CalPERS may be the most corrupt government agency in California.? The parks Department people ?hid? more than $30 million from the legislature and public.? CalPERS is trying to hide $24 BILLION in investments.
Who knows what overpriced property was bought?? Who knows which major political donors got to buy CalPERS property dirt cheap?? Any skimming going on?? CalPERS is trying to hide that as well.? This is public money, but government does not want the public to know how they are investing YOUR money.? CalPERS is working hard to imitate the Chicago Way.
?Peter Scheer, director of the First Amendment Coalition, which sued CalPERS in the East Palo Alto case, said the pension agency has been involved in large real estate deals that went sour.
AB 382 would ?increase the chances that mistakes will be made in real estate investments? because critics would be deprived of documents that could prompt them to raise red flags, Scheer said.
?I think public pensioners and the taxpayers generally benefit from as much transparency as possible,? he said.
The East Palo Alto project raised public-policy as well as investment issues after tenants complained they were harassed and driven out in an effort to circumvent the city?s rent-control laws.?
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Proposed California law would shield public real estate deals
By Jim Sanders, Sacramento Bee,?? 2/24/13
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Robert Van Der Volgen, chief counsel for the Los Angeles County Employees Retirement Association, said AB 382 would protect strategic real estate records that could be exploited by other investors.
?We get lots of requests from people who just want to compete: What?s your rental rate? What?s your lease rate? If I tell you that, especially if you own the building across the street, I basically just put myself at a competitive disadvantage,? Van Der Volgen said.
Attorney Karl Olson, who filed the East Palo Alto lawsuit, said that AB 382 could result in withholding documents that could show, for example, that a staff recommendation not to invest in a massive project had been ignored or that a private partner was nearly bankrupt when a big deal occurred.
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