CalPERS fought the law and the law won.
Sacramento Bee's DALE KASLER: "CalPERS lost a big case at the U.S. Supreme Court this week. The decision will cost California government retirees a shot at recovering tens of millions of dollars."
"The court voted 5-4 to dismiss a lawsuit CalPERS filed against a slew of investment banks over the notorious collapse of Lehman Brothers, whose 2008 bankruptcy triggered the stock market crash."
"CalPERS blamed the banks for duping the big pension fund into buying more than $700 million worth of Lehman stock, bonds and other securities in 2007 and 2008. However, a spokesman for CalPERS later estimated the pension fund’s actual losses at around $300 million."
Sacramento Bee's CHRISTOPHER CADELAGO: "California Gov. Jerry Brown on Tuesday signed a $183 billion state budget the veteran Democrat touted as an example of the state’s fiscal prudence amid “uncertain times."
"California is taking decisive action by enacting a balanced state budget,” Brown said in a written statement. “This budget provides money to repair our roads and bridges, pay down debt, invest in schools, fund the earned income tax credit and provide Medi-Cal health care for millions of Californians."
"A look at where some of the money is going:"
READ MORE related to Economy: California government will spend more than ever before under the new budget -- LA Times' JOHN MYERS
U.S. Senate Leader Mitch McConnell's healthcare repeal setback -- although it's not over, yet -- has left the 'master tactician' with egg on his face.
McClatchy DC's LESLEY CLARK: "Mitch McConnell suffered a rare, stinging defeat Tuesday. But he’s wily enough to recover."
"The Senate Majority Leader was forced to postpone a vote on a bill to repeal and replace Obamacare after failing to secure enough votes for Senate Republicans to deliver on their persistent campaign promise. But Senate observers say the veteran lawmaker, respected by friends and foes for his tactical savvy, knows how to survive politically."
"McConnell lacks support from both ends of the Republican ideological spectrum, and he now has to figure out how to assuage the conservatives who believe the bill doesn’t go far enough and also mollify the moderates who fear it cuts too deeply."
READ MORE related to Healthcare: Veterans groups: Repealing Obamacare will hurt disabled, other vets -- McClatchy DC's VERA BERGENGRUEN; LA County would be 'ground zero' for lost health care if Senate bill passes, leaders say -- Daily News' SUSAN ABRAM
California's stem cell agency may have a precarious future as it faces the hunt for a new CEO.
DAVID JENSEN of the California Stem Cell Report in Capitol Weekly: "California’s 12-year-old stem cell research effort is expected to give away tens of millions of dollars in public this week, but its most important matters — issues that deal with its survival and future — likely will be discussed behind closed doors at a meeting Thursday of its governing board."
"On the table is the leadership of the $3 billion organization, which is scheduled to run out of cash in just three years, which amounts to a mere tick of the clock in the world of biomedical research."
"Beginning next week the California Institute for Regenerative Medicine (CIRM), as the agency is formally known, will be minus its chief executive officer and its longtime counselor, who even predates the organization’s actual creation in 2004."
TIM JOHNSON, McClatchy DC: "A global ransomware attack slammed businesses around the world Tuesday, affecting oil companies, a major shipping line, banks and a major U.S. pharmaceutical company, and marking the second consecutive month that such an epidemic swept the world. Tuesday’s impact spanned from India to the United States, although it hit hardest in Ukraine and Russia."
"Like a previous attack that affected more than 150 countries on May 12, Tuesday’s virulent outbreak appeared to be powered by a U.S. cyber weapon stolen from the National Security Agency."
"The epidemic used a variant of ransomware known as Petya, and it froze hard drives of tens of thousands of computers and left screen messages demanding that owners make a payment of $300 to unlock their data."
San Diego may be ground zero for the Trumpian border wall as summer brings prospects of possible prototypes.
LA Times' JOSEPH TANFANI: "The Trump administration is at least two months away from starting construction of prototypes for a wall along the Southwest border, underscoring the difficulties the White House faces making good on one of the president’s key campaign promises."
"Customs and Border Protection still has not signed any contracts to build prototypes of new barriers, a first step in plans to design and erect a wall along the 2,000-mile Mexico border, Ronald Vitiello, acting deputy commissioner at the agency, told reporters Tuesday."
"He said construction of four to eight prototypes could begin by late summer. All will be built near the San Diego-area border fence."
The Chronicle's MARISSA LANG: "They had the numbers: six women who would describe in disturbing detail exactly how they were harassed, assaulted or made to feel uneasy by the unwanted advances of San Francisco venture capitalist Justin Caldbeck."
"Three of those women decided to identify themselves publicly — a risky move for victims of sexual violence or harassment, who are often dismissed, threatened or discredited in efforts to poke holes in their stories."