Some experts are surprised by the high price of an internal review of the public pension fund. CalPERS says it used the review's findings to negotiate $215 million in fee reductions.
According to the LA Times, The California Public Employees' Retirement System paid $11 million to a Washington, D.C., law firm and its advisors to conduct an internal review, an amount that has some of the fund's own directors proposing more stringent oversight of outside legal fees.
The review found support for allegations of corruption, bribery and influence peddling at the country's biggest public pension fund, but some lawyers and financial experts familiar with the scandal said they were surprised by the large legal fees. They also suggested that the investigative work could have been done by the state attorney general's office, which has sued two former CalPERS officials over fraud allegations…
Read more at http://www.latimes.com/business/la-fi-calpers-khinda-20110628,0,293172.story
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