EDITORIAL TRAVELING FIRST-CLASS LIFESTYLES OF THE RICH AND PUBLICLY EMPLOYED.

MANAGING a massive pension fund is hard work, especially when you're losing billions in a declining market.

It may have been acceptable in the boom years for the county of Los Angeles to send its pension board members and managers to educational conferences throughout the country and around the world.

But in tough times it's like spitting in the face of the public and the pensioners who rely on the funds.

And it certainly isn't necessary for public servants to stay in top-flight hotels, with room prices ranging from $300 to $500.

More than the money, the lack of good judgment raises concerns about just what the board members and managers were thinking.

They certainly weren't thinking what their self-indulgent behavior would look like to taxpayers who are being stuck with a $300 million bill to make up for the fund's losses.

And it's no excuse that companies seeking the county's business sometimes foot all or part of the bill. That looks a lot liking accepting expensive favors in exchange for throwing business to the firms.

Enough already.

If pension board members and managers want to travel the world first- class, they can do it in their retirement - assuming, that is, there's money left for them in their pensions.