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Hiltzik: The CalPERS board is wasting time hunting wizards
From time to time, the CalPERS board seems determined to make us think of it as a kindergarten group playing with adult clothes.
In the past, we have documented internal overheating on J.J. Jelincic, whose main violation seems to challenge the satisfaction of other trustees about what they know about the giant retirement fund investment strategy.
There was the board’s penchant for CalPERS CEO Margie Frost, who in 2018 was given a 4% increase (to $ 330,720) and a generous $ 84,873 bonus even after questions were raised about whether he had misrepresented the credibility of his education and led a spectacular detonation of exceptions without exception. appointed to the job of chief financial officer.
This is just a way to silence me.
Trusted CalPER, Margaret Brown
Now there is what appears to be a disciplined campaign carried out against other dissident councils. He is Margaret Brown, who was elected in 2017 as a broad representative of CalPERS members – that is, civil servants and retirees – and has since urged the board and staff for their shortcomings.
On December 20, Council President Henry Jones notified Brown via email that he unilaterally imposed “personal discipline” on him, as if he was using “CalPERS” as part of his social media hand despite being advised that it violated California law and CalPERS policies .
Jones’s power to discipline Brown is clearly plenary. It does not require approval or even consultation with anyone on the 13-member administrative council, and cannot be appealed. If you think “his personal discipline” sounds like “Double Secret Trial” collected by Dean Wormer on the fire-resistant brothers of the Delta frat in the film “Animal House,” you will not get an argument here.
But it is played to laugh. This is very serious. Jones’s actions provoked Brown to file a lawsuit on June 16 in the Sacramento High Court. He seeking a court order forcing the council to cancel its discipline and give him an administrative appeal hearing before a neutral judge.
Jones’s disciplinary order prohibits Brown from accepting reimbursement for CalPERS business trips until the end of this month, except for attending board and committee meetings. That means he will be refused reimbursement for meetings with the public or his constituents, or professional conferences on important issues for the fund, such as health financing conferences.
“This is just a way to silence me,” Brown told me.
Jones also warned he would “take [her] into account in 2020 when I consider the appointment of the committee. “Indeed, he has already expelled Brown from the council’s investment committee as part of the council restructuring committee which was passed last summer.
Jones instructed Brown to undergo a new member orientation again, even though he participated in the program when he was first elected. He criticized him for “engaging in behavior that failed to meet the standards of ethical behavior anticipated by Government Policy” – that is, “improper use of the name CalPERS.”
Brown insisted there was more to it. “Sometimes my opinion does not support what the staff and majority of the council wants,” he told me.
One can sympathize, to a certain extent, with 13 board members who try to solve problems like outspoken members, especially those who value politeness less than they like. But one might also think that the CalPERS board is more worried than the alleged missteps of members.
The CalPERS investment portfolio, which is the largest public pension fund in the country, has anything but sterling players in recent years.
As of December 31, the fund’s public equity investment, which accounts for about half of a portfolio of around $ 400 billion, lagged behind their benchmark indexes in the five years, three years, one year and fiscal year to date (since July 1) timeframe.
Private equity investments, which comprise almost 7% of the portfolio, do much worse, yielding only 1.6% from July 1 to December 31, compared to the benchmark goal of 4.4%. One bright spot is real estate, which generated 6.3% in 2019, or about 1.75 percentage points above its benchmark index.
But overall, CalPERS is ranked consistently in the middle of the package 49 public pension funds tracked by the Pension & Investment bulletin. That performance may be an artifact of mere fund size, because beating the market average is more difficult for large portfolios. But that only makes it more important that the council focus on Job 1, which protects the financial interests of its members.
There is no question that Brown has become a thorn in the side of the council. On several occasions, he chose as a minority.
In 2018, he was the only board member to vote against raising salaries and bonuses for Frost. Even the then State Treasurer John Chiang, who sat on the ex officio board, choose to agree to Frost’s compensation, although he also requested an inquiry into whether Frost misrepresented his educational experience.
As we report, Frost does not have a college degree. That has been known since he was appointed as CEO in 2016. The problem is whether he misrepresents his registration in a program at Evergreen State College in Olympia, Washington, which aims to obtain a bachelor’s degree and a double master’s degree in public administration. The Evergreen administrator, however, said that there were no such dual programs.
Brown upset fellow board members again in April through his sharp criticism of CalPERS Chief Investment Officer Ben Meng over financial hedges that would reduce losses to pension funds during the stock market associated with the corona plunge virus earlier this year.
At a March 18 board meeting, official transcripts showed, Brown asked Meng how hedges do – specifically, do they work as expected.
“They have to perform well in this kind of bottom market, because they are designed to do so,” Meng answered. “And from what we know … most of this strategy went as expected.”
