CalPERS: not just bad investors, but crooked too! Pay-to-play

We've been documenting the CalPERS debacle here for more than a year:

CalPERS' magical performance numbers -- 7/19/2008
CalPERS implodes just as predicted --12/18/2008
CalPERS fraud countdown -- 6/21/09
CalPERS fraud watch -- 7/21/09
CalPERS tragic in its hilarity -- 7/27/2009

Today the Wall Street Journal exposes CalPERS board members taking bribes to put CALPERS money into losing investments.

America's largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of millions of dollars in losses.

The disclosure deepens concerns that alleged conflicts of interest are undermining state retirement funds.

The California Public Employees' Retirement System said it is launching a "special review" into payments by money managers -- including billionaire Leon Black's Apollo Management LP -- to firms including Arvco Financial Ventures LLC. Arvco is headed by Al Villalobos, who served on Calpers's board from 1993 to 1995.

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