Thread by @yomeeks

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

aimco.alberta.ca

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

Amid recent media coverage? Is he blaming the media for the outcry? Really? We got to rely on the media to dig around?

Kevin, I will give it to you straight: you should have released this to the public. You know, when it happened, not when the media got a hold of it. #ABLeg

Kevin says be happy it was only $2.1 billion!! AIMCO has now evaporated the value added for many years. We would have been better off if we made all the analysts, managers, and traders stay home for the last five years. We could have indexed the whole thing. #ABLeg #fail

Just so you know, Kevin is likely engaging in shady semantic accounting by saying all losses total $2.1 billion. He is likely exposed to the market for billions more from now until the end of June. Talk about polishing a turd. Oh my! Half information provided. #ABLeg

Somebody is sure hoping that volatility stabilizes at historic averages by the end of June. #ABLeg #AIMCOfail #handsoffmypension

Kevin only makes things worse when he says "When record-setting market movements occur". He is saying this is unprecedented and unpredictable. He needs to read all of Nassim Taleb's books.

Kevin is wrong on this count. #ABLeg #handsoffmypension

In fact, during Kevin's life we have had the financial crisis, 9/11, and the tech collapse. I am sure that it does not surprise you, my loyal readers, to find out that the pandemic experienced only the third worst opening of the S&P 500 behind both the financial crisis and 9/11.

Market conditions were extreme without a doubt. But, they had good precedents, all in the last 20 years. Everyone and their dog was calling for a recession, and by golly that is what happened. #ABLeg #AIMCOfail #handsoffmypension

Further tripe from Kevin:

"I believe that one lesson that will be reaffirmed by us all is the power of diversification over the long run."

Dude, when we pay you $3.4 million annually we expect that you need no reminders about the power of diversification. #ABLeg

The Team Tripod of Kevin, Travis, and Athana have insisted for months that AIMCO is independent. Well, it is apparent now that independence is a bitch.

They are so independent that they are not accountable to anyone. #ABleg #handsoffmypension #AIMCOfail

They are especially unaccountable to the thousands of workers who have money deducted off of their cheques to pay Kevin's salary and buy art for his office. All the pension plans are hopping mad, but can only write angry letters to Travis who has mostly selective hearing. #ABLeg

All the pension plans should nominate ALL members of the AIMCO Board.

For Travis and Athana, they can both rest assured that if AIMCO execs are fired they will likely walk away with suitcases full of cash (millions). It will help them to keep their yaps shut. #ABLeg #fail

Kevin has also made it clear he will release as little as possible publicly about this debacle.

If I was on the AIMCO Board I would encourage him to rethink that position.

Is it any surprise that @postmedianet did not break this story? Asking for a friend... #ABLeg #AIMCOfail