The largest U.S. public pension fund said it believes if the Goldman chair is not the CEO, the board may be able to exercise stronger oversight of management; Goldman CEO Lloyd Blankfein faced shareholders at the annual meeting Friday in New York.
Auditors found that PBGC, which protects workers’ benefits when a company defaults on its pension plans, suffered from a "material weakness," the accounting equivalent of an F grade.
US pension funds and other shareholders have aggressively sued
Goldman Sachs in the wake of SEC fraud charges, but the Oracle of Omaha
defends the bank's credibility.
Pension industry lobbyists have been
trying to persuade Senate leaders to change and clarify the legislative
provisions that would negatively impact pension fund swaps; the FDIC's
Sheila Bair opposes segregation of swaps units.
While the California fund giant is hoping to win fee cuts from other
private equity firms after Apollo Global Management agreed to
trim $125 million in fees, CalPERS' CIO is pressing for finance overhaul
to stop the casino atmosphere on Wall Street and restore confidence.
Onyx Capital Advisors, a firm
that invests in small and medium enterprises in the Midwestern and
Southeastern US states, and its founder have been charged with fraud for
stealing millions of dollars from Detroit pension funds.
Ahead of Tuesday hearings on the 2008 collapse of the banking giant,
state records show Ohio pensions suffered hundreds of millions of
dollars in losses.
The
Democratic chairwoman’s proposals support financial reform of
derivatives by putting them on exchanges, which has encountered
opposition from banks that make billions in transaction fees on
derivatives every year.
