
Joseph Dear, chief investment officer for the California Public Employees' Retirement System (Calpers), listens during an interview in Sacramento, California, U.S., on Monday, Sept. 13, 2010. California Governor Arnold Schwarzenegger backed off a proposal to borrow $2 billion from the California Public Employees' Retirement System to help balance a state budget now almost three months overdue. Photographer: Ken James/Bloomberg *** Local Caption *** Joseph Dear
Ken James/Bloomberg