"In an effort to create an instant, better culture to ensure sound decisions by the stewards of hundreds of billions of dollars in assets, [CalPERS] -- metaphorically behind by three touchdowns in the fourth quarter -- paid a consultant $275,000 to create its own 10 commandments to guide that new culture. But the decision to give a boatload of cash to Towers Watson & Co. to come up with 10 bedrock beliefs to save a bigger boatload of assets appears to itself have been done in a manner devoid of clear thinking[.]"  MORE >>