Discover and read the best of Twitter Threads about #AIMCOFAIL

Most recents (16)

This is your daily pension announcement: The Pension War Room is trying to make sense of reducing our already low employment standards! Our standards are so low they are almost nonexistent. The best roundup is here. #ABLeg #AIMCOfail #milburned…
In pension news Travis, who as one commentator put it, was supposed to be the adult in the room among cabinet ministers (thanks Daveberta). Well, not so much. Travis, in an email to concerned constituents, has doubled down on his pension delusions. #ABLeg #betheadult
To quote Travis: "Government has no intention of changing its policy of consolidating investment management under AIMCo. This policy will reduce costs paid by pension plans."

As I have shown so many times before, demonstrably false. #ABLeg
Read 9 tweets
This is your daily pension announcement: The Pension War Room™️ takes a walk on the septic field of the Alberta Pension Plan.

Let me analyze and educate about some of the issues. #ABLeg #AIMCOfail…
The current UCP MLA talking points include an APP that would bring $40 billion of assets to good ol 'berta for AIMCO to manage and at lower cost to boot.

That is, of course, after a nice 'n democratic multi-million dollar referendum. #ABLeg
Please let me analyze the current talking points.

First, most of the assets (>50%) would be managed out of AIMCO's Toronto office, so they would not be "brought back" to Alberta. #ABLeg
Read 9 tweets
This is your daily pension announcement: The Pension War Room™️ seeks to expand your knowledge!

I want to be clear, I don't mean to disparage AIMCO. In fact, Kevin started this with his op ed. His job as an employee is to keep AIMCO out of the news. #fail #ABLeg
In my appearance before the standing committee I was asked why ATRF had never chosen to invest with AIMCO. I ran out of time after the first part of my answer. So, in the interest of full transparency, I will give a complete answer here: #ABLeg #AIMCOfail
ATRF never used AIMCO as an investment manager because:
1. None of their current clients would give them a good reference. (this is the one point I got out in the hearing) #ABLeg

2. Poor track record. (neg articles in financial press, poor during financial crisis) #ABLeg
Read 6 tweets
This is your daily pension announcement. The Pension War Room™️ has been invited!

"Alberta Legislative Assembly Committee Review of Bill 203: invitation to provide an oral presentation."

The Committee is seeking input from stakeholders...
Monday, July 6, 2020
8:30 a.m.
I will attend!

Let the truth run free! I love democracy in action.

Am I the only one who finds it ironic that stakeholders are being consulted for Bill 203 which undoes parts of Bill 22? Which no one was consulted on? #ABLeg #democracyishard #handsoffmypension
My focus will be on the joint nature of ATRF since 1938. I will remind everyone that GOA contributes 49% teachers 51% to a plan they just took unilateral action against.
#ABLeg #handsoffmycpp
Read 11 tweets
This is your daily pension announcement: The Pension War Room™️ has @SPhillipsAB bring the fire! Not only is the Private Member Bills committee meeting tomorrow AM, but the Public Accounts Committee is meeting too! @SPhillipsAB is the chair! Look what is on the agenda: #ABLeg
"In particular, I will be asking questions related to comparisons between ATRF’s past performance under its own management and the performance of the Local Authorities Pension Plan (LAPP), which has historically been managed by Alberta Investment Management Corporation (AIMCo)."
And "We now know that AIMCo executives stand to gain millions in bonuses from increasing the size of the organization’s portfolio, and that AIMCo pushed to take over the management of ATRF. "

Read 8 tweets
This is your daily pension announcement. The Pension War Room™️ says WTF? Read this news release..... #AIMCOfail #ABLeg #OMG Mark Wiseman AIMCO chair? Did I read that right?…
Please, this is an announcement carefully planned for Friday at 4 PM. Travis is clear there will be no questions and no accountability on this. The good news is that Mark has no current ties to AIMCO so he will feel free to fire Kevin and the lot. #goodjob #ABLeg
But read this %&***# news release, it is suspect..... Maybe I will just give the pension army (and reporters) some questions that spring to mind...about an issue that clearly the GOA does not want to discuss. #ABLeg
Read 9 tweets
This is your daily pension announcement: The Pension War Room™️ is on a course to intercept! Take a look at what SFPP has returned. Oh baby not pretty... #ABLeg #AIMCOFAIL
Returning -12.2% in one quarter when the benchmark returns -6.66% is bad real bad. Look Ma, I only lost double what an average manager did!
Of graver concern is the long term performance. It averages to 0.23% of value add (above benchmark) over 12 YEARS. #ABLeg @premiamgmt
Just so you know, pension plan investors have to score substantially above benchmark to earn the million dollar bonus. The return objective, and therefore the compensation threshold, is probably 0.75% above benchmark. This does not come close to that level. #ABLeg
Read 14 tweets
This is your daily pension announcement: the addendum edition. At the link below you can add your voice of support to @ChristinaNDP's private member bill reversing the damaging pension provisions in Bill 22. #ABLeg
Specifically, hit the button to tell the committee you want this debated in the Leg. They will call expert witnesses which might include me.

Especially, after Travis' stupid answers in question period. (I tweeted the video of the exchange this morning.) #ABLeg
In light of the ATRF analysis that shows the fund would be worth $1.3 billion less if invested like LAPP was. Travis said that he "didn't accept" that finding.

