Wednesday, August 12, 2009

Caisse Loses $5.7B

From The CBC:

Quebec's largest pension fund manager has lost more than $5.7 billion in real estate writedowns in the first half of 2009.

As of June 30, the Caisse de dépôt et placement du Québec saw declines of $4 billion in its real estate holdings and $1.7 billion in less liquid investments, the group said on Tuesday.

"The performance for the first half of the year was neutral ... notwithstanding the writedowns," chief executive officer Michael Sabia said. "Our performance in other areas was positive."

Read more ....

My Comment: $45 billion in losses and counting .... and there is no investigation or hearing on why this debacle happened. This is typical "put your head in the sand and pretend nothing happen" altitude.

No comments: