Oregon's state treasurer won't stop telling us how life would be better if only we could make the people who manage the state employees retirement fund more secret and less accountable to the public. He loses political points in our eyes every time he does so. That fund is shady enough already.
Comments (8)
You don't suppose there's any little problem with the bolded section here, do you?
"Investment returns for Oregon's public pension fund exceeded 14 percent in 2012, driven by strong returns from stocks and bonds, as well as big markups in the estimated value of illiquid private equity and real estate holdings.
"The very same governor and legislative leaders who won't stick their necks out in support of PERS openness will determine the fate of PERS reform this year. We hope they grow some backbone by then."
And the Charlie Brown editorial board keeps hoping Lucy won't yank the football this time.
I know I'm really old and curmudgeonly, back back in the dark ages when I studied this stuff both in accounting classes as an undergraduate as well as in securities regulation class in law school, I see to recall a rule (whether GAAP or SEC I do not now recall) requiring that fund valuations of assets had to be either cost or current market price / value, whichever was LOWER.
"Write up" to a new higher "estimated value" for an illiquid asset?
Shades of Fannie Mae and Freddie Mac, not to mention various investment and commercial banks.
Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
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Famille Perrin, Cotes du Rhone Villages 2010
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14 Hands, Hot to Trot White Blend
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Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
Quinson Fils, Cotes de Provence Rose 2011
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Buenas Ondas, Syrah Rose 2010
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Espiral, Vinho Rose
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Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
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Gran Sasso, Sangiovese, Terre di Chieti 2009
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Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
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Charles Larson - The Portland Murders
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Anthony Holden - Big Deal
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Miles run year to date: 32
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Comments (8)
You don't suppose there's any little problem with the bolded section here, do you?
"Investment returns for Oregon's public pension fund exceeded 14 percent in 2012, driven by strong returns from stocks and bonds, as well as big markups in the estimated value of illiquid private equity and real estate holdings.
Posted by sally | January 26, 2013 8:55 AM
Btw, this was imo a great editorial from a newspaper not known for them.
http://www.oregonlive.com/opinion/index.ssf/2013/01/hiding_the_pers_problem_agenda.html
Posted by sally | January 26, 2013 8:58 AM
"The very same governor and legislative leaders who won't stick their necks out in support of PERS openness will determine the fate of PERS reform this year. We hope they grow some backbone by then."
And the Charlie Brown editorial board keeps hoping Lucy won't yank the football this time.
Posted by Andrew | January 26, 2013 9:25 AM
Debt has it's own way of increasing itself: a lower credit rating makes it more expensive to borrow. http://wgntv.com/2013/01/26/illinois-credit-rating-downgraded-state-drops-to-worst-in-the-nation/
Posted by Fred Stovel | January 26, 2013 11:20 AM
I hope they understand that all those great "gains" only apply if you sell and get the cash.
I am not holding my breath for "big markups in the estimated value of illiquid private equity and real estate holdings"
That sounds like an Enron-type scam.
Posted by Tim | January 27, 2013 10:06 AM
I know I'm really old and curmudgeonly, back back in the dark ages when I studied this stuff both in accounting classes as an undergraduate as well as in securities regulation class in law school, I see to recall a rule (whether GAAP or SEC I do not now recall) requiring that fund valuations of assets had to be either cost or current market price / value, whichever was LOWER.
"Write up" to a new higher "estimated value" for an illiquid asset?
Shades of Fannie Mae and Freddie Mac, not to mention various investment and commercial banks.
What could possibly go wrong?
Posted by Nonny Mouse | January 27, 2013 10:46 AM
Exactly.
Posted by sally | January 27, 2013 12:04 PM
But the state treasurer is a Democrat, and surely a Democrat is completely trustworthy and has only our very best interests at heart.
Posted by Sam T. | January 27, 2013 3:09 PM