The State Worker

Chronicling civil-service life for California state workers

December 22, 2008
Wall Street Journal: CalPERS takes giant hit on real estate

Here's a front-page Wall Street Journal piece that has created a bit of a stir.

Calpers has said in recent weeks that it expects to report paper losses of 103 percent on its housing investments in the fiscal year that ended June 30. That's because Calpers invested not only its own money, but billions of dollars of borrowed money that must be repaid even if the investment fails ...

Calpers stresses that it is a long-term investor and can earn back the declines in the future, just as it erased declines suffered in the dot-com bust a few years ago.

Click here to read the story by WSJ reporters Michael Corkery, Craig Karmin, Rhonda L. Rundle and Joann S. Lublin

Note: This version appears on the Web site, which is operated by the St. Louis Post-Dispatch. We would link with the WSJ, but the site limits access to registered subscribers.

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at


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