From Forbes Magazine
Wednesday, the California Public Employees' Retirement System disclosed that it is launching an investigation into evidence that a former board member has snagged $50 million in fees for funneling money from the fund to poorly performing outside managers.
To those of us in or close to the public pension fund business, this news comes as little surprise. But here's hoping it will finally force other public funds around the country to do something most have been avoiding: clean house.