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These little things called "asset-backed commercial paper" is so great on the way up. Bonuses and Asian offices with Mahogany for all!
It even allowed the "Caisse" to beat its closest rival: Ontario's Teachers Pension fund (responsible for the superb LBO debacle of Bell Canada).
Ever wonder how these things do when the tide turns? Oh yes, socialized losses...
Full Article here:
http://www.cbc.ca/canada/montreal/st...sses-0225.html
It even allowed the "Caisse" to beat its closest rival: Ontario's Teachers Pension fund (responsible for the superb LBO debacle of Bell Canada).
Ever wonder how these things do when the tide turns? Oh yes, socialized losses...
CBC News
The Caisse de dépôt et placement du Québec reported the greatest losses in the pension fund's history on Wednesday with a $39.8 billion loss for 2008, the equivalent of one-quarter of the fund's assets.
Top executives for the Caisse, including chairman Pierre Brunet and president and CEO Fernand Perreault, released last year's highly anticipated financial results in Montreal.
As a result of the 25 per cent drop, the Caisse assets were worth $120.1 billion as of Dec. 31, 2008.
The results confirmed months of speculation about the extent of the damage the slumping stock market and the Caisse's investments in asset-backed commercial paper would have on the fund's performance.
Founded in 1965, the arm's-length Crown agency is one of the largest institutional fund managers in North America and among the world's 10 largest real estate asset managers.
The Caisse de dépôt et placement du Québec reported the greatest losses in the pension fund's history on Wednesday with a $39.8 billion loss for 2008, the equivalent of one-quarter of the fund's assets.
Top executives for the Caisse, including chairman Pierre Brunet and president and CEO Fernand Perreault, released last year's highly anticipated financial results in Montreal.
As a result of the 25 per cent drop, the Caisse assets were worth $120.1 billion as of Dec. 31, 2008.
The results confirmed months of speculation about the extent of the damage the slumping stock market and the Caisse's investments in asset-backed commercial paper would have on the fund's performance.
Founded in 1965, the arm's-length Crown agency is one of the largest institutional fund managers in North America and among the world's 10 largest real estate asset managers.
http://www.cbc.ca/canada/montreal/st...sses-0225.html