Share this page!

The Pension War Room Profile picture
Twitter logo
28 Dec, 6 tweets, 4 min read
This is your daily pension announcement!

#JasonKenneyTaughtMe to fetishize Fraser Institute reports, no matter how ludicrous they are.

Remember when he was on TV saying the GOA guaranteed your pension? I sure do. #ABLeg #hegotthatfromthefraserinstitute
BTW, public sector pensions are guaranteed by the assets in the bank not by any promises from the @jkenney. (If you doubt this please read the Teachers' Pension Plan Act.)

I think he also said that it was GOA's sole right to appoint an investment manger for ATRF. Wrong. #ABLeg
I wonder how life is for Kevin now. When he looks at himself in the mirror does he wonder why so many plan members hate him? He and Travis together have killed development of a robust institutional investment community with competing, high performing public sector plans. #ABLeg
And another quote from Athana the TBF DM (this from last June): "Bill 22 brings pension CEO compensation under RABCCA." (...thereby limiting it...)

Just so you know this statement is false. Bill 22 ignores CEO compensation for AIMCo and APS. AIMCO CEO pay is not limited. #ABLeg
And further from Athana, on investment costs: “Well, from the ATRF we haven’t done a detailed calculation,". Here we are over a year later and we still don't (and won't) have a detailed calculation on cost savings. #ABLeg
Kevin has allowed the GOA to come and damage its client relationships. Damage that is going to last for decades to come. #ABLeg #happynewyear

Let your MLA know. They are tired of hearing from you. #ABLeg

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with The Pension War Room

The Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

The Pension War Room Profile picture
29 Dec
This is your daily pension announcement: The Pension War Room would like to thank the entire pension army as we get ready to welcome the new year! 🙏🙏🙏🙏🙏

Of course, I am still marinating in a loathsome broth, stuck on poor public policy and accountability. #ABLeg
On that note, I will again take a dip in the stinking, fetid cesspool of Alberta's public finance in the hopes of educating and inspiring. #ABLeg #travisfail

To quote a pension manager:
"In operation however, AIMCo has issues with alignment and dis-economies of scale... "
"As AIMCo has non-pension fund clients, its strategy is aligned more closely with an investment fund (focusing on returns) as opposed to a pension fund manager (focusing on the liabilities)."

VOLTS is one example of a strategy that is not appropriate for pensions. #ABLeg #fail
Read 7 tweets
The Pension War Room Profile picture
22 Dec
This is your daily pension announcement! AIMCO is looking for a new Board Member! I am hoping they get someone who can ask the question: "Which one of our current investment strategies is NOT covered by our risk system?"
#ABLeg #funnynotfunny

alberta.ca/public-agency-…
But seriously, the person has probably already been chosen. Probably an associate of Mark Wiseman and Bob Kelly as they seek to consolidate some power on the Board. #ABLeg
Please note that AIMCO can (and I believe does) hold Board meetings in Toronto. Since most of the directors live there.

Remember that next time Athana and Travis talks about bringing assets "home" to Alberta. #ABLeg
Read 8 tweets
The Pension War Room Profile picture
22 Dec
This is your second daily pension announcement! Remember when Travis said that AIMCO will save beaucoup dollars due to economies of scale? I sure do.
The AIMCO "business case" claims costs will come in below 50 bps when ATRF is subsumed. #ABLeg #bullshit #travissucks
For comparison we should use CPPIB which is roughly 4 times larger than AIMCO ($410 bil vs $103 bil). Being larger with roughly the same investment operation it should have lower costs.....

...but it doesn't. Costs for CPPIB right around 90 bps. #ABLeg
That's right. Cost is roughly double. So much for economies of scale.

(This was predicted by academic research that shows dis-economies of scale kick in above $100 billion. Thank Bill Morneau for the research.)
Read 9 tweets
The Pension War Room Profile picture
21 Dec
This is your daily pension announcement: LAPP laying the smack on Franco "the Turd" Terrazzano. Take a good read. This has more to do with Calgary politics than anything else...#ABLeg #donttakethebait

calgarysun.com/opinion/column…
If Franco had any cajones at all he woulds spend his time asking why AIMCO has two long term incentive programs (LTIP and Special LTIP). One incentive is not enough! And , he would ask the question why the compensation disclosure is incomplete in this regard. #ABLeg
Franco's motives are not hard to discern. He won't comment on the upper reaches of AIMCO because they have some hardcore UCP supporters in residence. The overlords are present here, trying to influence the Calgary election. #ABLeg
Read 5 tweets
The Pension War Room Profile picture
20 Dec
This is your daily pension announcement. The Pension War Room™️ brings you the quotes from Travis Xmas gift edition! He may not be publicly answering questions but I have been given a few of his replies to constituents. #ABLeg
By all means continue to write to Travis. He hates it.
To quote:
"Government believes that having ATRF’s assets managed
by AIMCo will benefit ATRF significantly in the long-term."

Yes, he really said that.

What the GOA believes is irrelevant. ATRF is the trustee of the funds.
@jkenney said this too in a TV clip. He believes it is the GOA's sole prerogative to decide on investment manager. The pair of them need to read the Teachers' Pension Plan Act where the ATRF Board is appointed as the manager. #ABLeg
Read 14 tweets
The Pension War Room Profile picture
19 Dec
This is your daily pension announcement: I want to straighten a few details out from the functionaries not the politicians. #AbLeg #travisfail

Re-upping this for commentary that I didn't have time for:

albertapolitics.ca/2020/05/ceos-l…
First, when Kevin chortled in superiority with:

"He also argued “media reporting has dramatically overstated the extent of the losses,” stating that “realized and unrealized losses to date are approximately $2.1 billion..." #ABLeg #AIMCOfail
Kevin and Athana are referencing initial reports of losses that were $4 billion ...revised numbers were "only" $2 billion lost. #stillashitton #fail

Now we find out that original $4 billion came from Kevin's mouth. ($2 billion realized +$2 billion unrealized). #ABLeg
Read 6 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @yomeeks has new unrolls!

Check out other threads from @yomeeks!

Read all threads by @yomeeks