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

by CalWatchdog Staff | March 23, 2013 6:15 am

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[1]:

“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[2] of CalPERS’ green folly.

Here’s CalPERS’ official page[3] on its noble fiasco.

Thanks to Jack Dean of the awesome PensionTsunami.com[4] site for drawing this to my attention.

Source URL: https://calwatchdog.com/2013/03/23/calpers-boss-losses-on-cleantech-bets-are-noble/

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