Thread by @yomeeks

This is your daily pension announcement: Hot of the press edition: this is not good news, not good at all. #handsoffmypension #ABLeg

institutionalinvestor.com/article/b1l9c8…

Loyal Tweeps, I descend into the septic holding tank of institutional investment for your education. These people will soon be managing the single largest asset my family has. I quote:

"The now-defunct volatility-trading program cost pensioners and Albertans about $3 billion"

"Canada boasts some of the world’s most sophisticated and best performing public investment funds, which essentially operate like Wall Street firms but siphon profits to ex-bus drivers and retired nurses. "

"AIMCo is not among that top tier, experts and data suggest. " #ABLeg

Have i not been saying that all along?

"For example, the Ontario Teachers’ Pension Plan delivered 9.8 percent annualized over the last decade, whereas AIMCo gained 8.2 percent — a gap of more than 1.5 percentage points per year." #ABleg #fail #handsoffmypension

Funny thing is the $3 billion loss that this article quotes is likely much more than that. And, we are not talking about owning a stock like Home Depot, whose price is depressed. We are talking about $3 billion (other sources put it at $5 billion) that has just evaporated. #ABLeg

OMFG:

"Even within its own province, AIMCo has trailed the smaller Alberta Teachers’ Retirement Fund. AIMCo is slated to vacuum up ATRF’s C$18 billion (about $13 billion) or so in assets, despite teachers’ and fund leaders’ protracted opposition. " #scream #ABLeg

And this lovely non-sequitur from AIMCO:

"we are committed to accountability and full transparency to our clients as we navigate these conditions together."

Bullshit. Absolute bullshit. 💩🖕💩💩💩💩💩💩💩 #ABLeg #givemestrength

My emotions are mixed. I am glad that ATRF money had not yet been folded into AIMCO. But, I am angry for every hardworking nurse, bus driver, police officer and firefighter who had a portion of their retirement funds go up in smoke. #ABLeg
I tried to warn you, I really did.

Just so you know, the $3 billion quoted in the article ($5 billion according to other sources) is in addition the the market losses of asset prices going down. So if their (and everyone else's) portfolio experienced a market return of -15%, AIMCO lost an additional 5%. #ABLeg

Got to be the best at something.

If you will notice AIMCO did not admit to anything here. Instead we have to rely on reporters to dig around and publicize what should already be public. I am so angry right now that I can't even speak. #ABLeg

I will tweet extensively about this in the upcoming days weeks. But, make no mistake this is a call to arms. Travis has paid for political favors with our money. And pension plans have no ability to leave AIMCO. #ABLeg #handsoffmypension

May I remind the entire universe that ATRF performed well through the financial crisis. No sub-prime mortgage pools no complex derivative strategy. Risk was managed.

#handsoffmypension needs to trend again. I can't even.... #ABLeg