Excerpt: The State Board of Administration is supposed to play it safe. It protects $97.3-billion in pension money for nearly 1-million current and retired teachers, public employees and their families. It invests an additional $25.3-billion for more than 800 school districts and state and local government entities to, among other things, pay police and teachers, buy books and health care for children and help hurricane victims. But in audit after audit over the past eight years, the supposedly low-risk agency was warned again and again about making risky, complex investments, without proper controls.