California State Pension System Makes Madoff Proud. Video Reveals Gimmicks Used to Hide The Decline In Their Assets

Gwilym McGrew 11/25/2010

CalPERS financial sleight of hand is reminiscent of Bernie Madoff’s lying to his investors through phony statements designed to mask losses and outright fraud.

Much has been written about The California Public Employees’ Retirement System (CalPERS) being underfunded by $500 billion due to massive investment losses over the last decade, but […]