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  • Medco--drug-benefit firm entangled in CalPERS bribery probe--to be sold

    07/23/2011 6:16:12 AM PDT · by DeaconBenjamin · 19 replies
    Sacramento Bee ^ | Friday, Jul. 22, 2011 - 12:00 am | By Dale Kasler
    Wounded by the CalPERS bribery scandal and other problems, a New Jersey pharmaceutical-benefits company is being sold. Medco Health Solutions Inc., one of the giants of the drug-benefit industry, on Thursday agreed to a $29.1 billion takeover by rival Express Scripts Inc. Such a deal would have been unthinkable a few months ago, when Medco was flying high. But the New Jersey company ran into a series of problems that began with its entanglement in the CalPERS bribery case. "This year has been a head-spinner for this (Medco) management team, starting out with the CalPERS issues," said investment analyst Arthur...
  • Calpers Rocked by 'Pay to Play'

    10/15/2009 8:24:51 AM PDT · by george76 · 19 replies · 1,318+ views
    wsj ^ | OCTOBER 15, 2009 | CRAIG KARMIN AND PETER LATTMAN
    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