To be fair, the CalPERS board the hired Meng is absolutely corrupt _and_ inept on top of it. At least Meng is now gone. If you want to read about some even more

To be fair, the CalPERS board the hired Meng is absolutely corrupt _and_ inept on top of it. At least Meng is now gone. If you want to read about some even more absurd missteps that he made while he was CIO, see Naked Capitalism. The archives have the full stories but the link below has the highlights: self-dealing, lying, misrepresenting his credentials as an investor, and oh yeah, cancelling a massive hedge against market downturns right before coronavirus hit because he didn't understand how hedges work https://www.nakedcapitalism.com/2020/08/calpers-chief-investment-officer-ben-meng-resigns-following-our-exposing-his-false-felonious-financial-disclosure-filings-and-private-equity-conflicts-of-interest.html https://www.nakedcapitalism.com/2020/08/calpers-chief-invest... Honestly it was the least convincing part of the blogpost's overall argument -- in any large-enough pool of people of course there will be a few charlatans and frauds.