California Wisdom: Embracing Pension Placement Agents

CalPERS believes placement agent bans have gone too far.


If the consequences weren’t so serious, the “pay to play” scandal involving New York’s public retirement fund could be part of a trilogy of farces about the Empire State’s colorful politicians and con artists. First we had Eliot Spitzer, then Bernie Madoff and now these bumbling crooks who allegedly used some of their ill-gotten gains to produce a low-budget movie as well as to come to the aid of a former television actress who needed help paying her rent.

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