If the nation's largest public pension fund, which prides itself on being savvy, takes a beating in real estate, well, then, who didn't? CalPERS is reaping the bad seed sown in certain deals over the last few years.    Read More

Warren Buffett's just-released annual letter to shareholders features a blistering attack on what he calls the "fanciful figures" of Corporate America's accounting, especially when it comes to assumptions about pension fund returns.  He says those assumptions are far too optimistic, designed to boost short-term earnings at the expense of future retirees.   Read More