California Public Employees’ Retirement System

A credit rating agency downgraded the creditworthiness of the country’s largest pension fund yesterday, according to the Los Angeles Times. It’s the latest bad news for the California Public Employees’ Retirement System fund (CalPERS),  which has been beset by scandal this year with allegations similar to those buffeting New Mexico’s investment system tarnishing its reputation.

An investment scandal that’s been plaguing New Mexico heated up last week when the state’s former investment adviser pleaded guilty to securities fraud in New York, admitting that he recommended deals that were not in the best interest of the state because they were pushed by politically connected individuals here. Now, it appears similar pay-to-play [...]