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30 Dec 20, 5 tweets, 2 min read
This is your daily pension announcement: What should the Board of AIMCO look like? For an answer to this question look no further than the report prepared by Bill Moreneau when some tiny pension plans were being amalgamated in ON. #ABLeg
Travis didn't realize he needed a report here before messing with public sector pension plans. He claimed public knowledge of his plans would be "damaging". Why can they do it in ON then? #ABLeg #idiot
To transfer Bill Moreneau's well researched recommendations to AB we would have an AIMCO Board with 11 directors: 6 (including the chair) would be appointed by the GOA, 3 by the clients (LAPP, ATRF etc) and an additional 2 by the plan members (you and me). #ABLeg
I will remind you Travis currently takes no advice from anyone on the AIMCO Board composition. My opinion is that we are not engaged in strong enough oversight given the assets involved. #ABLeg
Rember Travis' prime bullshit agenda: only people from AIMCo believe they can save $41 million, if ATRF thought they could save $41 million they could have used AIMCo at any time. And they didn't. Concerns about strategy, risk, and executive turnover seem to persist. #ABLeg

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More from @yomeeks

The Pension War Room Profile picture
1 Jan
This is your daily pension announcement: Please remember YYC, the average LAPP pension paid is $18,000. Even at that amount the AstroTurf organizations with secret donors seem concerned. #handsoffmypension #ABLeg
The numbers are in! The pandemic has been good to some people...

To the end of 2020 North American billionaires (661 of them) have profits totaling $1 trillion dollars from the beginning of the pandemic. That is a cool trillion baby! #handsoffmypension #ABLeg
Which again makes me wonder about the abject stupidity of changing Alberta from the lowest corp tax province to the ultra-lowest corp tax province. Corporations pocketed the profit, made some Cayman Island deposits and Bob's your uncle. #ABLeg #Travisfail
Read 4 tweets
The Pension War Room Profile picture
29 Dec 20
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
28 Dec 20
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
Read 6 tweets
The Pension War Room Profile picture
22 Dec 20
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 20
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 20
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

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