Tag Archives | Phil Angelides

CalPERS Muzzles Critics: Michael Flaherman Runs

CalPERS Muzzles Critics

CalPERS Muzzles Critics

CalPERS muzzles critics. The following editorial appeared in the Sacramento Bee on May 25, 1999. The editorial references a “technical violation of board rules” by then Chairman William Crist. Actually, it was a clear violation of the rules, which prohibited changes to candidate statement after submission. No candidate in the history of CalPERS had ever been allowed to change anything in their statement, not even correct small grammatical errors. With the permission of staff, Mr. Crist was allowed to change his statement to address ethical concerns about him that I had raised in my statement. The election was not overturned because CalPERS rules required proof the results of an illegally conducted election would have been different had the rules not been violated. Proof might be obtained in a case of ballot stuffing but not candidate statement rewriting. How can you prove results would have been different in a fair election?

Addendum to CalPERS muzzles critics. Two of those later named in a bribery scandal also voted to muzzle candidates. (As bribery case continues, CalPERS reaps profits from tainted investments, Sacramento Bee, July 24, 2014.) The growing corruption I alluded to in my campaign was real. 

Now I am delighted to learn Michael Flaherman, the only CalPERS director elected by members who stood against the effort by the CalPERS Board to muzzle critics, is running in the upcoming election. See Critic of Wall Street Fees to Leave Calpers Board and my comments in the May 19, 2017 WSJ. If elected, Flaherman will be independent and effective. He has my endorsement, without reservation. Continue Reading →

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My Notes from Ceres Conference 2013

Let’s just label these notes as “for entertainment purposes only.” Attending the conference was a real pleasure. Unfortunately, I was too busy catching up with people to take more than impressionistic notes at a few of the discussions. Prepare to be frightened about global climate change and our irresponsibly slow pace addressing the catastrophic consequences we are already beginning to see all around us. Save April 30 and May 1 for Ceres Conference 2014 in Boston. Continue Reading →

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Financial Crisis Inquiry Commission Release Forthcoming

The Financial Crisis Inquiry Commission will deliver its report on the causes of the financial crisis, which has devastated our economy and so many families, on January 27 to the President, Congress and the American people. The report will contain facts and evidence from the Commission’s more than year-long investigation – including 19 days of public hearings, an analysis of hundreds of thousands of documents and interviews with more than 700 witnesses. The report will also include the Commission’s findings and conclusions as to the causes of the financial crisis based on this inquiry.

I fear Michael Hirsh may have been correct that Angelides wasted his first hearing by calling in the biggest Wall Street CEOs. That made good press but, as one observer noted, it was like “making Richard Nixon the first witness in the Watergate hearings.” Better to start with those on the front line. Hopefully, that mistake was overcome in further investigations by the Commission. Real reforms during the Depression didn’t really take shape until after Pecora delivered his report. Perhaps the Commission’s report will have a simila response. One can hope.

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