Something to watch out for. I am basically betting that nothing will change.
Wednesday, July 15, 2009
Calpers sues rating agencies
Article in NYT. Basically Calpers investment managers outsourced their decision making to somebody else. When they got ripped off, they are suing. The question to ask is - is Calpers relying on its own brains today in its fixed income investment process, or are they still relying on rating agencies.