Sort of like not accepting the roundness of the Earth. Fact not opinion. #ABLeg #handsoffmypension #AIMCOfail
Read 7 tweets
This is your daily pension announcement: The how did AIMCO lose all that money edition? #ABLeg
Get the gory details here! #handsoffmypension…
To be clear this is the right thing to do, hiring someone of Ms Zvan's expertise and an accounting firm to independently tally losses. A little belated by the AIMCO Board, but nonetheless the right thing to do. #ABLeg #wheredidallthatmoneygo
To quote the press release...

"Oversight of AIMCo’s investment strategies and risk management is the responsibility of the Board of Directors." Yup, it sure is.

Two weeks before this became public Kevin was going to all the different pension plans breaking the news. #ABLeg
Read 8 tweets
This is your daily pension announcement: The remember when edition! Remember when Kevin said that if pension plans under AIMCO were dissatisfied they could write a letter to the AIMCO Board? I think it was back in December.... #ABLeg #AIMCOfail
Which is the ultimate problem. Pension plans have no means to hold AIMCO accountable for its poor decisions. Its board structure is really from another era and more approriate for only the Heritage Fund. #ABLeg #handsoffmypension
So I bet the AIMCO Board will be getting some strongly worded letters about the evaporation of $2.1 billion (so far). That is a weak response given the circumstances.

My central point is that the board would behave differently if the pension plans appointed the members. #ABLeg
Read 8 tweets
This is your daily pension announcement: The Globe and Mail is a giant murder hornet in AIMCO's butt cheek edition. Sic burns🔥🔥🔥🔥 ahead! #ABLeg @jkenney…
Max does a great job of reminding us that we really need pension help for the teachers and ALL the other provincial plans. His theme is that Travis through his Bill 22 pandering has only made a bad situation worse. #ABLeg #handsoffmypension #AIMCOfail
So, I will jump into this dumpster fire of lies for your edification, as it is my solemn duty.

Lie number one: "...UCP government’s belief that, as Finance Minister Travis Toews wrote in a November op-ed, AIMCo “regularly achieves spectacular investment performance.”" #ABLeg
Read 16 tweets
This is your daily pension announcement: If you want details on the mechanics of evaporating $2.1 billion dollars (so far) read Pension Pulse below. If you just want the highlights stick with my tweets. #ABLeg…
Leo does an excellent job of rounding up what you do if you lose big bucks on a financial instrument that you don't understand.
1. Don't let Kevin make the announcement, that job belongs to the Board Chair J. Richard Bird. A man we have yet to hear from. #ABLeg #handsoffmypension
2. The Board Chair needs to immediately hire a third party firm to investigate the entire volatility strategy.

3. Make that public in a short statement and set a three month time frame to publish an in-depth report which also needs to be public. #ABLeg #AIMCOfail
Read 12 tweets
This is your daily pension announcement: The I couldn't have said it better myself edition. No, Kevin your letter does not restore confidence! #ABLeg #handsoffmypension…
To quote Mr. Climenhaga about job security at AIMCO:
" sure doesn’t sound as if he or anyone else on his senior management team is inclined to resign for losing so much money in an incomprehensible gamble on market volatility."

#ABLeg #AIMCOfail
As he points out so well, and I have been saying since November, that the UCP government wants AIMCO to manage all pensions very, very badly. As I have explained before every "cost saving" that Travis has put forward is easily demonstrated as specious. #ABLeg #handsoffmypension
Read 8 tweets
This is your daily pension announcement: The Pension War Room™️ declares Kevin 50% right about the loss! If you have not yet read Kevin's missive it is available below. Cynical folk might classify it as a hail Mary in an attempt to keep his job. #ABLeg
No surprises, I have some concerns about what Kevin (most likely his flack) has said.

"Amid recent media coverage, it would be easy to think Albertans’ public retirement investments are at risk. Let me reassure you, they are not."
#ABLeg #itisonlymoney #handsoffmypension
True to an extent. The pension plans are not in danger of folding. Just throwing away money in unfathomable amounts. Then Kevin will come to your pay cheque for what will be thousands of more dollars per person of contributions. Thanks Kevin. #ABLeg #kevinfail
Read 15 tweets
This is your daily pension announcement: The Pension War room™️ begins a dive into the dung heap of AIMCo corporate governance. CEO Kevin has been busy. He appeared on a youtube broadcast of the Canadian Club "Pensions and the Pandemic" (it's boring)

This is what is wrong: CEO KEVIN IS NOT A PENSION EXECUTIVE. He is an investment executive. There is a big difference. Never has he gone to a job interview and been asked specific questions about pension liabilities. The Canadian Club called him a pension executive. He isn't.
Which gets to the AIMCO Board. It was an okay arrangement if you were just investing the Heritage Trust Fund. You know, a board selected from business luminaries in AB giving something back to AB. Undoubtedly influencing investment in AB oil and gas. #ABLeg
Read 13 tweets
This is your daily pension announcement: LinkedIn rules edition!!!

Loyal followers, I know I said I was taking a break over the holidays, but the pension hammer keeps falling so I am here for you.

LinkedIn sent me this job ad, encouraging me to apply:…
That gave me a chuckle for sure. I guarantee I would have done a better job "researching" the ATRF business case. I mean, can you even believe the the entire business case is built upon (I quote directly):
#handsoffmypension #AIMCOfail #AbLeg #abpoli
"The investment management cost for ...(ATRF), based on their publicly available information, appears to be 84.0 bps..."

Appears to be? Really? Really? You are going to go with a decision that affects tens of billions of dollars and tens of thousands people and you are going to
Read 12 tweets

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