California State Pension System Makes Madoff Proud

Bloody hell.

I cannot even begin to imagine how many financial entities are actually insolvent, but can keep the doors open because rule of fair play have been extended indefinitely.

“CalPERS financial sleight of hand is reminiscent of Bernie Madoff’s lying to his investors through phony statements designed to mask losses and outright fraud.”

Here is a piece of journalism (something most newspapers quit doing some time ago) exposing how CALPERS is rigging themselves up like some deranged suicide bomber.

CALPERS is underfunded by $500 BILLION dollars. Rub your eyes and read that last sentence again. Savor it- it leaves a bitter/sour after taste, does it not? Contemplate how once upon a time the CALPERS financial geniuses were profiled as if they could do no wrong. Turns out, they were the favorite straw man sucker of the TBTF banks. Anyone else recall CALPERS beating their chests with wreaths of unearned hubris? That tired old phrase “but nobody could see it coming” sounds like the last cries of a dying beast.

Some day this entire fiasco will go BOOM! MOTHERFUCKERS! and life here will never again be the same.

Check out the video too- if you have the stomach for it. I can’t watch any more liars today.

“If you want to know what God thinks of money, just look at the people he gave it to. –Dorothy Parker


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