For Immediate Release
Contact: Cameron Wessel
[email protected]
Mission Viejo Councilman Greg Raths Seeks Federal Investigation Into CALPERS Investments Under CIO Yu (Ben) Meng
Orange County, CA (August 13, 2020) – Colonel Greg Raths, USMC (Ret.), a Mission Viejo Councilman, has requested that Attorney General William Barr open an immediate investigation into the investments made by CALPERS under the leadership of Chief Investment Officer (CIO) Yu (Ben) Meng. An American citizen born in China, Meng worked at CalPERS from 2008 to 2015 before leaving to become deputy chief investment officer for China’s State Administration of Foreign Exchange. He returned when CalPERS hired him as CIO in 2019. Meng was California state government’s top-paid employee in 2019, with a base salary of about $646,000 plus about $850,000 in incentives.
“Since his appointment in January of 2019, Yu (Ben) Meng has been the subject of questions regarding his conflict-of-interest disclosures, which ultimately led to his abrupt resignation,” said Raths. “We need to get to the bottom of his activities. The only way to accomplish this is with an independent, strenuous investigation and a thorough audit of CalPERS. I’m seeking to protect the retirements of hundreds of thousands of retirees here in Orange County and millions more across this state and nation.”
Colonel Greg Raths, USMC (Ret.) is serving his second term on the Mission Viejo City Council and is the city’s former Mayor. A combat decorated fighter pilot, Greg flew 75 combat missions in Iraq, Kuwait, and Somalia flying the F/A-18 Hornet. He was later selected to serve in the prestigious White House Military Office as Chief of Staff. After retiring from the Marine Corps in 2004, he flew for Jet Blue Airways as a commercial airline pilot, and then went into business as president of an Orange County company. Greg currently serves as president of the Mission Viejo Rotary Club and on the Orange County Veterans Advisory Council.
Greg earned his master’s degree from National Defense University, bachelor’s degrees from Arizona State University and Cal State Fullerton, and associate’s degrees from Saddleback College and Phoenix College. Greg moved to Orange County in 1977 when he was assigned to the El Toro Marine Corps Air Station. Married since 1982, Greg and Luci have three children and six grandchildren.
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