I'm not sure it was as much greed as a complete lack of investing common sense. Even in the so-called good days, no financial planner would ever assume such a high rate of return as far as the eye can see. And then to guarantee it? Holy Cow. Where were the critical thinkers? I wasn't living in Oregon when those decisions were made. I would love to learn a little more about how all this came about. But I do believe PERS became the monster it is when the legislature put themselves on it.