By Kerry Jackson, includes “The California Public Employees’ Retirement System, which has a history of making poor choices, plans to become a lending institution. A healthy pension fund wouldn’t be making such a risky decision. … CalPERS has a history, as well, of steering ‘billions of dollars into politically connected firms,’ City Journal’s Steven Malanga wrote some years ago. Will it follow that precedent and loan to companies favored by board members or even lawmakers in Sacramento? The latter is by no means unimaginable. “
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