Exclusive: Facebook governance a concern for Calif pension fund (Reuters)

California Attorney General Jerry Brown says a major banking firm bilked the state's two biggest pension funds out of more than $200 million. Brown has filed a lawsuit against State Street Bank and Trust Company. The suit alleges the Boston-based firm overcharged the California Public Employees Retirement System and the California State Teachers' Retirement System with fees and penalties for handling foreign currency trades.

The California State Teachers' Retirement System board yesterday voted unanimously to divest itself of investments in makers of firearms and ammunition that are illegal to purchase or own in the state of California.

The topic of Illinois' various insolvent pension systems is not news to regular Zero Hedge readers.

NEW YORK (Reuters) - The California State Teachers' Retirement System (CalSTRS) said on Monday it was reviewing its investment with Cerberus Capital Management LP, the private equity firm that controls Bushmaster Firearms International, in light of last week's school shooting in Connecticut. With $155 billion in assets under management, CalSTRS is the largest teachers' fund and the second-largest pension fund in the United States, making it a powerful voice in the investment community that may influence others in reaction to the shooting. ...

I just finished slogging through a 69 page PDF by the State Budget Crisis Task Force outlining the dire state of affairs in Illinois. I knew in advance that pension funding is the biggest issue facing Illinois. The task force shows exactly that. Here is a summary. Pension Funding Levels

The proverbial can only be kicked so far before the can rusts away to nothing. That is what Police in Stockton, California have found out and that is what the pensioners in the entire Illinois retirement system will soon find out. Stockton Can Suspend Police Accrued Vacation Payouts A California Superior Court Judge says Stockton Can Suspend Police Accrued Vacation Payouts.