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The Sacramento Bee breaks the word today that California's two biggest public employee pension funds awarded millions of dollars in bonuses last year to their execs and money managers, despite huge losses in the market.-mp

From the Bee:

"The biggest bonus check, $322,953, went to Christopher Ailman, chief investment officer of the California State Teachers' Retirement System. It nearly doubled his base pay of $330,000 for fiscal 2007-08.

"Ailman's counterpart at the California Public Employees' Retirement System, Russell Read, received a $208,677 bonus to his $555,360 base pay in August, more than a month after he had resigned from the fund's top investment job.

"Despite continued losses in the market, both funds expect to cut more bonus checks, which they call 'incentive awards,' this summer."

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