The Trouble with CalPERS

The California Public Employees Retirement System is the biggest thing of its kind in the country with $200 billion in assets. CalPERS, as it's called, has been a model for big investors and a champion of good corporate governance. Now its reputation is under assault because of big losses from bad investments and potential conflicts of interest. Today's Los Angeles Times reports that CalPERS continued doing business with two hedge fund advisors for two years after contracts had run out.