Diann Shipione, a trustee of the San Diego fund who for years has raised concerns about possible conflicts of interest involving Callan, said recently that the firm tried to obscure its role in an ongoing SEC review of the pension-consulting business.

FORBES: The Heat is On Pension Consultants (May 2, 2004 )

Three years ago Diann Shipione asked a question she figured was pretty innocuous coming from a public pension fund director: What financial incentives were behind the advice her San Diego City Employees' Retirement System was getting from its investment consultant, Callan Associates?

FORBES: Trust Us