In today’s New York Post, Peter Schweizer has an update on his study of liberal hypocrisy: “A fund for friends.” Schweizer’s column takes a look at the performance of two investment funds — Yucaipa Corporate Initiatives and Yucaipa American — on which Bill Clinton serves as senior adviser. The two funds manage pension fund investments from New York and California government employees and teachers.
Schweizer notes that while the funds proclaim certain social, their investments don’t seem to walk the talk. Schweizer provides two examples, including the cable venture starring Al Gore, and concludes with a report on the funds’ performance to date:
Meanwhile, the workers whose pensions have been invested in Yucaipa are getting a terrible deal. According to CALSTARS, California teachers have already committed $61.9 million of the $150 million that they promised Yucaipa. As of last March 31, three years after the venture started, they’d seen a grand total of $837 come back to them. Overall, the rate of return since the funds launched have been a loss of 12.1 percent.
CALPERS has not done much better. After pouring more than $116 million into various Yucaipa ventures since 2002, it’s seen a return of $55,963.
AT the same time, Yucaipa is also collecting hefty fees for managing the pension funds’ investments