How did it come to be that the investment chief of South Carolina's public pension system spent his days tooling around the state capital in a yellow Lamborghini?
As discussed in an article in the New York Times, Robert L. Borden, the former head of the fund's investments, made an awful lot of money, despite being a civil servant.
His strategy, moving the state's $24.5 billion in investments from a steady stream of low-risk, unimaginative holdings to a precarious (but potentially profitable) blend of private equity and hedge funds, made Borden a rich man, earning more than a half-million dollars a year.
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