The CALPER's Way

We already did a post today on this one but this quote from Time magazine is well: a classic:

The California Public Employees' Retirement System, better known as CalPERS, handed out a pension check last year for $272,200 to a retired university professor. A former water-district general manager collected $206,300. CalPERS, by the way, invests in vulture funds formed by Wilbur Ross, the New York billionaire who specializes in buying bankrupt companies, slashing costs and then selling the firms for an oversize profit. Among the costs pared: pensions. In short, a public-employee pension fund makes money from the killing of private pensions.

Where are are the fuming editorials from the New York Times day after day on that one?