What's super-gigantic and almost totally ineffective at making money?
Insert your federal government joke here. But the same can be said, sadly, for the nation's largest public employee retirement system, which managed to eke out a rather awful 0.14-percent net return on its investments in the 2011-2012 fiscal year.
The Orange County Register reports that the California Public Employees' Retirement System, which expects a healthy 7.5 percent on its investments to keep its $200-plus-billion in assets afloat, did not do so.
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