But Meng did not voluntarily say that CalPERS had actually removed one of the hedges just weeks before the decline. That removes the pension fund from an estimated profit of more than $ 1 billion. Meng said later that hedges were expensive and throwing them away seemed a good idea at the time.
“We must strongly reject the ‘resulting bias’ – look at recent results and then use those results to assess the benefits of a decision,” he said later in his defense.
Instead of examining Meng’s negligence on information that was clearly relevant at the March 18 meeting, the board members then piled up at Brown. In April 20 meeting from the board’s investment committee, members denounced Brown by name for allegedly bringing his criticism to the public – after “forcing and helping others get … wrong information,” in the words of Investment Committee Chairman Theresa Taylor.
“I think it is our duty to call bad behavior when we see it,” Taylor said.
Taylor’s complaint implicitly refers to a financial blog nakedcapitalism, whose owner, Susan Webber, has expertly controlled CalPERS investments and administrative failures for years. Webber, a financial analyst who writes under the name Yves Smith, said Brown was not the source he reports about Meng’s management from hedging.
What he stressed was the council’s strange misunderstanding about his own responsibilities. At the April 20 meeting, Taylor commented that “the board and staff … work as a team.”
As Webber observed, that doesn’t make sense. The board is here to oversee the work of staff, not to make fun of its employees. “In fact,” Webber stated correctly, “the only legal duty of the council is to the beneficiaries.” Sometimes that will involve calling out bad behavior by staff when they see it – like blurring the truth about hedging strategies.
Recently, Brown questioned the policy to be increase CalPERS investment in private equity and private debt through leverage – that is, effectively by borrowing to make investments. That strategy can increase the risk of the fund’s position.
All of this made Jones’s actions against Brown seem trivial. CalPERS said the council took action only after Brown warned several times that the use of the fund’s name on his social media violated the law and its rules. Brown said he changed his grip in response to the “stop and stop” warning from the council, but that never seemed to be enough.
“I don’t see this as retaliation,” said board member Rob Feckner, a former council president, who was appointed to speak for the council. Feckner observed that other board members had been disciplined, and generally accepted their proceedings without announcing them to the public. “That doesn’t bother anyone,” he told me. “We have protocols in place and we all try and follow them. When you are one of the 13 who choose not to do it, you can either let it be or overcome it. ”
That said, the council seems to take a rather crab view of the sanctity of the CalPERS name. It is true state law prohibits individuals or companies that use government agency names or badges without permission, but the law applies to abuse with the aim of implying support for “products or services,” which Brown did not do.
This law also makes exceptions for anyone who has an “explicit relationship” with government institutions – such as, for example, membership in the CalPERS administrative council?
CalPERS, like other institutional investors, is facing a long period of portfolio uncertainty thanks to the corona virus outbreak. Brown may not be as polite and tactful as his colleagues want him to be, but he raises an important problem – sometimes alone. The council must listen to what he says, and pay less attention to how he says it.
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Acrylic nails are a popular choice for those looking to add length, strength, and style to their natural nails. Whether you’re new to the world of acrylics or a seasoned nail enthusiast, there are always questions that arise about the application, maintenance, and overall care of these enhancements. This guide will answer all your acrylic nail questions to ensure your next manicure is a complete success.
What Are Acrylic Nails?
Acrylic nails are artificial nail enhancements made from a mixture of liquid monomer and powder polymer. When combined, they form a hard protective layer that can be molded into various shapes and lengths. Once hardened, they provide a durable and long-lasting canvas for nail polish, art, or simply a natural look. For more in-depth information, check out Acrylic Nail FAQs to get all the details you need before your next salon visit.
How Are Acrylic Nails Applied?
The application process of acrylic nails begins with the preparation of your natural nails. The nail technician will clean your nails, file them down, and apply a bonding agent to help the acrylic adhere. The acrylic mixture is then applied in thin layers, sculpted to the desired shape, and allowed to dry. Once set, the nails are filed, shaped, and buffed to a smooth finish.
Acrylic nails can be customized in terms of length and shape, making them a versatile choice for anyone looking to enhance their look.
How Long Do Acrylic Nails Last?
Typically, acrylic nails can last anywhere from two to three weeks before requiring a fill. During a fill, the nail technician will replace any grown-out acrylic and maintain the structure of the nails. With proper care, acrylic nails can be worn for extended periods, but it’s essential to give your natural nails a break occasionally to maintain nail health.
How Do You Care for Acrylic Nails?
Caring for acrylic nails is crucial to ensuring they last as long as possible and that your natural nails remain healthy underneath. Here are some essential tips:
- Avoid excessive water exposure: Prolonged exposure to water can weaken acrylic nails, making them prone to lifting or damage. When washing dishes or cleaning, consider wearing gloves to protect your nails.
