CalPERS Ex-Leader Condemned Abuses

Regarding: “At CalPERS, Change In Style, Not Focus,” July 25:

I was somewhat bemused as I read this article, especially state Controller Steve Westly’s comments. He referred to CalPERS, under my presidency, “like a Chihuahua, yapping at everybody.”

If “everybody” means:

* CalPERS’ condemnation of former New York Stock Exchange Chairman Richard Grasso’s $190-million compensation package and the significant reforms CalPERS achieved.

* Walt Disney Co.’s dismal performance under Michael Eisner’s leadership and CalPERS’ demand for new leadership.

* CalPERS’ criticism of the mutual fund industry and reforms we facilitated.

* CalPERS’ leadership role in the passage of critical legislation in the aftermath of the scandals involving Enron, WorldCom and others.

Then I must admit that CalPERS was guilty.

We spoke out about abuses, fraud and deception that were -- and are -- all too prevalent in corporate America. While maximizing investment returns, we advocated improving corporate governance and healthcare reform.

My only response to Steve Westly’s “yapping” is “Mr. Westly, you might awaken that big guard dog of yours and attack outrageous corporate behavior.”

Sean Harrigan

Immediate past president

CalPERS Board

of Administration

Sacramento