A major financial scandal is brewing in CA and the liberals in Sacramento say, nothing to see here, move along now. The California Public Employee Retirement System known as CAL PERS, is ranked as the wealthiest public retirement system in the world. And one of their largest investment is in China, arranged by a first generation Chinese-American, who was at one time recruited to work for a Chinese financial company that the FBI says is responsible espionage.
U.S. lawmaker calls for ouster of CalPERS CIO over China ties: letter
In a letter to California Governor Gavin Newsom, U.S. Representative Jim Banks of Indiana said Yu Ben Meng, the CIO of California Public Employees’ Retirement System (CalPERS), should at least be investigated.
“Governor Newsom, if it were up to me, I would fire Mr. Meng immediately,” Banks wrote in the letter.
“At the least, I think a thorough investigation of Mr. Meng’s relationship to the Chinese Communist Party and a comparison of CalPERS investments in Chinese companies before and after Mr. Meng’s 2008 hiring are both warranted,” he added.
A U.S. citizen born in China, Meng has twice worked for CalPERS, the first time starting in 2008 and the second time beginning in January 2019 when he became CIO managing $400 billion in investments, according to the CalPERS website.
In between the CalPERS stints, Meng worked for three years as deputy CIO with China’s State Administration of Foreign Exchange (SAFE), which oversees China’s U.S. Treasury security holdings, the website says.
Citing an online article in China’s People’s Daily, Banks asserted that China’s Thousand Talents Program recruited Meng for the job at SAFE. According to the FBI, TTP is a part of “China’s non-traditional espionage against the United States.”
Fox News: A Republican lawmaker slammed the response of California’s state pension fund as “deeply oblivious,” two days after he called for the firing of its chief investment officer over accusations that the fund invested in Chinese companies blacklisted by the U.S. government.
“This is a deeply oblivious and ignorant response,” Rep. Jim Banks told “Mornings with Maria“ Friday. “What we know is that CalPERS, the largest state pension fund in America, invests in almost 300 Chinese companies.” End
It is a breach of common sense and morals to invest in a nation that is continually stealing our intellectual property to gain a financial and military edge on America. This is a totalitarian nations that does not recognize human rights. If that wasn’t clear before the COVIDs virus it ought to be now. Yet, here is CAL PERS sending billions to China to invest in businesses that engage in spying and undermining of American interests. Something is very wrong here and there needs to be an investigation.