"Chicago pension officials wanted to know where to deposit the $11 billion that the city's teachers had saved for their retirement benefits, so they turned in 2014 to the outside consulting firm they'd hired for financial advice.... [W]hen the firm, Callan Associates, told pension trustees at a February meeting to give the cash to a bank called Bank of New York Mellon (BNY), the board's trustees agreed to follow the advice. What they were not told at that meeting, however, is that BNY pays Callan for both general consulting services and financial education programs."  MORE >>