From The Montreal Gazette:
Hearings begin Tuesday on 25% loss. Pension fund manager's portfolio dropped $40 billion in value last year
National Assembly hearings start Tuesday in Quebec City on the staggering $40-billion shrinkage last year of the Caisse de dépôt et placement du Québec's investment portfolio.
But the pension fund manager's CEO lifted the veil this week on the 25-per-cent reversal in Quebecers' collective fortunes, acknowledging the Caisse took too many risks.
"I find the level of risk, I find the level of leverage (borrowings), and I find the level of performance completely unacceptable, and we have taken action," Michael Sabia said in reply to questions from Parti Québécois MNA François Legault.
Read more ....