Feeds:
Posts
Comments

Archive for the ‘Oregon-PERS’ Category

See two related videos by searching for parishinvestments at youtube.com.

The first video is titled “Clinton Tax Scheme” and the second is titled “Missing Clinton Financial Disclosure.” The purpose of this comment is not to disparage the Clinton’s but rather draw attention to the most astonishing tax loophole in 25 years.

(more…)

Read Full Post »

As the Presidential race narrows, it is worth examining the key economic advisers to each candidate. While John McCain and Hillary Clinton have both enlisted advisors who are largely the source of current market turmoil, Barack Obama is instead supported by a beacon of financial integrity, former Federal Reserve Chairman Paul Volcker.

McCain’s choice of John Chambers and Carly Fiorina is most unusual since they are the “poster children,” for abusive executive compensation and financial engineering, in particular that related to stock options and costly mergers that result in significant job losses and minimal long term benefit.

Hillary Clinton made the surprising choice of Robert Rubin, who waltzed within months from being Treasury Secretary to Vice-Chairman of Citigroup, making a $50 million signing bonus. Rubin was the primary advocate of deregulating the banking sector and is fondly known as the godfather of hedge funds in investment banking circles. Enough said perhaps? See related video at http://www.youtube.com by searching for parishinvestments.

presidenteconadvisors4.png


Read Full Post »

NOTE: See chart of Buffett Oregon Lineup at end of this post.

Oregonians have a great choice for Secretary of State this year. Her name is State Senator Vicki Walker and she is a proven courageous leader and advocate for both ordinary Oregonians and businesses alike. Although a Democrat, Walker is also popular with many Republicans based upon her ability to get things done for ordinary Oregonians.

vicki walker

(more…)

Read Full Post »

Please read the previous blog post on January 31, 2008 for important background details regarding this controversial investment in Lone Star. Also view the brief youtube video with ACTUAL SHORT VIDEO CLIPS from the meeting in which Oregon PERS voted unamimously to give Lone Star $600 million to cash in on foreclosures.

After attending the January 30, 2008 monthly Oregon Investment Council meeting, I contacted Ted Sickinger of the Oregonian, who was not at the meeting, and suggested he do a story regarding Oregon PERS plan to invest $600 million in Lone Star. Numerous detailed quotes were provided to Sickinger regarding Grayken’s comments with the hope the paper would get the story right.

(more…)

Read Full Post »

Note: Also see Lone Star Part II, which has link to youtube video of Grayken’s comments before the OIC.

Today Oregon PERS investment arm, the Oregon Investment Council, met and awarded more than $1 billion in investment management contracts at its monthly meeting, including approving $600 million for Dallas based Lone Star and another $400 million for Boston based Grove Street Advisors. Also scheduled but postponed until February due to founder David Bonderman’s illness was another proposed $775 million investment in private equity firm, the Texas Pacific Group.

Lone Star CEO and Founder John Grayken is pictured below making his proposal for Lone Star, after having just returned from testifying at his firms trial over market manipulation in South Korea regarding the Korea Exchange Bank. This is somewhat ironic because in his proposal to the OIC Grayken noted that when his firm buys distressed securities portfolios, they “often get the underlying bank for free.” In the Korean bank’s case they plan to sell the bank to HSBC for $6 billion, if approved by regulators there.

graykenatoic.png

(more…)

Read Full Post »

Today, in its monthly meeting, the Oregon Investment Council, which manages Oregon’s $70 billion in PERS and related public assets, continued its commitment to leveraged buyouts by private equity firms, this time in Europe as it provided $500 million to KKR and $300 million to CVC European Equity Partners. Now at 13 percent of total assets, its stated goal is that 16 percent of assets be dedicated to private equity.

oicmeetcvcdec07.jpg

(more…)

Read Full Post »

jaquissnigel2.pngschmitzplansponsor.png

On November 14, 2007 Nigel Jaquiss of The Willamette week, pictured above on left, wrote a story titled “Gambling with Kids Future.” Jaquiss recently won the Pulitzer Prize for investigative journalism, a remarkable achievement for a local weekly publication. Pictured on right are Ron Schmitz, PERS Chief Investment Officer, and Jay Fewel, Portfolio Manager. Schmitz and Fewel have ridden the private equity wave to solid returns with big investments in KKR and TPG, among others, even though these investments are mostly illiquid and are valued by the private equity firms themselves. Publications like Plan Sponsor that heavily pander to hedge and private equity funds and, well, obscene fees, didn’t miss the opportunity.

(more…)

Read Full Post »

« Newer Posts - Older Posts »