The Wall Street Journal has a frontpage article about a Calpers "Pay-to-Play" investigation. It starts
America's largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of millions of dollars in losses.
and continues with
Calpers funds the guaranteed pensions of retired state employees from returns on its investments and contributions from local governments. With its investments tanking, Calpers has requested more money from municipalities. To pay up, many of these governments will have to cut services or raise taxes.
Unfortunately, this is not "other peoples' money".
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