In the beginning of February, a formal announcement of nearly $40 billion of losses were made by the Caisse de dépôt et placement du Québec for 2008, the worst results in the Caisse's history. These results (and even their anticipation given the dramatic declines in asset prices over the preceding months) generated a lot of debates and questions about the quality of risk management practices at the Caisse, the nature of its objectives and the adequacy of its management. All that was accompanied by many changes in that management including the Board, the Chair and the CEO's position.