Isn't Free Republic Great! What makes it great are the great research bloodhounds like you! You know that is not an insult and is a sincere compliment!
If a private pension committee did the same thing, the Feds would be all over them. The end result likely will be that these investment funds will yield substandard returns, and quite possibly lost entirely. The taxpayers of California will pay for this.
In the meantime, Calpers has the audacity to criticize the boards and executives of public corporations. Gateway, the computer company, was just criticized by Calpers for its failure to run its business properly. Sounds like the pot calling the kettle black.