincic.

    CalPERS Moves to Oust or Neuter Its Only Effective Board Member

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