"The bland bureaucracy that dispenses pension checks to half a million Californians has taken on a new identity: fierce and unyielding champion of government retirees. Facing an unprecedented legal fight over the cash it receives from member cities and counties, CalPERS has come out swinging. It has gone to court to keep the dollars flowing, while portraying itself as the only thing standing between helpless retirees and greedy Wall Street types and irresponsible politicians who would grab their pensions."

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