Netflix, Inc. shares suffered a bloodbath on Wednesday, having shed over 35 percent in a single session, following its disappointing quarterly results and weak guidance. One of the largest U.S. pension funds, which held a chunk of the streaming giant’s shares, incurred a massive loss amid the plunge. What Happened The California Public Employees’ Retirement…
California’s Pension Fund Saw $700 Million Go up in Smoke Following Earnings-Triggered Sell-Off in Netflix
NY Pension Chief Says McDonald’s, PepsiCo Should Consider Russia Risk
March 7, 2022
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NEW YORK—The chief of New York state’s pension fund said on Thursday that McDonald’s Corp., PepsiCo. and other companies with a large footprint in Russia “need to consider whether doing business in Russia is worth the risk during this extraordinarily volatile time.” Political pressure is building for companies to halt business in Russia because of…
Newsom Seeks to Halt State’s Pension Investments in Russia
March 1, 2022
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SACRAMENTO—As tensions rise over Russia’s war with Ukraine, California Gov. Gavin Newsom is seeking to halt the state’s top pension funds investments with Russia. Newsom sent a letter (pdf) on Feb. 28 asking the leaders of the state’s three top pension funds—which jointly hold $970 billion in funds, according to the governor’s office—to halt the…
This Day in Market History: Pension Benefit Guaranty Corp, Makes First Payout
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On Feb. 28, 1975, the Pension Benefit Guaranty Corp. paid out its first check. What Else Was Going On In the World? In 1975, the Vietnam War officially ended when communist forces took control of Saigon. In…
Toshiba Should Overhaul Board and Management, Major Japan Pension Fund Says
TOKYO—Toshiba Corp’s proposal to split itself into three companies won’t solve its governance issues and the conglomerate should prioritize an overhaul of its board and management, said a senior executive at one of Japan’s largest pension funds. Ken Hokugo, corporate governance director at the Pension Fund Association (PFA), said the interests of Toshiba management and…
Warnings on CCP China Investments Highlights Other Risk in State Pensions
December 14, 2021
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Commentary Bryan Jung wrote recently in these pages about a Consumers’ Research warning that investment fund BlackRock’s investments in CCP China could have a deleterious effect on investors’ portfolios. William Hild, the executive director of Consumers’ Research, had also sent a letter to 10 of the nation’s governors warning that their public employee pension funds placed with…
NTD Business Full Broadcast (Aug. 10)
The massive spending bills being debated in congress are expected to increase the federal deficit by a great deal, would it impact your retirement funds? Amazon to start paying customers if they get injured by products they bought on the platform. Even if it was from a third party seller. But the e-commerce giant says that…
California Pension Fund Agrees to $2.7 Billion Lawsuit Deal
July 14, 2021
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LOS ANGELES—The nation’s largest public pension fund has agreed to pay up to $2.7 billion to refund policyholders hit with huge hikes in their premiums, it was announced Tuesday. The California Public Employees’ Retirement System, or CalPERS, has agreed to settle a class-action lawsuit over the fee hikes that were imposed on nearly 80,000 people…
WEP and GPO: A Brief Explainer of Complicated Laws
Because of the high volume of emails I get from the small minority of government employees who don’t even pay into Social Security, I guess it’s time for me to trot out my old WEP and GPO column. (I’ll explain what those abbreviations stand for in a minute.) Who are these folks? They are primarily…
Orange County’s Bankruptcy Could Have Been Avoided
June 14, 2021
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Commentary In 1997, the Government Accounting Standards Board (GASB) released GASB 31, requiring municipalities to mark their portfolios to market for financial reporting purposes. Had GASB been proactive and not reactive, perhaps Orange County’s 1994 bankruptcy would never have occurred. Because the county’s financial statements did not reflect market losses, my previously-expressed concerns about a…
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