My favorite Warren Buffett saying is, "you don't know who's been swimming naked until the tide goes out."

Well, the Wall Street tide has gone out, and it appears that lots of people were swimming naked in the pension business.

What started as an investigation by the New York attorney general, Andrew M. Cuomo, into the state comptroller’s office — where Mr. Cuomo says favors were being exchanged for contracts to invest pension money — has mushroomed into a broad look at more than 100 firms by attorneys general in at least 30 other states.