Posts Tagged ‘Secretary of State’

See prior September 18. 2017 blog post  for important background regarding PERS adoption of age weighted IAP accounts.

Once again, it appears that younger workers are being short changed by PERS in the adoption of age weighted IAP accounts.  Remarkably, there was no opportunity for public discussion on vendor selection or strategy regarding how the age based portfolios would be constructed.

Rather, it was announced in September that the French insurance conglomerate AXA’s subsidiary Alliance Bernstein, what some call the AIG of France, would be awarded the contract to manage more than $8.2 billion in participants IAP accounts.   Some will argue that this isn’t really an $8.2 billion contract since it will simply involve reshuffling assets among participants internally.  My thought would be, tell that to the participants.

Paris Based AXA and Le Vie Bonne Courtesy of Oregon PERS

Screen Shot 2017-09-28 at 1.24.15 PM.png                 Screen Shot 2017-09-28 at 1.35.01 PM.png

One obvious question to PERS directors and Democratic State Treasurer Tobias Read is why a domestic vendor was not chosen for this important public contract.  All sitting members of the Oregon Investment Council were appointed by Democratic Governors.   And where were the labor unions?


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It is surprising how much discussion surrounds Hillary Clinton’s emails after Edward Snowden clearly revealed that more than 1 million people have top level security clearance, many of whom are contractors with no government oversight.  Whether there are 2 or 20 top secret emails on her server may be irrelevant.


There is also a certain irony that Clinton’s converted barn, put in service for home office purposes in 2002, running various computer equipment purchased in 2011 for a total cost of $6,500, could have been more secure than government servers.  See form 4562 for 2011 tax return.  I’ll post up a detailed review of the Clinton’s returns along with those of Jeb Bush and Carly Fiorina next week.


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