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How to make real money: "As if that weren't bad enough, CalPERS has another humbling mistake to announce. After poring over its books, it found that financial middlemen had collected $125 million in fees to broker deals between hungry investors and the giant fund."
Corruption has many forms, real and perceived, CalPers is one of them. "The practice, while not illegal, invites trouble. Employees and board members, who can smell the money from these deals, may be tempted to favor firms in hopes of future work. The possibilities for conflict of interest and ethics violations are plain."
Now you know why CalPers is refusing to allow a full audit. It is corrupt. But, then it is government, what would you expect?
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Corruption has many forms, real and perceived, CalPers is one of them. "The practice, while not illegal, invites trouble. Employees and board members, who can smell the money from these deals, may be tempted to favor firms in hopes of future work. The possibilities for conflict of interest and ethics violations are plain."
Now you know why CalPers is refusing to allow a full audit. It is corrupt. But, then it is government, what would you expect?
More...