From published reports in credible publications, it appears that Yu Ben Ming has been allowed to resign for wrongdoing – taking payments from the Chinese government and hidden investments which do not appear on his financial disclosure form.

CalPERS Chief Investment Officer Ben Meng Made False, Felonious Financial Disclosure Report; More Proof of Lack of Compliance Under Marcie Frost

CalPERS’ Chief Investment Officer Ben Meng has filed demonstrably false financial disclosure documents, flouting the requirements of the California Fair Political Practices Commission. As a result, not only has Meng committed perjury, but CalPERS’ failure to review or require Meng to correct these documents points to a major compliance failure, since CalPERS has, or should have, records that would show that Meng’s financial disclosures were incomplete.

Recall that this lapse follows CalPERS having had a huge spike in personal trading violations, which it has yet to explain adequately, let alone describe what it will do to prevent abuses like that from recurring. Poor controls are a disaster in the making for a financial institution, as the Wells Fargo fake account train wreck illustrates.

To make this sorry situation worse, CalPERS delayed releasing the Forms 700s until it became clear they’d be published regardless, suggesting that they were fully aware of this and potentially other lapses, yet refused to correct them. <Source>

The question remains, will anyone be held criminally liable for fraud or other violations? Will senior management take responsibility and resign – or are they complicit?

I find it outrageous that California’s progressive socialist democrats would allow a former member of the Communist Chinese Party to direct $3+ BILLION in funding from California pensioners to Communist Chinese companies, some of which are developing black-listed or dual-use military technology.

From Congressman Jim Banks (R-IN)…

Congressman Jim Banks (IN-03), member of the U.S. House Armed Services Committee, sent a letter today to California Governor Gavin Newsom urging him to investigate California Public Employees' Retirement System’s (CalPERS) Chief Investment Officer (CIO), Yu Ben Meng, for his ties to the Chinese Communist Party and suspicious investment decisions. 

“In his remarks last week, Secretary Pompeo was correct when he said China knows that it won’t get concessions from this administration, so it has pivoted to exploiting state and local governments,” said Banks. “Unfortunately, China found success in California. CalPERS has been funneling retired public servants’ savings to companies that abuse human rights and supply the Chinese military. And it has done so at the behest of its CIO, Yu Ben Meng, a man enlisted in China’s Thousand Talents Program—which has been described  by the FBI as one of China’s ‘non-traditional espionage’ programs.  This poses a national security risk to every region of the United States. I hope Governor Newsom appreciates the gravity of the situation and speedily launches an investigation into Yu Ben Meng and CalPERS.”

CalPERS is a state agency responsible for managing $360 billion of California public-sector workers’ retirement and health benefits.

CalPERS holds $3.1 billion worth of shares in 172 different Chinese Companies, many of which are complicit in the Chinese Communist Party’s human-rights abuses and act against the United States’ interests, including: China Shipbuilding Industry Corp, the largest manufacturer of China’s navy ships; Hikvision, the company that provides Xinjiang with its surveillance tools; and China Communications Construction Co, which is the largest builder in China’s Belt & Road Initiative.

CalPERS CIO, Yu Ben Meng, is a Thousand Talents Program recruit and worked for China’s State Administration of Foreign Exchange (SAFE) until 2015, a state agency charged with managing 3.1 trillion in China’s foreign exchange assets.

The letter requests Governor Newsom investigate Mr. Meng’s ties to the Chinese Communist Party and review the effects his tenure has had on CalPERS investments in China.

Yu Ben Meng…

Yu (Ben) Meng, Ph.D.


Chief Investment Officer

Yu (Ben) Meng rejoined CalPERS in January 2019 as chief investment officer (CIO).

He oversees an Investment Office of nearly 400 employees and manages investment portfolios of roughly $400 billion, including the Public Employees’ Retirement Fund and affiliate funds.

Yu, a U.S. citizen born in China, returned to CalPERS after more than three years as the deputy CIO at the State Administration of Foreign Exchange (SAFE), the largest asset pool in the world with assets under management of over $3 trillion U.S. dollars.

[Notice, they do not mention that he is a “naturalized” citizen and that it is the Chinese State Administration of Foreign Exchange.]

Prior to his time at SAFE, he served at CalPERS for seven years with his last role as the investment director of Asset Allocation. He also was a portfolio manager in fixed income.

Before joining CalPERS in 2008, Yu worked at Barclays Global Investors as a senior portfolio manager, Lehman Brothers as a risk officer, and Morgan Stanley as a fixed-income trader.

He also serves as a member of the Future of Finance Advisory Council (CFA Institute) and is an associate editor for the Journal of Investment Management.

In 2014 Yu was the recipient of the Cheit Award for Excellence in Teaching at the Haas School of Business.

He holds a master's degree in financial engineering from the Haas School of Business at the University of California, Berkeley, and a doctorate in civil engineering from the University of California, Davis.

[OCS: There is no doubt in my mind that Meng is smart, well-educated, and extremely competent – my only question is where his loyalties might lie and the extent to which he may be aiding and abetting a hostile foreign power with funding and perhaps access to American technology.]

<Source: Calpers>

Funding our enemies?

It should come as no surprise that more than a few of California Silicon Valley oligarchs and the families of prominent California politicians have significant business dealings in China. No more of a surprise than to find a Chinese spy served for twenty years on the staff of Senator Dianne Feinstein (D-CA), a member of the Senate Intelligence Committee, – and when discovered was quietly allowed to retire with his government pension instead of being sent to prison. But then again, Pelosi’s husband has a significant relationship with the Communist Chinese.

Bottom line…

Once again we find the progressive socialist democrats projecting their illicit behavior and misdeeds onto the GOP, the Trump Administration, and President Donald Trump himself.

Yu Been Screwed.

-- steve

“Nullius in verba.”-- take nobody's word for it!

“Beware of false knowledge; it is more dangerous than ignorance.”-- George Bernard Shaw

“Progressive, liberal, Socialist, Marxist, Democratic Socialist -- they are all COMMUNISTS.”

“The key to fighting the craziness of the progressives is to hold them responsible for their actions, not their intentions.” – OCS

"The object in life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane." -- Marcus Aurelius

“A people that elect corrupt politicians, imposters, thieves, and traitors are not victims... but accomplices” -- George Orwell