A Rough 3rd Quarter...CALPERS Lost 24.9 Billion
You are not alone...the stock market has been brutal to everyone. Here's a look at the the largest pension fund:
Don't feel bad if you've lost a fortune in the stock market during the
recent Wall Street turmoil ---- so has one of the nation's largest,
most sophisticated investment funds.
The California Public
Employees' Retirement System, the pension fund used to pay the
retirements of millions of government employees, has lost $24.9 billion
over the last three months. The 10.4 percent loss is less than the
Standard & Poor's 500, which dropped 13.6 percent in that time.
If
the losses continue, California taxpayers could be faced with demands
to make up shortfalls in funding the giant pension system.
On Monday alone, a dive in the stock markets wiped out $7.8 billion of the pension fund's investments.