Gov. Brown Removes Controversial “Stanford Study” Author From CalSTRS Board
Readers of this blog will know of the so-called “Stanford Study” which was designed to produce the largest possible estimate of the unfunded liability of the three major state pension funds: CalPERS, CalSTRS, and UCRS.
Money & Company blog, LA Times
Governor pulls two teachers pension fund appointees (excerpt)
February 22, 2011
Gov. Jerry Brown has pulled back two controversial, last-minute appointments made by then-Gov. Arnold Schwarzenegger to a state teachers pension board.
On Dec. 31, Republican Schwarzenegger named Steven Kram, 54, of Los Angeles and Cameron Percy, 26, to the California State Teachers’ Retirement System, a $150-billion pension system.
Kram is president and chief executive of Content Partners, a Los Angeles firm that buys films in the secondary market from other investors. Content Partners’ co-chairman, Paul Wachter, is Schwarzenegger’s financial advisor.
Percy, a recent graduate student at Stanford University’s Department of Economics and Public Policy Program, helped write a controversial study commissioned by Schwarzenegger’s office. The research estimated that the state’s three biggest public pension funds were $400 million short of the amounts needed to meet future obligations to retirees…
Gov. Brown’s office declined to say why he pulled Kram and Percy. “These appointees served at the pleasure of the governor, and their services were no longer required,” spokesman Evan Westrup said…
— Marc Lifsher
Full article at http://latimesblogs.latimes.com/money_co/2011/02/governor-pulls-two-teachers-pension-appointees.html
Although the governor did not explain his action, he left this video:
[youtube http://www.youtube.com/watch?v=J6qxMP3deU8&w=480&h=390]
