California retirees lose big but invest in cap-and-trade?

July 22, 2009

CalPERS, California’s giant state retirement system, has invested $200 million with Vinod Khosla, a venture capitalist who focuses on so-called “cleantech.”

Since the financial success of “cleantech” seems to be heavily dependent on the dubious cap-and-trade bill now in the U.S. Senate, it seems that CalPERS is risking a lot of retiree money on a piece of legislation that may never pass and, if it does, may very well be an economic disaster — even for the rentseekers it is designed to enrich.

Calpers lost $56.2 billion during the fiscal year ending June 30, 2009. So what’s another $200 million?

For more on state pension funds and global warming check out our report, Pensions in Peril: Are State Officials Risking Public Employee Retirement Benefits by Playing Global Warming Politics?

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