TIM CAVANAUGH: Why “CalPERS Manager” Is Every Stock Picker’s Dream Job. “California’s public pension fund allowed its fund managers to take mega-jet-set kickbacks from financial companies looking to win big state investments. In testimony related to Attorney General Jerry Brown’s bribery lawsuit against a former California Public Employee Retirement System board member, a CalPERS representative has admitted that he and other CalPERS investment staffers accepted gifts, steaks at Morton’s, toys, and dozens of luxury trips to exotic ports of call like Shanghai, Mumbai and New York. Was sex part of the package? Sounds like it.”