anyone counting on a pension 10 to 20 years from now is dreaming. Calpers for example is almost broke. CEO resigned recently. Many of these pensions are holding toxic loan funds that have yet to report their losses. Should be interesting in November when they have to all report their status.
Money Quote:"Having glanced through the equities portion of the same Calpers report, we see no less than 641 thousand shares of Bear Stearns with a reported market value of 140 bucks per share, more than 22 million shares of B of A with a reported value of 48+ bucks, 23 million shares of Citibank with a reported value of 51+ dollars per share, 565 thousand shares of AMBAC with a reported value of 87+ bucks per share, 948 thousand shares of MBIA valued at 62 bucks+ per share and for a bit of international diversification, let’s not forget 819 thousand shares of good ole Northern Rock valued at 17.70 per share. Calpers is soon due to release their updated June 2008 Annual Investment Report. Anyone want to place a friendly wager on the extent of losses that are going to be reported?
