By Yves Smith, includes “CalPERS looks more and more like the gang that can’t shoot straight. CalPERS’ PR department is flogging a new Bloomberg story about the unseemly departure of Chief Investment Officer Ben Meng, which means the pension fund planted it and is pleased with it. In fact, as one prominent beneficiary said, ‘It’s ironic that they prefer this terrible narrative over various other terrible narratives that are probably closer to the truth.’ …”