They are the kind of numbers likely to induce a heart-attack.

La Presse is reporting that the provincial pension fund, the Caisse de Depot, will report a $38 billion loss at the end of the month when it posts its financial results for 2008.

That represents 26 per cent of its total value. It is also the same amount as the operating budgets of the Health and Social Services Ministry and Education ministry combined.

The losses could mean the employers and employees of Quebec are forced to shoulder the fallout, in the form of higher fees and contributions to the Quebec pension plan, the auto insurance program or the work safety commission.

Blame game

While the numbers will not be confirmed until the end of the month, the fingers are pointing.

Mario Dumont, leader of the ADQ, says he has been watching the Caisse story for a year. He says Jean Charest has been proven wrong on two counts: First the performance of the Caisse is even worse than the slower economy, and second the long term yield is now too low to ensure our pensions.

He says Charest purposely covered up the poor performance of the Caisse during the run up to the Dec. 8, 2008 election.

"People realize they were promised a nice gift by the Liberals during the election but the more you unwrap the gift the more you get some of the real bad smell what's in it," he said today at a press conference.

The Parti Quebecois finance critic, Francois Legault says it the blame rests squarely on the shoulders of Premiere Jean Charest.

Stephen Jarislowsky, Chairman, CEO and director of the investment firm Jarislowsky Fraser Limited, says it is time for the Caisse to adopt a committee of advisers on investment strategy to deter them from making risky investments.

CEO stepped down in January

On January 5, the Caisse president and CEO Richard Guay stepped down "for personal reasons," according to a press release.

He chose instead to work as a strategic advisor to the president and CEO, " providing counsel on investment policy and asset allocation," said the release.

He was in the role for only four months, although he has worked at the Caisse since 1995, including various high-level positions.

Fernand Perrault took over as President and CEO for a six-month term ending in July. The government is continuing to search for a permanent CEO.