More on the Calpers (California Pension Plan)scandal in the Wall Street Journal. Craig Kramin reported
"Calpers said it paid two hedge-fund advisers during a two-year period when the firms weren't under contract, the latest stumble by the nation's largest pension fund. The two firms, a unit of UBS AG and Pacific Alternative Asset Management Co., have worked for the California Public Employees' Retirement System since 2003.
But their contracts had lapsed even as they continued to advise Calpers on hedge-fund investments over the past two years.
They received a combined $36 million."
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