By Edward Siedle, includes “So, if ERISA does not cover state and local pensions in America, what law does? … There is no comprehensive law. … another investigation of a government pension I undertook revealed that while local law prohibited the pension from investing in hedge funds, the pension had secured a twisted legal opinion from a local firm that an investment in a trust that, in turn, invested exclusively in hedge funds was permissible. An investment in a fund that invested exclusively in hedge funds was not an investment in a hedge fund—got that?”