March 7, 2008

The California public employee pension fund "is just as political in its investment decisions as any Arab emirate," to quote the WSJ's summary of an op-ed by Benn Steil of the Council on Foreign Relations. And while it likes to portray itself as a leading advocate of improved corporate governance, the shareholder initiatives Calpers advances often have more to do with the interests of its union constituents than with those of other shareholders.