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Gray, a longtime banker, said he was surprised by the action, but added, "You don't appoint somebody to act like a fiduciary who's been a fiduciary most of his adult life unless you want them to act like a fiduciary."
"I never had a governor say, 'You walk lockstep with me or you're out,'" said Gray, who had been appointed to state service by Republican Govs. Ronald Reagan, George Deukmejian and Pete Wilson and served nine years as a California State University trustee
Treasurer Phil Angelides, a CalSTRS board member, called the firings "outrageous" because the appointees "stood up for taxpayers, for teachers and school children."
The firings were "particularly troubling because trustees of pension funds sit there as fiduciaries with a legal obligation to do what's right from the financial perspective and they rejected the governor's proposal on its merits," said Angelides, a Democrat who's considered likely to run for governor next year.

Arnold is not supposed to be stupid -- someone needs to explain to him what 'fiduciary' means.

The Feb. 3 vote at the nation's largest teachers retirement system to oppose Schwarzenegger's plan was advisory only.

Those prevailing in the 10-2 vote said privatization would undermine the fund's structure by pulling money out and reducing investment earnings for thousands of retirees.

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I need to go do some research.. or maybe someone here knows,, how many current members and retirees, how dang much money do they actually payout per retiree on average and how long are retirees living these days?