The hits just keep coming

Man, this is beautiful. Countrywide didn't just make bad loans to real estate speculators; they also made bad loans to other bad lenders:
In court papers, Aegis listed more than $100 million of assets, and estimated it owes more than $600 million to creditors. The latter included $178 million of unsecured debt owed to Madeleine LLC, a Cerberus affiliate that has an 80.9 percent equity stake, the papers show....

According to the bankruptcy filing, Aegis' largest unsecured creditors included affiliates of Morgan Stanley and Countrywide Financial Corp, among others.

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CalPERS Fail

Despite the awesome bull market this year, CalPERS again missed its return target, earning only 5.8% vs. its required 6.8%. CalPERS has mi...