Let’s look at other reasons why allowing CalPERS to make secret loans is a terrible idea.
CalPERS and CalSTRS are already major investors in private debt, via private debt funds, so AB 386 is unnecessary.CalPERS is already #16 in the world and CalSTRS, #30. Both giant funds have demonstrated that California’s disclosure laws aren’t an impediment to making this kind of investment. It should not be surprising that no other California public pension fund is supporting this bill.
There’s no good reason to create an internal team to do private debt investing. Plenty of experts have been urging large private equity investors like CalPERS to bring private equity investing in house for years. First, the fees and costs are so eye-popping, at an estimated 7% per year, that cutting that down to say 2% or 3% means that a relatively newbie investor like CalPERS could still fall a bit short compared to industry average gross returns and still come out ahead on a net basis. Second, industry experts also confirm that there are many seasoned, skilled professional who would trade a less pressured life (particularly the costs and stresses that relate to regular fundraising) for less lavish pay.
The video features Neil Raden who is the author of ethical use of AI for Actuaries. Alongside him , it features Kevin Pledge who is CEO of Acceptiv , FSA,FIA and chair of Innovation and Research Committee of SOA. We discuss about the issue of ethics and about the use of new data sources in the recent Emerging issues in Underwriting Survey Report by IfOA.
New York’s “vaccine czar” — a longtime adviser to Gov. Andrew M. Cuomo — phoned county officials in the past two weeks in attempts to gauge their loyalty to the embattled governor amid an ongoing sexual harassment investigation, according to multiple officials.
One Democratic county executive was so unsettled by the outreach from Larry Schwartz, head of the state’s vaccine rollout, that the executive on Friday filed notice of an impending ethics complaint with the public integrity unit of the state attorney general’s office, the official told The Washington Post. The executive feared the county’s vaccine supply could suffer if Schwartz was not pleased with the executive’s response to his questions about support of the governor.
The executive said the conversation with Schwartz came in proximity to a separate conversation with another Cuomo administration official about vaccine distribution.
Difficult trade-offs therefore need to be made, and this is where things can be deadly controversial—pun intended—when lives and livelihoods are involved, especially on a massive scale. As Leonelli asks, “What are the priorities underpinning alternative construals of ‘life with covid’? … Whose advice should be followed, whose interests should be most closely protected, which losses are acceptable and which are not?” Such questions clearly cannot (and should not) be answered by data science or data scientists alone, but the data science community has both the ability and responsibility to establish scientific and persuasive evidence to help to reach sustainable compromises that are critical for maintaining a healthy human ecosystem.