Is Pete Wilson Trying To Mute A Shareholder Activist?

It started as a money grab: Desperate to close California's projected $14.3 billion budget gap by July 1, Republican Governor Pete Wilson eyed surplus funds in the $63 billion California Public Employees' Retirement System. Tinkering with formulas and assumptions could provide as much as $2.5 billion. Then came the power grab: In his budget package, Wilson also proposed reconstituting CalPERS' board, dismissing representatives of retirees, and stacking it with members that he and state legislators would appoint.

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