Thursday, February 26, 2009

Quebec's Pension Fund

Canadian pension fund Caisse de depot et placement du Quebec said on Wednesday it lost $39.8-billion in 2008. Mathieu Belanger/Reuters

Quebec Pension Giant Posts $39.8B Loss -- CBC

Quebec government calls special hearings to investigate historic losses.

The Quebec government will call top officials from the Caisse de dépôt et placement du Québec before a special legislative committee to explain how the pension fund lost $39.8 billion last year, the biggest loss in its history.

The Caisse, which is the largest institutional pension fund manager in Canada, released its 2008 financial results on Wednesday, revealing a 25 per cent drop in the fund's assets.

As of last Dec. 31, the fund's assets were worth $120.1 billion.

Premier Jean Charest called the results "disappointing, but not surprising." He wants Caisse managers to appear before a special legislative committee to explain why they took the risks they did.

Read more ....

More News On The Caisse De Depot

Caisse $39.8B loss the worst in Canada -- Global Quebec
Caisse blames record $39.8B loss on global financial crisis --
Caisse confirms $39.8 billion loss -- CTV
Quebec to overhaul Caisse in wake of losses -- Globe And Mail
Caisse needs new boss 'as soon as possible': Jérôme-Forget -- Global Quebec
Caisse executives to appear in front of Quebec parliamentary committee -- Investment Executive
How ABCP plays into Caisse loss -- The Globe And Mail
So much for pension envy -- Financial Post
Canadian taxpayers face double pension peril -- Financial Post
Basket Caisse -- National Post
In defence of the Caisse -- Globe And Mail

My Comment: These losses are for 2008. The markets have crashed a further 15%-20% in 2009. The real losses are probably around $60 billion.

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