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20 Nov, 10 tweets, 4 min read
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

theglobeandmail.com/business/artic…
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.

#ABLeg
Kevin's key error was getting AIMCO involved in the politics of good old Alberta. It was his job to keep AIMCO out of the politics and only seen as a neutral service provider. #ABLeg
He didn't. Instead he preyed on the UCP's hatred of unions and dislike of teachers to secure teachers as a client. A client that could never leave.

He also shat upon joint governance and several other pension plans in the process. #ABLeg
Trust him to do the opposite of the right thing. Travis wants AIMCO to write the business case for AIMCO?

Kevin could have and should have said NO. The fact that he can't see the mother of all conflicts....well it leaves me speechless. #ABLeg
Someone wants Kevin to write an Op-Ed for our taxpayer supported Edmonton Journal? Complete with a come-hither photo?

Just say no Kevin. Its a trap.

edmontonjournal.com/opinion/column…
"I can also testify that at no time have I had anyone from this government attempt to challenge our investment independence, either directly or indirectly."

Kevin, go read Drew Barnes in the National Post on this topic. Because he says something different....#ABLeg
I will just leave this here....

"The $3-billion Special Forces Pension Plan for police officers, an AIMCo client, reported in early June that its fund was down 12.2 per cent in the first quarter of this year, compared with a 6.7-per-cent decline in their benchmark." #ABLeg
Because, after all, it was the VOLTS debacle that put the nail in his coffin. #ABLeg

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More from @yomeeks

The Pension War Room Profile picture
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.
albertapolitics.ca/2014/08/the-re…
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
The Pension War Room Profile picture
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
nationalpost.com/sponsored/news…
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
The Pension War Room Profile picture
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.
#ABLeg
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
The Pension War Room Profile picture
8 Nov
Just so you know I will be retweeting this interview every day. @SPhillipsAB is on 🔥🔥. Parallels in pension policy can not be ignored. No research or shoddy research behind multi-billion dollar decisions. The CPP advice that Exec Council got quotes seriously flawed Fraser Inst.
Travis: "We have a detailed business case prepared to support moving pension asset management to AIMCO." (Neglecting the fact that they are not his assets to move in the first place.)

FOIP release: A marketing brochure written by AIMCO.

THIS IS NOT ANALYSIS. #ABLeg
Then, since no civil servant was charged with an actual analysis (as they very likely substantially disagreed) Travis and Athana sent it out to some mook in BC named Peter Milburn for a positive opinion. #AbLeg

(Athana came from BC and worked with Peter back in the day.)
Read 4 tweets
The Pension War Room Profile picture
8 Nov
The Pension War Room™️ wonders if the AB plutocrats have taken any lessons from the election down south...

I won't comment too widely, people more skilled than me are engaged in the Trumpian autopsy.

Hey Jason the Keystone people are calling... #ABLeg #canwegetourmoneyback
The truth has to matter.

Politicians who stake their lot on populist rhetoric seem to be at odds with the most basic of facts. Dates, time, places and the like. And turn everything into an "us versus them" dichotomy. #ABLeg
Making public policy based on the latest Fraser Institute half-truth is not good. It might get you elected; it won't get you reelected.

We even have our our own Rudy Giuliani cosplayer in Jack Mintz. Where will our Four Seasons Landscaping be? #ABLeg In a feedlot somewhere?
Read 6 tweets
The Pension War Room Profile picture
7 Nov
The Pension War Room™️ is piqued at the proposed investment strategy review of AIMCO! This is the real "no shit" moment for Travis.

cbc.ca/news/canada/ed…
@SPhillipsAB has quote of the day with:

"Phillips said Albertans deserve clear communication from the finance minister and open consultation on any potential changes to the investment fund."

Yup. And, we also deserve to know what Kevin has been lobbying Travis on. #ABLeg
And, piling on....
"She said the reported losses revealed weaknesses in the governance and oversight of AIMCo, issues which will not be resolved without improved transparency from the province."

Transparency, governance and oversight at AIMCO are teachers' number primary concern
Read 5 tweets

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