I was a trustee for a large union pension fund representing the employers side of the contributors.
We had that fund divided between four different fund management companies with different fund goals and make-ups. Each of the four was restricted that no single investment could be more than 2.5% of that single fund. Thus, some investment could fail to zero and it would not impact the pension fund by more than 62/100ths of one percent.
On and on the protections went that are too lengthy to recount but this is beyond criminal.
State and big city pension fund management is for sale to the highest bidder.
What you are bidding is the amount of the kickback to the politicians.
Our jails would be filled with governors and mayors if the truth mattered.