While not putting too fine a point on it the stock market has devolved from a means of financing capital growth, usually industrial, to a get rich quick Ponzi scheme from which the top 1% of the top 1% periodically reach in, grab the cash and run.  Even investments the size of Oregons' PERS aren't big enough to be immune from the theft.

Without the means testing that once was required to go public give me one good reason for a bank which has little or no marketable assets like real estate for example to issue stock.

PERS administrators did make some bad decisions but the key one was to trust the market to be fair.