Category Archives: Investment management

Even Matt Levine Feels Compelled to Say Sorta Bad Things About Apollo’s Conduct in $52.8 Million SEC Settlement

Apollo gets nicked by the SEC, but par for the course, not all that badly.

CalPERS Board, General Counsel Illegally Silence Naked Capitalism Even as We Try to Help

CalPERS’ general counsel lied obviously and casually to the board, a sign of a deeply diseased institutional culture.

CalPERS’ Tainted Fiduciary Counsel Robert Klausner Departs After NC Publicizes His Dubious History

CalPERS’ tainted fiduciary counsel, Robert Klausner, is leaving. But CalPERS’ handling of his departures says it hasn’t learned its lesson.

Hedge Funds Get More Pushback on Terms as Enthusiasm for Strategy Wanes

Investors are trimming hedge funds’ sails….finally.

Even Endowments Like Harvard, Former Top Investors in Hedge and Private Equity Funds, No Longer Beat Boring Stocks and Bonds

Even supposedly oh-so-savvy endowments can’t eke superior performance out of private equity and hedge funds any more.

Bill Gross Chides CalPERS for Its 7.5% Returns Assumption; Illinois Set to Lower Target

More and more experts are taking CalPERS and other public pension funds to task over their barmy return assumptions.

CalPERS Admits to Guilt in Misleading Beneficiaries and Taxpayers About Its Returns by Changing Report After Being Called Out

CalPERS tries to pull a fast one in its claims about its long-term return, and only digs its hole deeper when caught out.

Americans for Financial Reform Calls Out Private Equity Broker-Dealer Abuses as Latest Example of SEC’s Weak, Selective Enforcement

Americans for Financial Reform, an influential group, calls on the SEC to act to combat a long-standing private equity abuse.

Dumb Money Watch: ZIRP-Starved Insurers Beefing Up in Lending as Banks Exit the Pool

Insurers are going long risk at one of the worst possible junctures.

Harry Markopolos Scores Again: State Street Settles for $382 Million on Foreign Exchange Fraud

Harry Markopolos exposed cheating of pension funds and mutual funds in foreign exchange trades,, with State Street the latest settlement.

California Treasurer John Chiang’s Peculiar Letter to the New York Times on His Sham Private Equity Transparency Bill

Treasurer John Chiang tries to defend his bill, AB 2833, against an article by Gretchen Morgenson, but only digs his hole deeper.

Meet CalPERS Board Member Bill Slaton, Who Puts Kow-Towing to Private Equity Over Beneficiaries and California Taxpayers

CalPERS Investment Committee vice chairman Bill Slaton exemplifies many of the pathologies of the board.

How Much Do Shady Financial Practices Cost You, Exactly?

The average U.S. household loses over $100,000 to destructives activities of bankers and financiers

After Supporting Treasurer Chiang’s Private Equity Transparency Bill in Public, CalPERS Gutted It Behind the Scenes

Yet more evidence of CalPERS’ chicanery on behalf of the private equity industry.

CalPERS Reported That It Made Less in Private Equity Than Its General Partners Did (Updated: As Did CalSTRS)

CalPERS clearly made less on its private equity investments last year than its so-called partners did.