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California's biggest government pension funds lose almost $100 billion

Jul. 22, 2009
CalPERS' preliminary losses were $56.2 billion in the fiscal year that ended last month, while the California State Teachers' Retirement System lost $43.4 billion. With a state budget agreement at hand, look for Gov. Arnold Schwarzenegger to tackle the state's troubled retirement system.
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Lori Anne Madison, 6, competes in Scripps National Spelling Bee
View Caption
Lori Anne Madison, 6, of Woodbridge, Virginia, spells out the letters in her word as she competes during the opening round of the Scripps National Spelling Bee, May 30, 2012, in National Harbor, Maryland. Madison, the youngest known qualifier in the history of the contest, correctly spelled the word "dirigible*", a lighter-than-air aircraft, to advance. UPI/Mike Theiler