More Calpers gunk

One-time board president William Crist was paid $800,000 by a British investment firm to get business from the California pension fund. Crist, who keeps collecting through next January, went to work for the British firm about a year after he left Calpers - technically legal, but ethically outrageous. From the Sac Bee:

Crist, reached at his home in Turlock, said he did nothing inappropriate in representing Governance for Owners before CalPERS. But he said, "I was worried about the appearance when I started seeing the articles in the newspaper" about people such as placement agent Alfred Villalobos, another former CalPERS board member who has earned big fees.

As posted earlier, Calpers investment deals generated $125.1 million in commissions for middlemen like Crist. Man, what a racket...