Thursday, November 5, 2009
Does CalPERS Have A Board Recall Process?
About halfway through this news article, we learn that Kurato Shimada, re-elected to the CalPERS Board just a few weeks ago, is also implicated in the insider-trading funny business that tars two former colleagues on the Board, Alfred Villalobos and Fred Buenrostro, as well as the lame (and ill) duck, Chuck Valdes.
The mystery of the power of incumbency is clearly not yet solved. Although we may easily identify the perpetrator - namely, human nature - the nature of the motive is far murkier. But until that clarity is achieved, I fear that democracy will fail to achieve its promise of the greatest good for the greatest number.