Extremely enjoying this lawsuit filed by the California Public Employees Retirement System. Their beef? They bought into "structured investment vehicles" which were given AAA ratings by Moody's and Standard and Poors. It is not a terrible point? I mean, if things are going to be rated, perhaps there might be a point to the ratings. Also however it is weird that they bought in at all, as "information about the securities in these packages was considered proprietary and not provided to the investors who bought them." Would you buy that? Oh well maybe you would. Semi-related! In the world of subsidies and government interference, who is more evil, [...]