The enormous pension fund Calpers, which recently stopped investing in hedge funds, says it will cut in half the number of outside investment managers it employs in order to reduce the fees it pays to Wall Street. Shoddily managed state pension funds across America, take note.
The Hedge Fund Scam Is Unraveling
CALPERS is America's largest pension fund, with $300 billion in assets. It just announced that it is pulling all of its money out of hedge funds. Why? Because everyone knows that hedge funds are a ripoff.