- Moisturize cuticles regularly: The acrylic application process can sometimes dry out your cuticles. Regularly apply cuticle oil to keep your cuticles hydrated and prevent hangnails.
- Be gentle with your nails: Acrylics can be strong, but they’re not indestructible. Avoid using your nails as tools to open packages or scrape things, as this can lead to breakage.
- Schedule regular fills: As your natural nails grow, gaps will appear between the acrylic and your cuticles. Regular fills ensure your nails maintain a smooth, polished look and help prevent lifting.
How Do You Remove Acrylic Nails Safely?
Proper removal is crucial to avoid damaging your natural nails. It’s highly recommended to have acrylics removed by a professional at the salon. However, if you prefer to remove them at home, follow these steps:
- Soak in acetone: Start by soaking a cotton ball in acetone, then place it on each nail. Wrap your fingers in aluminum foil and allow the acetone to work for about 20 minutes.
- Gently scrape off the acrylic: After soaking, use a cuticle pusher or an orange stick to gently scrape off the softened acrylic. Be patient and avoid forcing the acrylic off, as this can damage your natural nails.
- Buff and moisturize: Once the acrylic is completely removed, buff your natural nails to smooth out any rough spots and apply cuticle oil to restore moisture.
Are Acrylic Nails Safe for Your Natural Nails?
When applied and removed properly, acrylic nails should not cause significant damage to your natural nails. However, improper removal or overuse without giving your nails time to breathe can lead to thinning, weakening, or breakage of your natural nails.
If you plan on wearing acrylic nails long-term, it’s a good idea to take breaks between applications and ensure you’re nourishing your nails with oils and treatments.
What Are the Best Acrylic Nail Shapes?
Choosing the right nail shape is essential for creating a look that complements your hands. Some of the most popular acrylic nail shapes include:
– Square: A straight-edged, classic look perfect for shorter nails.
– Oval: A soft, rounded shape that elongates the fingers.
– Coffin: Also known as ballerina shape, this trendy look features a tapered edge with a flat tip.
– Stiletto: A dramatic, pointy shape ideal for those who want a bold statement.
Each shape offers a unique aesthetic and can be tailored to suit your personal style.
Are There Any Alternatives to Acrylic Nails?
If you’re looking for a different type of nail enhancement, consider these alternatives:
– Gel nails: Gel nails offer a glossy finish and are cured under UV or LED light. They’re less rigid than acrylics and can feel more natural.
– Dip powder: This method involves dipping the nails into a colored powder and sealing them with a clear coat. It provides a similar look to acrylics but is generally less damaging to the natural nails.
Conclusion
Acrylic nails are a versatile and durable option for achieving customized, beautiful nails. By understanding the application process, knowing how to care for them, and safely removing them, you can enjoy long-lasting manicures that enhance your style. With the ability to choose from a variety of shapes and designs, acrylic nails offer endless possibilities for self-expression. Remember to take care of your natural nails in between applications to keep them healthy and strong. Whether you’re a first-time user or a seasoned pro, acrylic nails can be a fantastic way to express your personality and keep your nails looking flawless for weeks.
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When sanctions were imposed on Russia for its war against Ukraine, their objectives were twofold: to reduce Russian military capacity by limiting modern weapons and to lower Russian revenue streams. While in the beginning, the sanctions indeed weakened the Russian economy, they have fallen short of their initial objectives – mostly because Russia has found ways to circumvent many of them. The Kremlin has exploited international corruption, relied on foreign third parties, and utilized loopholes in trade restrictions. One such individual who allegedly provides services to Russian-linked companies is Jacqueline Troost Omvlee, a Geneva-based Dutch citizen.
Jacqueline Troost Omvlee is married to Niels Troost, an oil trader sanctioned by the United Kingdom. He and his company, Paramount Energy & Commodities SA, are among the 50 individuals and organizations blacklisted in response to the business connections with Russia. His wife, Jacqueline, helps to facilitate financial transactions for Niles Troost and Russian oligarchs including Gennady Timchenko, a Russian billionaire oil trader and Putin`s close associate.
Gennady Timchenko and his family have been sanctioned in many countries for backing the Kremlin’s war machine. However, with the help of Jacqueline Troost Omvlee, he seems to find ways to evade sanctions and continue his financial operations. In these illegal schemes, individuals like Jacqueline often serve as a front person for sanctioned oligarchs and their business assets. Russian-linked companies set up subsidiaries around the world, often registering new entities in offshore havens or countries where regulations are relatively lax or non-existent. To obfuscate the arrangements, the daughter companies spawn offspring in the form of subsidiaries, as the chain of concealment stretches on and on. The result is like a giant Matryoshka doll.
