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Why "CalPERS Manager" Is Every Stock Picker's Dream Job
California's public pension fund allowed its fund managers to take mega-jet-set kickbacks from financial companies looking to win big state investments.

In testimony related to Attorney General Jerry Brown's bribery lawsuit against a former California Public Employee Retirement System board member, a CalPERS representative has admitted that he and other CalPERS investment staffers accepted gifts, steaks at Morton's, toys, and dozens of luxury trips to exotic ports of call like Shanghai, Mumbai and New York.

Was sex part of the package? Sounds like it. ...

...These tales of Bourbon decadence are proven crowd-pleasers, but I'm never sure how seriously to take them. They always remind me of the Senate Candy Desk: You give "public servants" riches beyond imagination, force that cannot be attained in the private sector, and authority to destroy the wealth and livelihoods of others, and then you expect them to abide by penny-ante rules about gift bags?...