SEC investigates country’s largest public pension fund

The World

Louise Story, Wall Street and finance reporter for The New York Times, discusses her breaking story on a new investigation by the Securities and Exchange Comission against the California Public Employees’ Retirement System, known as Calpers. During the financial crisis, the fund lost a significant portion of its portfolio, leaving the California on shaky financial ground.

Now, investigators are looking at whether California adequately disclosed the risky nature of Calpers’ investments. The country’s largest public pension fund’s shakedown could send tremors through the pension world, which is already suffering.

Do you support journalism that strengthens our democracy?

At The World, we believe strongly that human-centered journalism is at the heart of an informed public and a strong democracy. We see democracy and journalism as two sides of the same coin. If you care about one, it is imperative to care about the other.

Every day, our nonprofit newsroom seeks to inform and empower listeners and hold the powerful accountable. Neither would be possible without the support of listeners like you. If you believe in our work, will you give today? We need your help now more than ever!