CALPERS to Sell Junk Bonds: California’s public...
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From Times Staff and Wire Reports
CALPERS to Sell Junk Bonds: California’s public employees’ pension fund decided to sell its $530 million in high-yield, high-risk bonds. State Treasurer Kathleen Brown urged the Public Employees Retirement System’s investment board to liquidate the bonds “in an orderly and prudent fashion” to protect pensions. CALPERS, one of the nation’s largest pension funds, controls a $60-billion investment portfolio. The board took its action even though junk-bond prices have risen this year.
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