CalPERS’s corruption, insider dealing, and politicized investments have overwhelmed taxpayers with debt.
This fine piece of investigative reporting by Steven Malanga details the history, dirty dealings, accounting tricks, and sleazy dealings of CalPERS, the biggest public pension fund in the US. I’ve covered much of this in bits and pieces. However, his article has the whole story and is required reading if you live in California since you will pay for it when CalPERS becomes insolvent – which it will.
Worse, now that both houses of the California legislature have 60% Democratic majorities, things will be permitted to get even worse at CalPERS, since the California Democratic Party and its politicians are highly beholden to public unions and aren’t about to rile their cash cows.