Previously, in the placement of bonds to fund payments to Ireland and Portugal, the EFSF sold five- and 10-year maturities.

FORBES: EFSF To Sell Short-Term Paper As Part Of Bailout Funding

The Securities and Exchange Commission has sent a letter to the Kentucky Retirement System seeking information about millions of dollars in payments to placement agents used by the fund.

FORBES: SEC Seeks Kentucky Data On Millions Paid To Pension Placement Agents

Getting back to Calpers, whether the fund's investment results are good or bad, there is no question they would be better if there was no pay-to-play and if the tens of millions of dollars in placement fees had been paid into the fund instead of to political insiders to influence how its money was doled out.

FORBES: Expert View

Why continue hustling for commissions selling penny stocks when for the price of having a lawyer draft a believable private placement memorandum, you can call yourself a hedge fund manager?

FORBES: Anatomy of (Yet Another) Hedge Fund Fraud (June 1, 2001)

Rhino is accused of setting up the scheme with one of its hedge fund clients, Amro International, to profit from a 2001 private placement in Sedona.

FORBES: Naked Justice?