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DARK SECRETS: Calpers | Vintage Vibes

Top Pension Fund Faces Fresh Scrutiny After Independent Probe Alleges Secrecy, Weak Returns And Oversight Gaps

The California Public Employees' Retirement System (CalPERS), the nation's largest public pension fund, has been hampered by secrecy, chronic underperformance, understated investment costs and potential conflicts of interest, according to a new report.

International Business Times

SpaceX is about to go public. It could set records as the least shareholder-friendly public company of all time

Elon Musk has mandated two classes of shares, binding arbitration, and many other policies shareholder advocates hate in the Space X S-1.

Fortune

SpaceX Files for the Largest IPO Ever Since Absorbing a $4.94 Billion Loss From Its xAI Merger

A cash-printing satellite network, an entrenched launch monopoly, and a $14-billion-a-year AI furnace are about to be priced under a single ticker. The hard part isn't the size. It's deciding what SpaceX actually is.

International Business Times

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California Lawmakers Are Ignoring History by Boosting Pension Benefits as the State's Economy Teeters

After California made this same mistake in 1999, it took 12 years to dig out of the hole. Taxpayers footed the bill.

Reason

Dan Ives Expects Elon Musk's $1 Trillion Pay Plan To Pass, Adam Jonas Warns Of Risks Ahead Of Tesla Vote

Ahead of Tesla Inc.'s (NASDAQ:TSLA) shareholder meeting, where the investors will vote on several key decisions, analysts remain divided in their predictions over CEO Elon Musk’s trillion-dollar pay package.

Benzinga

Ross Gerber Says TSLA Stock Dilution Would Be Equivalent To $275 Million/Day If Elon Musk's Pay Package Passes

Investment firm Gerber Kawasaki's co-founder Ross Gerber says that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk's trillion-dollar pay package would dilute the company's share value.

Benzinga

Elon Musk's $1 Trillion Tesla Pay Plan Would 'Concentrate Power,' Says Pension Plan Holding Over $2 Billion In TSLA Stock

The California Public Employees Retirement System (CalPERS) is reportedly planning to vote against Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk's $1 trillion compensation award, opposed by proxy advisory firms.

Benzinga

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CEOs at America’s 100 largest low-wage employers are paid 632 times as much as the average worker, study finds

From 2019 to 2024, average CEO pay at these firms climbed 34.7%, compared with just a 16.3% rise for their average worker pay. Inflation was 22.6% over the same period.

Fortune

Why Companies Are Ditching ESG

Many have started to recognize a need to focus on their core business rather than virtue-signaling.

Reason

Rent control battle in California heats up, opposing investors pump money

Developers opposed to repeal of Costa-Hawkins Act have raised more than $124m in California.

Al Jazeera

Baldur's Gate 3 publishing director heaves a big sigh as scalpers predictably ruin it for everyone: 'All you’re doing is making someone sad'

Collector's conniption.

PC Gamer

Exxon Plays Hardball Against Climate NGOs. Will Investors Care?

ExxonMobil investors will have a chance to weigh in at Wednesday's annual meeting on the company's hardball approach to the latest shareholder challenge from environmentalists over climate change.

International Business Times

California's Leaders Still Ignoring State Pension Debt

California has just 72 percent of the assets needed to make payments to retired public workers, many of whom get to collect six-figure annual payments.

Reason

Calpers Supports Peltz, Rasulo In Disney Board Dispute

CalPERS backs Peltz and Rasulo in Disney board battle for governance reform, reflecting growing investor dissatisfaction and pressure on Disney's leadership.

Top News

Calpers Urges Exxon To Drop Climate Change Lawsuit

CalPERS calls on Exxon Mobil to drop lawsuit against climate-conscious investors, emphasizing importance of shareholder engagement on climate change.

Fortune

A surprising number of lobbyists are pulling strings for Silicon Valley

An interesting, but little-known compliance requirement makes private equity and VC firm employees register as lobbyists.

Fortune

Andreessen Horowitz is adding major California pension funds to its LP base for the first time, records show

A16z has raised $400 million from CalPERS for a new fund, and it is seeking at least one investment from CalSTRS.

Fortune

IPO market optimism, down rounds, and crypto: The biggest VC conversations last week

Investors dished on big topics in the private markets at the Primary NYC Summit last week.

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Fortune

How Tiger Global fell to earth

Tiger 'cub' Chase Coleman III's firm backed the equivalent of a startup a day in 2021 at wild prices, helping inflate a venture bubble. Now the firm is facing a reckoning.

Ballotpedia

House Judiciary Committee requests ESG documents from California pension system

House Judiciary Committee Chairman Jim Jordan (R-Ohio) requested documents late last year from the California Public Employees’ Retirement System (CalPERS), the largest public pension system in the country, and Ceres, a nonprofit group that advises CalPERS on environmental matters. The committee is seeking information about CalPERS’ ESG efforts and the…

Ballotpedia

House Judiciary Committee requests ESG documents from California pension system

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the environmental, social, and corporate governance (ESG) trends and events that characterize the growing intersection between business and politics.

Capital & Main

One Person Stopped California’s Divestment From Fossil Fuels — Again

Assemblymember Tina McKinnor refused to take up the bill in a committee, for the second year in a row, as divestment movement grows.

Tribune News Service

In blue California, lawmakers struggle to drop fossil fuels from state pensions

California could soon divest its public pensions from fossil fuel companies, as the state legislature looks to force the nation’s largest non-federal retirement funds to sell off nearly $15 billion in assets.

Los Angeles Times

Commentary: California’s pension funds are wrecking the planet and losing billions. It’s quite a trick

I remember, more than a decade ago, sitting down with a financial executive from the Church of England in a plush London office. The organization I co-founded, 350.org, had just launched its fossil fuel divestment campaign, and we were encouraging the Anglicans to join in, on the grounds that Exxon…

Reason

Don't Let Culture Wars Weaken the Financial System

In California, officials are pushing pension funds to divest from fossil fuels, firearms manufacturers, and tobacco companies. Red states are retaliating. This is madness.

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