SVB Collapse: CalPERS, Public Pension Losses From Bank Failures Seen As Minor

CBS San Francisco

March 23, 2023

SAN FRANCISCO — When two tech-linked U.S. banks failed this month, among the investors who lost millions were public-sector pension funds responsible for ensuring the retirements of teachers, firefighters and other government workers.

The pension funds, like others, have reaped the benefits of bull markets and, like many investors, have suffered when investments soured.

Last year, many lost value when their investments in Russian assets became nearly worthless after most of the world froze out that nation's economy following its invasion of Ukraine. Some held stock in cryptocurrency-related businesses that have sputtered amid the downfall of FTX and its founder, Sam Bankman-Fried.

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