Thread by @yomeeks

This is your daily pension announcement: Crony edition!
The cronies seem to be back in town.

Travis still has not released the business case he used to make this ATRF decision. He promised to weeks ago.

My question of the day is what does this make him? #AbLeg @SPhillipsAB

I am shocked and disgusted by MLA Grant Hunter and the other arm raising seals' comments in the leg. Something along the lines of "the ATA and union bosses told people to protest" and the media had "mis-reported" events. #handsoffmypension #AbLeg

Well, Grant and Travis, nobody told me to do anything. Not 1 single thing. I can see that the public is misled all on my own. So can anyone else who can do math. In fact, I am so independent that you didn't even pay me when I was the Board Chair of the ATRF. #thanksfornothing

I do not even belong to any political party. (Though in light of all of these events I am going to change that. Everyone else should too.) And the crap you spew is...well...enema worthy. Real damage to democracy. #youareallbackedup

I did write an op-ed for the @calgaryherald which ...they did not publish. It is like they only publish op-eds from minsters who screw something up badly and need to try and get out from under it. I will put some nuggets from the op-ed below:

Travis wrote: “And it (AIMCo) regularly achieves spectacular investment performance.” I have pages of data that say that this is occasionally true. AIMCo has some great investment products. Notice the pivot here. He no longer claims returns are superior to ATRF.

He, and the CFA's that work for him, have never even been in the possession of the data required to do an accurate comparison. He wants no data analysis. Just a big old "trust me" and trust my cronies. #educationispower

Travis says: “These savings, which were previously wasted on administration costs.” Everyone loves to save on fees. I could save you $41 million tomorrow by indexing the ATRF portfolios. But that would not return enough to pay pension. #thatsucks

The UCP’s policy expert of choice Jack Mintz was featured on the pages of the Financial Post just a couple of days ago convincing us that larger plans don’t lead to better returns or lower costs. Mr. Toews listen to Mr. Mintz, he will school you better than AIMCo has.

I won’t deal with the proposed Alberta Pension Plan other than to say that the Minster implies union bosses are the only thing standing between him and an APP. Leo de Bever, the former CEO of AIMCo, makes it clear that it would be an inefficient enterprise.

All you want to do is study the APP? How about doing a study on the relative returns of AIMCo and ATRF first? #yesplease #handsoffmypension

This retirement plan is clearly being used as a political football, one on which Mr. Toews and his party never campaigned. ATRF has been jointly governed since 1939.

BTW, Kevin, how many quarters this year has LAPP hit benchmark or better?

Not one word of consultation. Mr. Toews, the assets of this plan are not your money. You do not have permission to use them, particularly to prop up an asset manager that would be losing many of its clients otherwise. No member of these plans will ever forget this.

In fact, that is what Travis, Grant and the trained seals want. They want you to forget what happened here.

I wonder what the AIMCo Board thinks? Asking for a friend...