Re "Pension care policies to soar" (Business, Oct. 11): How would you feel after giving your investment advisers raise after raise for 20 years, and then have them tell you that they need to raise your fees a whopping 85 percent for an investment that you don't know will exist when you need it?
And you can't pull your money out without losing the entire principle. Sound like a scam? Whom are we talking about? CalPERS. The 150,000 long-term care insurance clients are its victims.
Many of us would like to fire this incompetent money manager and have our money back. Instead, we are forced to raise our hands above our heads as these robbers take what they want under the guise of rising costs. In one dictionary, a fiduciary agent is an individual in whom another has placed the utmost trust and confidence to manage and protect property or money. Does that sound like CalPERS?
-- Mike Clegg, Davis
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