It’s a peculiar thing about beauty contests. Sometimes participants end up a lot more exposed than they intended. And no, we’re not talking about Carrie Prejean’s unfortunate videotape. This is a lot more serious.

On Tuesday, the Florida State Board of Administration, which oversees the state’s public pension funds, announced that it will hold a Jan. 14 hearing to address the allegations contained in an anonymous letter sent to Attorney General Bill McCollum, one of the state officials involved in last month’s selection of a new panel of plaintiffs firms eligible to represent the funds in securities class actions.

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