This is your daily pension announcement. The Pension War Room™️ realizes this might be TL:dr, but you are interested who Travis appointed to the AIMCO Board then read the following. Mr. Kelly was born in Canada but has lived in NY for years and years.…
I am not even sure if he is still a Canadian citizen. He left Wachovia (as CFO) just before the financial crisis. Wachovia, of course, imploded during the crisis and shareholder's equity was wiped out. Shareholders included some large pension funds. #ABLeg
Travis consulted none of the AIMCO clients that make up the majority of their business. He keeps acting like the Heritage Fund, in its withered state, is the whale at AIMCO. I am including the article above because Travis likely didn't share a ton of info with his peers. #ABLeg
Kevin is the real winner here. He gets a guy on the Board who once asked for (and nearly got) $20 million per year during the financial crisis while the bank was being bailed out by the US Gov.

So Kevin's $2.8 million pay from last year must seem like chump change. #ABLeg
I have no problem paying people for performance in institutional investing. The problem with the industry is it often pays large amounts of money for sub-par or mediocre performance. #AbLeg

Billions of dollars invested on our behalf and it seems there is little oversight

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More from @yomeeks

28 Nov
This is your daily pension announcement! The I'm sure nobody will want this job now edition. So many things going on....

First, the intrepid Leanna Orr reports on the departure of Kevin. #AbLeg

Just read her description of the modern Alberta hellscape…
"Alberta Investment Management Corp. CEO Kevin Uebelein is on his way out, having led the public fund as it lost billions on wayward volatility trades and became the center of bitter political battles between the province’s far-right government and its own unionized clients."
No one has encapsulated so much with so few words. Even to generally right leaning institutional investors our good ol' 'berta qualifies as a far-right govt.

As I have previously opined, Kevin's major error was putting himself at the center of a political decision. #ABLeg
Read 8 tweets
27 Nov
This is your daily pension announcement, the Alberta Fiscal Update edition! As you probably well know, Travis provided the Fiscal update available below. TL:dr is okay, I will bring you the naughty bits. #ABLeg…
First, from the update Travis opines:

"Government obligations for pension plan liabilities are $415 million lower, mainly from improved valuations for the two Teachers’ Pension Plans. Other liabilities have decreased $567 million."

That's right, great investment returns from ATRF have made Travis $415 million. That should give any Minister of Finance pause. Like don't move the management over to AIMCO kind of pause. Travis is in a financial bind and is turning his nose up at future cash. #ABLeg #idiot
Read 11 tweets
20 Nov
The Pension War Room™️ is relieved. After all, I have referred to Kevin as "dead man walking" for some time now. Glad the lawyers involved could get this done. A couple of thoughts: #ABLeg…
First, don't worry about Kevin, he will be fine. He currently is mid-contract so the the severance payment is likely to be in the millions. He made $2.8 mil last year and $3.5 mil the year before that. #ABLeg
If Travis gives you some absurdly low number for this severance payment, don't believe him. (often people don't include accrued LTIP payouts in severance calc)

See Doug Ford for examples.

Read 10 tweets
13 Nov
The Pension War Room™️ would like to note some whoppers about public sector pay are being passed around. #AbLeg

I wanted to provide this older (2014) critique of the Fraser Institute. It mirrors my own comments on this topic.…
The materially unreliable Fraser Institute seeps into everything from Gunter's column in the Edmonton Sun ("public sector employees should be happy with pay cut") to GOA reports. He quotes some stats, I think they were from the Fraser Institute. He doesn't say. #ABLeg
Heck even the KPMG in the MacKinnon report quotes Fraser.

My point is garbage in=garbage out. In their free market zeal enforced by their corporate overlords they make few (if any) data supported conclusions. #ABLeg
Read 7 tweets
11 Nov
The Pension War Room wants you to know that Drew Barnes is an idiot in the same vein as Trump; populist economic policy combined with a healthy dose of xenophobia. This is a paid ad gussied up to look like a national post article. #ABLeg…
This is the new thing in print "journalism". The @nationalpost will print anything for money and have no qualms about passing it off as an article.

This advertisement-article was paid for by a PAC that was set up to skirt political financing law in AB. #ABLeg
It returns to @jkenney favorite, and,as yet unstudied desire to withdraw from CPP and form an APP.
The errors are many, but considering that we are currently paying millions to have this stupid idea researched, Drew is really tipping his hand here. #ABLeg
Read 13 tweets
10 Nov
This is your daily pension announcement! I was going to spend today's installment educating about "material misstatements" and other things that would get a corporate exec fired. No need just read this..... #ABLeg
I have said before, and I say again, Travis is financially incompetent. He is not able to understand the concept of risk adjusted rate of return. Or, the idea that a pension fund with a higher return might cost you less in the long run.
Just the mere thought that some bush league tricks would fluff up the the dire UCP financial performance and outwit the AG is ridiculous.

Capitalists never do socialism well. It only ends up as graft for cronies. Sturgeon refinery needs its own inquest. See toryland. #ABLeg
Read 4 tweets

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