At Calpers, A Revolving Door Of Fees For Influence

By Craig Karmin

A former top Calpers official has been paid more than $900,000 by a European money manager after he helped the start-up firm secure money from the giant public pension fund, according to newly released documents from Calpers.

[Picture: Bill Crist, Former Chairman & President]

The disclosure is the latest example of the “revolving door” phenomenon at work at Calpers, in which some officials at the California fund seek business from it after they return to the private sector.

The California Public Employees’ Retirement System, which invests the retirement money of public employees, is a preacher of good corporate-governance practices. In recent months, it has been conducting an …

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The Wall Street Journal

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