Yu Ben Meng. (Photo: gsm.ucdavis.edu)
CalPERS Investment Chief with ‘Long and Cozy Relationship with China’ Resigns
‘Meng was actually recruited to this position by the Chinese Communist Party’
By Katy Grimes, August 6, 2020 8:17 am
California Public Employees’ Retirement System (CalPERS) said late Wednesday Yu Ben Meng resigned as its chief investment officer, Reuters reported.
California Globe reported in February when House Armed Services Committee member Rep. Jim Banks (R-IND) sent California Governor Gavin Newsom a letter calling for the investigation of the Chief Investment Officer Yu Ben Meng of the California Public Employees’ Retirement System, the largest public pension fund in the nation, for his “long and cozy relationship with China.”
“If this were up to me, I would fire [CalPERS Chief Investment Officer Yu Ben Meng] immediately because of these suspicious ties,” Banks said. “We learned that Mr. Meng, who is the chief investment officer of CalPERS, was actually recruited to this position by the [Chinese Communist Party] through something called the Thousand Talents Program. Now he’s denied it.”
“What is unusual is that many of these companies are companies that we’ve blacklisted, that make Chinese military equipment or are responsible for technologies like Hikvision, which is the equipment that’s used by the Chinese for surveillance on the Uighur Muslim population that they’ve been abusing in their own country,” Banks said.
Rep. Jim Banks just released the following statement:
“Taxpayers shouldn’t be forced to fund our adversary’s military. With Yu Ben Meng’s departure, CalPERS now has the opportunity to correct its course and divest from companies within China’s military-industrial complex.
“The United States government must do more to stop the flow of U.S. capital to companies affiliated with the Chinese military. That’s why I’ve introduced a permanent solution to this issue with the “Stop Funding the PLA Act” that would block U.S. investments—including investments from pension funds—in China’s military industrial base. Congress should take up and pass this legislation now.”
The need for this legislation became apparent again this week when it was reported that coronavirus stimulus loans were paid to companies with ties to China’s aviation and defense industries.
As California Globe reported, Mr. Meng was hired as Deputy CIO of China’s State Admission of Foreign Exchange (SAFE) in 2015, which is a Chinese Communist Party Agency responsible for managing $3 trillion in state-owned assets.
Banks told Fox Business host Maria Bartiromo that they found Yu Ben Meng was actually recruited to the CIO position by the CCP through something called the Thousand Talents Program. Banks said they notified Gov. Newsom, who denied this. Banks also wondered why California would allow Yu Ben Meng to have access to the state’s public employee retirement funds. Banks also said they found Chinese newspaper articles which take credit for Yu Ben Meng being in the position at CalPERS.
In an article in the Chinese newspaper Society People, they write about Mr. Meng:
“He, once a well-known person on Wall Street in the United States, managed the largest public retirement fund in North America. Two years ago, he gave up the comfortable life in the United States and returned to contribute to the country’s foreign exchange reserves. He is Meng Yu, the deputy chief investment officer of the Central Foreign Exchange Business Center of the State Administration of Foreign Exchange (pictured above, profile photo).”
Mr. Meng said, “In human life, if there is an opportunity to serve the motherland, such responsibility and honor cannot be compared to anything.”
“Since 2001, Meng Yu has successively worked in many internationally renowned financial institutions such as Morgan Stanley, Lehman Brothers, and Barclays, and has successively held positions as bond trader, credit analyst, and investment director. In 2008, he joined the California Public Employees Retirement Management System, the largest public retirement fund in North America, where he was primarily responsible for asset allocation. Since 2011, Meng Yu has been the asset allocation director of the California public employee retirement management system, managing more than 300 billion US dollars of assets.”
“Outside of work, he also teaches courses in risk management, international finance and currency at the invitation of UC Berkeley and UC Davis.”
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October 10, 2019
Thank you for this report. Newsom, et al have sold their souls to the Chinese Communist Party via investment interests. Maybe the CCP can land Mr. Meng Yu a gig in the states of Washington, Oregon, Illinois, or New York?
Perhaps Senator Feinstein could form a search committee to find a replacement for Mr. Meng Yu? Maybe this time, someone who is “willing to serve the” California “motherland” since “such responsibility and honor cannot be compared to anything.”
We can thank honest media and an honest politician for bringing this preposterous-but-true situation to our attention in the first place. I assume this revelation and the resulting pressure led to this guy’s resignation. That is great news.
It strikes me again that sometimes the horrible truth of what is going on in this state is so outrageous and bizarre that I think even the most cynical of us have trouble accepting that it is actually happening.
My eyes are wide open. It looks like from Senator Diane Feinstein, Newsom, Brown and all the way down to low level government board members that California Is owned by the CCP. This has to be exposed at every level. CCP must pay handsomely. I hope there is more to come. Thanks for bringIng us the important news Katy. Keep shining that light! It always comes down to money.
Politicians keep getting rich while in office. Meanwhile it is reported that CALPERS is 1- 3 trillion dollars underfunded. Not looking so golden in California.
I will stay tuned.
Just imagine what a full audit of Calpers would show. This has to be a cesspool of corruption with every single prominent Democrat in the state at the feeding trough.
CALPERS , Nothinb but Corrupt
Including most of it´s Parasitc Low Life, Self Serving,
So Called “Public Servant´´ Members…
This explains Newsom’s “investments” in a PPE company in China who gave us defective equipment. Don’t let Ming Yu out of the country !!!!! I smell fraud !!
Now look at ALL dual citizens.
He fits right in to California politics. Communist, schmomunist!
God bless Jim Banks and thank goodness another CCP infiltrator has been purged, but now the work really begins…
What kind of backdoors has he created to funnel funds from CalPERS to “the motherland”…
Time for John Moorlach to launch a top to bottom fraud audit and a comprehensive internal controls audit as well…
This is deeply troubling news, actually….
Don’t make the mistake of assuming that it’s only California. Remember Chinagate? Bill Clinton demonstrated his mastery of the media when he successfully used a sex scandal to distract the public from the fact that CCP agents had the run of the White House and State Dept. during his administration. Diane Feinstein didn’t just have a Chinese driver working for the CCP; her husband has business relationships in China worth several billion dollars. Similar relationships exist for Charles Schumer, Nancy Pelosi, Joe Biden, etc..
The CCP purchased the Democrats a long time ago, but it isn’t just the Democrat party. Mitch McConnell, for instance, has questionable connections to the CCP through Elaine Chao, his wife and current Secretary of Transportation, formerly Secretary of Labor under George W. Bush. Her father, Chinese shipping magnate James Chao, has deep ties to the CCP.
This is all straight out of Sun Tzu. Thank God we now have a President who recognizes the danger, and is willing to act accordingly.
The reasons to recall Gavin Newsom just keep growing. Too many democrats have ties to the CCP and now we have a crime family in the White House to join them!