I think they're point out that when you're making millions of dollars a year you have an incentive to get a little reckless to try to eek out better and better returns. Sure you want to keep the gravy train moving, but if you're worth $50 million, and you the have the choice between playing it safe for $2 million, or rolling the dice and maybe making another $50... you're probably not going to be dissuaded because it's a pension fund's money.
You've already got yours so what's the worst that can happen?
You've already got yours so what's the worst that can happen?