THC has harped on the issue of pension liabilities in California ad nauseam, and we were reminded just how rotten the CALPERS system is – from the people who created it, to the people who run it, and to the people who take advantage of the system to thieve public monies for their own benefits – by this article from San Jose’s The Mercury News.
The article details how the investments that fund the CALPERS system were played by one of their executives and one of their board members, involving big bribes and illicitly made cash. What’s more, is that the executive in question, Federico Buenrostro, is probably being given a break on his potential prison sentence. (Boo! Hiss!) Even after racking up a charge of violating probation resulting from a domestic violence dispute. (Boo! Hiss! x2)
Sure is a shame. To make you feel better, you can read more of THC’s stuff on CALPERS and the crisis of pension liability (made only the worse by the increasingly selfish demands of those whiny public sector workers!) below.