AIMCO's $4-billion+ screw-up

Progress Report #214
Your weekly update on Alberta politics fo
r April 28, 2020

If you’ve been wondering why teachers and other public sector workers are outraged that the UCP are handing control of their pensions to AIMCO, the Alberta Investment Management Corporation, there were plenty of explanations in the news last week.

Our report, Alberta’s Failed Oil And Gas Bailout, details how over the past few years AIMCO has interpreted a ‘growth mandate’ it was given by the government as instructions to pour pension and Alberta Heritage Trust Fund money into dodgy oil and gas ventures that other investors won’t touch.

Not only has AIMCO been losing piles of money as these companies go bankrupt--but it’s ending up tied up in the deadbeat companies’ huge environmental liabilities.

You can grab a copy of the report on our website.

Duncan interviewed Greg Meeker of the Alberta Teachers’ Retirement Fund on our podcast this week to learn more about it. But we were shocked when, the morning we planned to release our report, another AIMCO story broke--and it’s huge.

AIMCO just blew four billion dollars of public funds on a scheme straight out of the 2008 financial crash--investing big in ‘derivative’ products like ‘variance swaps’ that put a big, big bet on the world market being stable. And of course it wasn’t.

We can’t let any more of Albertan’s pensions and public funds get destroyed by incompetence at AIMCO. While we work on figuring out the best way to push back and get real reform at AIMCO, we’re running a letter campaign urging legislators to fix the agency as soon as possible. Send a letter to your MLA using our tool today.


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