Criticism is strong over the revelation that private investment funds paid intermediaries to secure business for them with CalPERS, the California Public Employees' Retirement System. An estimated $125 million was paid to the placement agents, including former CalPERS board members. The CalPERS fund manages the employments benefits for 1.6 million state and local government employees, retirees, and their families. Larry looks into the details of disclosure.
Bob Stern, President, Center for Governmental Studies