Posted: 25 Feb 2013 09:38 AM PST
If you work for the politically connected CalPERS or other California pension funds and investment vehicles, you would love for all your mistakes to be hidden from your investor’s view. And by having the elected officials in your hip pocket, your wish is now coming true.
The newly proposed law is in response to Superior Court Judge Charlotte Woolard ruling that public scrutiny is needed for large investments of public funds. With the fear of crony capitalism, back scratching, and other nefarious concerns that have infected the California state pension system, the full disclosure of investments to the pension holders is paramount to protecting their investment.
But the collusion between big pensions and big government in California will continue, and be given a hand going forward if Assembly Bill 382 is passed. Whatever risk of a more expensive deal for the pensions if the facts are disclosed ahead of time will be sure to be less than the risk of bad, unethical decisions being made in the future.
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