Here's a front-page Wall Street Journal piece that has created a bit of a stir.
Calpers has said in recent weeks that it expects to report paper losses of 103 percent on its housing investments in the fiscal year that ended June 30. That's because Calpers invested not only its own money, but billions of dollars of borrowed money that must be repaid even if the investment fails ...
Calpers stresses that it is a long-term investor and can earn back the declines in the future, just as it erased declines suffered in the dot-com bust a few years ago.
Click here to read the story by WSJ reporters Michael Corkery, Craig Karmin, Rhonda L. Rundle and Joann S. Lublin
Note: This version appears on the STLtoday.com Web site, which is operated by the St. Louis Post-Dispatch. We would link with the WSJ, but the site limits access to registered subscribers.