Wait a minute. My math is wrong. In June of 07 BSC was worth about $150 per share. So Calpers had over 60% of its pension money in BSC and, apparently, a lot more in Bear’s subs. I don’t know what the subs were worth but I’ll bet you Calpers was approaching 100% BSC. That would mean Calpers is now wiped out. Too bad.
Worse than that. They’re only 136 million shares outstanding. Calpers owned Bear many times over. LOL!