California’s Degrees of Separation from Truth and Accountability

California’s pension woes are constantly making news and the unfunded liabilities of the California Public Employees Retirement System (CalPERS) have increased 383 percent in ten years and last year CalPERS was some $100 billion short of funding its pension obligations. Taxpayers are now getting some clues about the reason for this mess. 
In 2016 CalPERS hired as CEO Marcie Frost, who had no college degree of any kind. A degree does not guarantee competence but taxpayers might expect the nation’s biggest state pension fund to demand a degree in math, economics or business administration for its chief executive officer. As it

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