It's not just Kentucky STUCK with Russian Stock Market assets...

[WarGamer]

Our very own CALPRS, the mega powerful California State retirement fund is also HEAVILY involved in equity trading to provide for generous benefits for retired State employees...

That totals up $1,500,000,000 in Russian assets owned by the State of California/California residents... and in the last few days their value may have dropped 90%+

https://www.sacbee.com/news/politics-government/capitol-alert/article258866858.html

Late Sunday night, California Gov. Gavin Newsom’s official Twitter account posted a photo of the state Capitol lit in blue and yellow with the caption, “California stands with the people of Ukraine.” At the same time, California’s largest public pension funds own tens of thousands of shares of stock in Russia’s 25 largest companies, including several Russian state-owned enterprises. Those shares were valued at nearly $1.5 billion on June 30, according to a Bee review of CalPERS’ and CalSTRS’ latest investment reports.

Read more at: https://www.sacbee.com/news/politics-government/capitol-alert/article258866858.html#storylink=cpy

Note: $1.5B out of a $775B fund is peanuts... if you can call $1.5B peanuts, that is.

Clearly... the collapse of the Russian market due to their illegal and immoral war is costing Americans Billions of dollars.

[ProfessorGAC]

1. I Read KY Didn't Get Stuck

They sold as tensions rose. There was a loss, but the whole thing wasn't trapped.
IIRC, it was $15.6 million & they backed out at $13.2 million.
Your California situation is something I hadn't heard before.

[WarGamer]

3. I read a little more...

CALPRS was holding approx. $1.5B in Russian assets as of 6/30/2021 and just last week a CALPRS rep said the fund still has exposure to approx $900M in Russian assets.

Looks like CALPRS never tried to dump the assets...

[ProfessorGAC]

5. Well, That Wasn't Very Clever

Practically everyone in the world knew this was going toward a bad situation.
Better to dump & take a 20% loss than to get stuck with next to nothing!
A fund manager asleep at the switch?

[TheBlackAdder]

19. Seems like someone tipped them off. Mitch, you want to comment on that?

[ProfessorGAC]

21. Good Point

It certainly wasn't Paul. He was too busy cheerleading for Putin, to have the foresight.

[usonian]

2. How can you divest from something that's worthless?

Nice going. I took my retirement from UC lump sum.

[WarGamer]

4. yeah that'll leave a hole in the spread sheet

[BigmanPigman]

6. I hope CalSTRS isn't in the same boat.

[WarGamer]

7. the Bee article isn't exactly clear if it's both funds or not.

[Cognitive_Resonance]

8. WTF nt

[keithbvadu2]

9. Any bets that Moscow Mitch and Donald were stuck with such Russian assets?

Any bets that Moscow Mitch and Donald were stuck with such Russian assets?

[WarGamer]

10. I know Trump isn't a stock market investor type...

Except for 2021 and DWAC, of course...

Mitch... I don't know.

[Tree Lady]

11. They have always been so good at picking investments

Did they change hands? We are retired through them.

[WarGamer]

12. they're VERY good... not sure what happened here.

TBH, it's a tiny part of their Fund though.

[Tree Lady]

13. Yes I just googled

It's only 1/2 of 1%. They have more money than I thought.

They would sell out but Russian stock market is closed.

[WarGamer]

14. $775B... yeah, they're gnarly!!

[Tree Lady]

15. We feel lucky to have decent pension

With them. My husband was train driver for Bart for 30 years, work for city before that.

[WarGamer]

16. I know a retired LASD employee and an Orange County employee

Both have a cozy retirement waiting for them.

It's expensive... contrary to popular thought, employees pay quite a bit into it...

But the reward is nice.

[Tree Lady]

17. They have changed it

Instead of regular pension money is put into 401K for all employees starting around 15 yrs ago.

[CentralMass]

18. KY still has at least two Russian Assets. McConnell & Rand.

[crickets]

20. Gee, I wonder how DeSantis feels now since FL decided not to divest from Russia.

What a swift move on the part of the FL leg to hold fast to those rubles. 🙄