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[Opinion]

11/30/2012: CalPERS and the Constitution: A Looming Confrontation? (ThomsonReuters)
"The fund cited its 'police powers' as an instrument of the state of California and asserted that it's not even obliged to ask the court to lift the stay on litigation. It said it was only filing the motion 'out of an abundance of caution.' Calpers held out the prospect of terminating its relationship with San Bernardino, which would leave the city $319.5 million in the hole. And the pension fund also included several references to its powers under the California constitution. Though the motion addresses only San Bernardino's missed payments and not the city's long-term plan to pay its debt to Calpers, the brief can be read as bait by someone who is looking for a fight."
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