Pension Fund Adopts Conflict Policy New York Times Online (08/19/02) Vol. 18, No. 8 p.B9B; Hayashi, Yuka
The $137 billion California Public Employees' Retirement System is adopting policies aimed at ending conflicts of interest by Wall Street investment bankers and money managers. The new measures, which follow similar action last month by the $112 billion New York State Common Retirement Fund, require investment banking firms and money managers doing business with the pension funds to disclose additional information about potential conflicts, accept closer monitoring, and adhere to a number of safeguards. California Treasurer Phil Angelides said of the action: "We must wield our consumer power in the marketplace to clean up the abuses that have harmed pensioners, taxpayers, and our economy."