$60 BILLION
That's a lot of money!
So now according to the attached (click on title above or cut and paste from below) article CalPERS is suing the ratings agencies who claimed the crap that CalPERS bought was actually AAA. Why are they only suing for $1Billion???
According to US Census Bureau there are almost 37 million people in the state of CA, that would be a little less than $2,000/person.
Also according to US Census Bureau, only 11% of those people are 65 or older. That's just a little over 3 Million people, meaning that CalPERS lost close to $20,000 per person aged 65 and over in the state last year.
I don't know how many of those people are drawing from CalPERS, I think I read that they have about 1.6 Million members. So if my math is right, that's a loss of almost $40,000/person last year alone!
I wonder how much the average CalPERS pension recipient was actually paid last year?
Oh well, at least it's in CA where there is plenty of money and the State Government is rolling in the dough!
http://finance.yahoo.com/tech-ticker/article/284859/CalPERS-Lawsuit-%22Just-the-Tip-of-the-Iceberg%22-for-Rating-Agencies-Wall-St.-Alpert-Says?tickers=mco,mhp,gs,xlf,fas,skf,faz
