Ed Mendel over at Calpensions has an interesting post about a nation wide call for transparency in placing pension funds. Yes, residents of East Palo Alto, too, would like to know more about the process whereby companies with little or no experience in managing residential real estate suddenly get $100 million dollar equity lines. What kinds of influence peddling is necessary to convince people that you can make large returns on real estate in a rent-controlled district? There needs to be full disclosure to make sure money is not passing under the table. We certainly think that nation-wide disclosure law is a good idea, and the East Palo Alto experience seems to concur with the investigations in New York that CalPERS isn’t doing enough to vet their business partners and their commitment to the Principles of Responsible Investment. Please consider calling your federal representative today and encouraging them to support Cuomo’s initiative for more scrutiny. Representative Eshoo needs to hear that you believe that the registration of Pension Placement Brokers is a national issue with a local importance.
The Need for Transparency in Pension Fund Placement
- No comments yet.