How does Page Mill spend the retirement money of CalPers investors? Well, according to documents that Page Mill themselves voluntarily filed, the answer is, not so well. The picture below, ladies and gentleman is for a fence built by Page Mill Property services and then billed to themselves, cost an astounding $21,080. Now we measured the fence: it’s 211 linear feet.
That means $100 per linear foot of fence. This is constructed out of 4×4 posts, 2×4 rails and rough 6 x 1 x 6ft planks. Home Depot, less than a mile away, will sell you these materials for about $1800-2000. Page Mill is “selling” the fence to themselves with a 10x markup. Court documents also reveal that this wonder happens through Page Mill’s “custom cash management system” and “non-exclusive licensing agreement” through which the “Woodland Park” logo is licensed to their various sub-corporations.
Skeptics might say that it takes a lot of money to lie to people. But we see it as entertainment, a way to pass our golden years.
You say, but wait, that’s real money involved! Yous say that perhaps they are paying for their bossmen to take a vacation while bilking their investors for every penny they can? Hard to say, we suppose. If you were born yesterday.
One has to wonder if people who worked hard as state employees, paying their retirement money into CalPERS at 7-8% of their monthly salary, year after year, think it is funny that a fence that could be built in a day of hard honest work cost as much as half of their annual salary.
Maybe Calpers thinks it is funny. We haven’t heard from them. Maybe Mr. Taran thinks it is funny. Maybe Mr. Schaadt who made the declaration thinks it is funny. They are laughing all the way to the bank. But I can hardly imagine CalPERs retirees think it is funny, nor will the taxpayers who need to ante up to keep the system alive.
Next up: we’ll report on the $20,000 a month that Page Mill was paying for color consultation on their homes, and more!
Maybe they need a new tag line: “The glory of the mortgage bubble golden years continue at Page Mill Properties”
