"...why shouldn’t the public be able to see exactly how the state is investing its money?” he said. "Public officials should have to defend their investment strategies and the associated fees."
[L]egislators in North Carolina — whose $86 billion public pension fund is the 7th largest in America – are proposing to statutorily bar the public from seeing details of the state’s Wall Street transactions for at least a decade. That time frame is significant: according to experts, it would conceal the terms of the investment agreements for longer than the statute of limitations of various securities laws.
The whole shadow banking thing worked out well in 2008, didn't it?