Banks Sell 'Toxic Waste' CDOs to Calpers, Texas Teachers Fund
`Lipstick on a Pig'
Chriss Street, treasurer of Orange County, California, the fifth-most-populous county in the U.S., says no public fund should invest in equity tranches. He says fund managers are ignoring their fiduciary responsibilities by placing even 1 percent of pension assets into the riskiest portion of a CDO.