Calpers: Stones and glass houses

New Yorkers often joke that California is a foreign country. That’s far-fetched. But recent departures at the Golden State’s largest pension fund, the California Public Employees’ Retirement System, highlight conflicts similar to those usually associated with foreign government-run funds. Chief investment officer Russell Read and chief executive officer Fred Buenrostro have quit Calpers. The rumour-mill has it that the resignations come amid disagreement on the Calpers board about investment po...