Report of the CalPERS special review

In a scath­ing re­port, a former chief ex­ec­ut­ive of the Cali­for­nia pub­lic em­ploy­ee pen­sion fund was ac­cused of pres­sur­ing sub­or­din­ates to in­vest bil­lions of dol­lars of pen­sion money with polit­ic­ally con­nec­ted firms.

The re­port, pre­pared for the Cali­for­nia Pub­lic Em­ploy­ees’ Re­tire­ment Sys­tem by Wash­ing­ton law firm Step­toe & John­son, comes amid widen­ing at­tacks on pub­lic em­ploy­ee pen­sion funds in Cali­for­nia, Wis­con­sin, Iowa and oth­er states for provid­ing lav­ish be­ne­fits that cash-strapped gov­ern­ments can no longer af­ford. Read the full story »