Jacqueline’s involvement in financial transactions that potentially support Timchenko’s interests raises significant concerns about the efficacy of Western sanctions. The fact that Jacqueline Troost Omvlee continues to operate without facing sanctions herself highlights a significant loophole in the enforcement mechanism. Various shady schemes and tactics designed to circumvent sanctions often hide the activity of individuals such as Jacqueline, making it difficult for authorities to detect and punish them for their involvement.
Jacqueline Troost Omvlee’s role in her husband’s financial dealings as well as her alleged ties to Russian business schemes, emphasizes the need for stronger international sanctions. Her actions not only aid in sanctions evasion but also diminish the overall effectiveness of the measures designed to isolate and pressure those supporting the Russian regime. Therefore, sanctioning Jacqueline Troost Omvlee is not only a matter of addressing her individual actions but also a necessary step to reinforce the credibility and effectiveness of the sanctions regime. By targeting individuals who play a key role in evading sanctions, authorities can send a strong message that efforts to undermine international sanctions will not go unpunished. This measure is crucial for maintaining the integrity of the sanctions system and ensuring that it achieves its intended goal of isolating and restraining those who support destabilizing activities.
European countries and the US need to expand their sanctions-tracking and investigative actions to improve the monitoring of sanctions compliance and to introduce new measures against systematic violators of law. The sanctioning states have the resources and capacity for this, and need to take action now.
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Ensuring a long and healthy life for your Hermann’s Tortoise requires a combination of proper care, nutrition, and habitat management. Hermann’s Tortoises, known for their charming personalities and distinctive shells, can live for several decades with the right conditions. Understanding their needs and providing a suitable environment is key to helping them thrive. Here’s how you can support your Hermann’s Tortoise in living a long, happy life.
Creating an Optimal Habitat
One of the most critical factors in promoting the longevity of your Hermann’s Tortoise is the creation of a suitable habitat. Providing an environment that mimics their natural surroundings is essential for their overall health. An appropriate habitat helps prevent stress and supports their well-being. For detailed guidance on setting up an ideal habitat, including specific requirements for outdoor enclosures, visit this comprehensive guide on Habitat for Hermann’s Tortoise.
- Outdoor Enclosure: Hermann’s Tortoises thrive in outdoor enclosures that provide ample space to roam, bask, and forage. An outdoor setup should include a secure, predator-proof area with access to natural sunlight. Incorporate areas for basking and shade to allow the tortoise to regulate its body temperature. Additionally, include plants, rocks, and hiding spots to simulate their natural habitat and encourage natural behaviors.
- Indoor Habitat: If an outdoor enclosure is not feasible, an indoor habitat can also support a long lifespan if set up correctly. Use a large, well-ventilated enclosure with appropriate heating and UVB lighting. Provide a substrate that allows for burrowing and offer various hiding spots and enrichment items.
Diet and Nutrition
A balanced diet is vital for maintaining the health and longevity of your Hermann’s Tortoise. They are primarily herbivores, and their diet should reflect their natural feeding habits.
- Leafy Greens: Offer a variety of leafy greens such as kale, collard greens, and dandelion greens. These vegetables provide essential vitamins and minerals that support overall health.
- Vegetables and Fruits: Supplement their diet with other vegetables like carrots, squash, and bell peppers. Fruits should be given in moderation due to their high sugar content.
- Calcium and Supplements: Provide a calcium supplement to support shell and bone health. A cuttlebone or powdered calcium can be added to their food. Ensure that they also have access to fresh, clean water at all times.
Regular Health Checks
Routine health checks are essential for early detection of potential health issues. Regular veterinary visits help ensure your tortoise remains in optimal condition and addresses any health concerns promptly.
- Observation: Monitor your tortoise’s behavior and physical condition regularly. Changes in appetite, weight, or activity level can indicate health problems.
- Preventative Care: Schedule annual check-ups with a veterinarian experienced in reptile care. Regular exams help catch any issues early and keep vaccinations and other preventative treatments up to date.
Environmental Enrichment
Providing environmental enrichment helps keep your Hermann’s Tortoise mentally stimulated and active. Enrichment can reduce stress and prevent boredom, contributing to a better quality of life.
- Foraging Opportunities: Hide food items around the enclosure to encourage natural foraging behavior. This not only provides mental stimulation but also mimics their natural hunting practices.
- Variety: Change the layout of their enclosure periodically and introduce new objects or plants to keep their environment interesting and engaging.
Conclusion
By focusing on creating the right habitat, providing a balanced diet, ensuring regular health checks, and offering environmental enrichment, you can significantly enhance the lifespan and well-being of your Hermann’s Tortoise. For further details on creating an ideal habitat, including tips for designing an outdoor enclosure, refer to this helpful guide on Habitat for Hermann’s Tortoise. Implementing these practices will help ensure that your tortoise enjoys a long, healthy life.
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