Links:

• CalPERS is spinning today. Not only did their investments sour, but there is an investigation into some very serious charges of a former board member getting $50 million in kickbacks from an investment that CalPERS made a few years back.  Oh, and as a kicker, they lost $500 million on a New York real estate deal and they now have to quit helping out local pension funds. There’s a bit of schadenfreude on Wall Street, as they’re laughing about corporate governance now.

• The latest in water bond news: $9.4 billion of general fund bonds that kick in at two different points in construction. Treasurer Lockyer has been very skeptical of adding more general fund bond indebtedness, because as you may have noticed, this debt don’t come cheap.

• Many furloughs cost more than they saved. Why didn’t we look at furloughing state employees based on their roles instead of blanket furloughs? Arnold?

• Are you a PG&E Customer? Expect a refund, as the California PUC just agreed to a rebate  to all users for lower than expected energy costs.

• You know how ACORN got busted through the hidden cameras? Yeah, in California secretly taping people is illegal.