Alberta learns its Crown investment corporation just lost $4 billion on a bad bet - 2020-04-23

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F185.png Alberta learns its Crown investment corporation just lost $4 billion on a bad bet April 23, 2020, David Climenhaga, blogs, rabble.ca

Albertans reeling from the shock of a week that's included oil prices so low you have to pay people to haul the stuff away and a mishandled COVID-19 outbreak at a slaughterhouse south of Calgary that sent infection rates soaring were rattled again yesterday by news the province's Crown-owned money-management corporation had somehow managed to lose $4-billion.

Not that the previous 52 weeks have been much better, but if the first week of Jason Kenney's second year as premier highlights anything about his United Conservative Party government, it's that it's not just remarkably incompetent, it's remarkably unlucky too!

In a bombshell scoop, The Globe and Mail revealed Tuesday that the Alberta Investment Management Corp., which is supposed to manage $119 billion for the province's public sector pension funds and about $18 billion that's left in the Alberta Heritage Savings Trust Fund, was out more than $4-billion "on what clients are calling a wrong-way bet against sharp swings in stock prices."

Wikipedia cite:
{{cite news | first = David | last = Climenhaga | title = Alberta learns its Crown investment corporation just lost $4 billion on a bad bet | url = https://rabble.ca/blogs/bloggers/alberta-diary/2020/04/alberta-learns-its-crown-investment-corporation-just-lost-4 | work = blogs | publisher = rabble.ca | date = April 23, 2020 | accessdate = April 24, 2020 }}