Despite coming clean about uncovered evidence of corruption and bribery amongst its ranks, according to the Orange County Register, CalPERS still shows no interest in dealing with an even bigger problem: the unsustainable pension deals for state workers that leave Californians on the hook for hundreds of billions of dollars of pension debt.

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The Los Angeles Times reports that a 17-month investigation has revealed shocking evidence of bribery and corruption amongst CalPERS board members, including former chief executive Federico Buenrostro Jr.

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The Los Angeles Times has released an article that reports on the corrupt practices of private firms who were paid millions to insure that investment firms could have a piece of the CALPERS fund. One individual agent received nearly $60 million in fees for his firms role in securing the CALPERS business.

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This Bloomberg report explains how risky investments in high-end real estate has lead to massive losses in Calpers' pension fund. Though Calpers officials claim to be changing investment firms and repositioning these investments, it may be too late as net losses are in the billions.

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This article from Forbes.com explains that Calpers has made fraudulent and deceitful statements regarding their (mis)managment of the state pension fund that would have landed a private investment firm a bundle of lawsuits. Though public firms like Calpers have a different regulatory ethic than private firms, the author suggests that Calpers actions deserve a review by Securities and Exchange Commission.

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This editorial in the Sacramento Bee explains how lavish pension plans, which require high-risk investments are at the root of CalPERS' budget crisis. Legislators have finally proposed two measures to cut this pension spending dramatically. The governor has yet to release his position on these measures.

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As this article in the Wall Street Journal explains, Calpers' billions in stock market losses will be made up by cutting funds at the city level. City budgets, which are already stressed by the state government's debt will be forced by the giant pension fund to cut their programs even more. As the article concludes however, this burden will not stay on the cities for long; it will soon be reflected, once again onto the taxpayers, drawing even more money from hard-working families.  Read more >>

The next time someone blames Proposition 13 for the problems of struggling governments, tell them they are using the wrong "p" word. The correct word is "pensions."  Read more >>