TLDR: politically appointed trustees of a pension fund systematically invest in somewhat-fraudulent investment schemes, which shock horror had some questionable

TLDR: politically appointed trustees of a pension fund systematically invest in somewhat-fraudulent investment schemes, which shock horror had some questionable financial returns (they were in fact quite large, but with a minus in front). This is, obviously, the fault of all bankers on Wall Street, not of the appointed trustees or of the politicians appointing them.