Thread by @yomeeks

The Pension War Room™️ will once again dip into the sewage lagoon of AB public sector pensions!

The LAPP Annual Report is out! Get your copy ⬇️. Lots of good reading.

lapp.ca/page/whats-new…

The most important quote (p.9):
"Although media attention at the time focused on
significant losses resulting from AIMCo’s volatility
trading strategy (VOLTS), investment choices for nearly
all asset classes at AIMCo also underperformed during
the first quarter." #AbLeg #AIMCO

I could not have said it better myself. On the same page in sanitized corporate language. they also recognize that having Travis mess with the plan willy-nilly is a risk. #AbLeg #handsoffmypension

To quote:
"A key risk facing LAPP Corporation is the governance risk resulting from an inability to choose its own service providers for investing the LAPP fund and administering pension benefits for LAPP members." #AbLeg #handsoffmypension

I wonder if Travis ever gets tired of putting out the fire on his pants?

Finger pointing: "...mandated the use of AIMCo and APS as key service providers, granting both Crown corporations a perpetual monopoly on investment and benefit administration services." #AbLeg

Here are the investment results. Maximum suckage. The target for value add over 4 years is (an eminently reasonable)+0.85%. AIMCO delivered -0.70% value add. #AbLeg #handsoffmypension

Over 10 years (roughly AIMCO's existence) the value add has been 0%.

That hurts. That really hurts. But the worst damage done to AIMCO IMO was the backroom dealing by Kevin and Travis. #AbLeg #handsoffmypension

We also found out how much VOLTS cost LAPP: a loss of $900 million dollars.
To which LAPP throws out this sic burn: "...AIMCo has acknowledged that there is room for improvement in its internal risk management culture and processes."

Really? Really? #AbLeg #handsoffmypension

Take that quote above and email it to Tany Yao, Travis, and @jkenney. Because that is what the Travis did. Without (apparently) a moment's thought, he substituted his opinion for the actual trustee of the funds. Risky for the GOA. #AbLeg #handsoffmypension

But don't worry, Travis knows he will be long gone before any of this comes home to roost. Embedding a structural problem that may blow up in a few years. #ABLeg #handsoffmypension