Re "CalPERS opens wallet for properties in L.A., Moscow" (Business, July 19): It feels like 2006 all over again!
A "position" in a 2.2-million-square foot shopping center in Moscow? Did anyone bother to fly over there and check it out? Or $660 a square foot for office buildings in downtown L.A., a new record high price? How does that pencil out?
Given the pension fund's track record in speculation in everything from silver to partnerships in real estate ventures, it seems its leaders never learn. Oh well, there will always be the taxpayers to pick up and make good the losses, right?
-- Jack Edwards, Folsom