Phil Angelides Puts Bankers on Trial - WSJ.com

We'll admit we don't have much hope for any inquiry led by Mr. Angelides, who is about as partisan a chairman as one can imagine. As California treasurer and board member at Calpers, the giant pension fund for state employees, Mr. Angelides led the movement to invest to advance political goals. He pushed Calpers to invest in "environmentally screened" funds and helped pressure companies like Safeway and countries like the Philippines to embrace union labor. While at Calpers, he was dogged by questions about investment funds managing Calpers cash whose executives coincidentally were backers of his political campaigns.