GO
Loading...

CalPERS CIO on Wall Street: 'The Game Appears Rigged'

Tuesday, 11 Oct 2011 | 3:25 PM ET

People are “waking up” to the fact that “the game appears to be rigged,” Joe Dear, CIO of California Public Employees’ Retirement System, told CNBC Tuesday.

“The financial system gets bailed out [during the crisis], [executives'] salaries stay high and the incomes of people who work for a living, paycheck to paycheck, continue to decline,” said Dear.

Investing Amid Global Turmoil
Discussing the urgency for Slovakia's vote on the EFSF expansion which may not be answered today, and where the markets stand, with CNBC's David Faber, Scott Wapner, Michelle Caruso-Cabrera and Gary Kaminsky. Also, Joseph Dear, CalPERS CIO weighs in on long term investing strategies.

The fact that people are taking to the streets because the economy isn't meeting the needs of ordinary Americans "should not come as any surprise to anybody," he explained.

“Now, how this energy gets channeled, I don’t know. It could be extremely positive [or] it could be extremely negative,” he added.

One thing is clear, “the same old policy solution with the same sterile political debate isn’t doing anything for real folks,’ he concluded.

Follow Strategy Session on Twitter: @CNBCStrategy
Follow David Faber on Twitter: @DavidFaberCNBC


Watch CNBC's "The Strategy Session" weekdays at Noon ET.