By one estimate, CalPERS has missed out on $3 billion in financial returns by refusing to buy tobacco stocks. But the pension giant decided Monday to stick with the ban despite a recommendation from its staff that the ban be relaxed.

By Dan Walters
dwalters@sacbee.com
January 2, 2017 – 12:01 AM

It’s very rare, but always welcome, when reality intrudes on political decision making.

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