Sunday, February 16, 2020

Editor's Note

Hosting some visitors from overseas for today. Blogging will be light. Regular blogging will return tomorrow afternoon.
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3 comments:

RussInSoCal said...

https://finance.yahoo.com/news/gop-lawmaker-slams-california-pension-142152660.html
A Republican lawmaker slammed the response of California's state pension fund as "deeply oblivious," two days after he called for the firing of its chief investment officer over accusations that the fund invested in Chinese companies blacklisted by the U.S. government.

"This is a deeply oblivious and ignorant response," Rep. Jim Banks told "Mornings with Maria" Friday. "What we know is that CalPERS, the largest state pension fund in America, invests in almost 300 Chinese companies."

In a Wednesday letter addressed to California Gov. Gavin Newsom, Banks alleged California Public Employees' Retirement System (CalPERS) invested in numerous blacklisted Chinese companies that manufacture military products and urged the state to investigate its CIO, Yu Ben Meng.

One of those companies, Banks said, includes Hikvision, which was blacklisted by the Commerce Department in October for "engaging in or enabling activities contrary to the foreign policy interests of the United States."

CALIFORNIA PUBLIC PENSION FUND INVESTED IN BLACKLISTED CHINESE COMPANIES: CONGRESSMAN

"Governor Newsom, if it were up to me, I would fire Mr. Meng immediately," Banks wrote in the letter. "At the least, I think a thorough investigation of Mr. Meng's relationship to the Chinese Communist Party and a comparison of CalPERS investments in Chinese companies before and after Mr. Meng's 2008 hiring are both warranted."

CalPERS denied it invests in companies blacklisted by the federal Office of Foreign Asset Control and defended Meng, calling him a "globally-respected financial expert and a proud citizen of the United States."

February 16, 2020 at 7:35 PM
RussInSoCal said...

https://www.calpers.ca.gov/page/about/organization/executive-officers/ben-meng
Chief Investment Officer

""Yu (Ben) Meng rejoined CalPERS in January 2019 as chief investment officer (CIO).

He oversees an Investment Office of nearly 400 employees and manages investment portfolios of roughly $400 billion, including the Public Employees’ Retirement Fund and affiliate funds.

Yu, a U.S. citizen born in China, returned to CalPERS after more than three years as the deputy CIO at the State Administration of Foreign Exchange (SAFE), the largest asset pool in the world with assets under management of over $3 trillion U.S. dollars.

Prior to his time at SAFE, he served at CalPERS for seven years with his last role as the investment director of Asset Allocation. He also was a portfolio manager in fixed income.

Before joining CalPERS in 2008, Yu worked at Barclays Global Investors as a senior portfolio manager, Lehman Brothers as a risk officer, and Morgan Stanley as a fixed-income trader.

He also serves as a member of the Future of Finance Advisory Council (CFA Institute) and is an associate editor for the Journal of Investment Management.

In 2014 Yu was the recipient of the Cheit Award for Excellence in Teaching at the Haas School of Business.

He holds a master's degree in financial engineering from the Haas School of Business at the University of California, Berkeley, and a doctorate in civil engineering from the University of California, Davis.""



He returned to China and was also the Deputy Chief Investment Officer of the Chinese State Administration of Foreign Exchange. The worlds largest investment fund.


THOUSAND,
TALENTS,

R,

February 16, 2020 at 7:53 PM
Anonymous said...

Does AF1 have a diaper changing station?

February 17, 2020 at 5:23 AM

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