CalPERS boss: Losses on ‘cleantech’ bets are ‘noble’

March 23, 2013

By Chris Reed

It’s not just President Barack Obama and Gov. Jerry Brown who have drank the green Kool-Aid and bought into the idea that “green” jobs and energy can be America’s economic salvation.

It’s also that lumbering, bumbling, scandal-ridden monument to all that is bad about California known as CalPERS. Why do I have the feeling readers are utterly unsurprised?

This is from Friday’s Upstart Business Journal:

“One of the biggest players investing in cleantech has lost money on its gambles.

“The California Public Employees Retirement System has put $900 million to work in cleantech, $460 million of that with venture capitalists who invest in cleantech startups, and has had a negative return of 9.8 percent on that money.

“The revelation came from CalPERS chief investment officer Joseph Dear during the Wall Street Journal’s Eco:comics conference Wednesday night. ‘Just because it’s a good idea doesn’t make it a good investment,’ he said. ‘This has been a noble way to lose money.'”

If you’re a California taxpayer, you should be screaming and pulling out your hair. No, big deal, all you suckers who are going to have to bail out CalPERS: The pension giant has figured out “a noble way to lose money.” Aaaaauuuggghhh! Aaaauuuggghh! Aaauugggghhhh!

Here’s another account of CalPERS’ green folly.

Here’s CalPERS’ official page on its noble fiasco.

Thanks to Jack Dean of the awesome PensionTsunami.com site for drawing this to my attention.