6.21.2009

CalPERS fraud countdown

We're less than a month away from the anniversary of CalPERS' fraudulent 2008 performance numbers. We know things have gotten worse since then, but the big question now is how much fraud will be in the 2009 performance numbers. The smart money is on CalPERS fessing up to significant losses, but far less than the honest total. We shall see.

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Milestones

I talk a lot about inflation. But today was the first time in my life I actually used a dollar bill as toilet paper.