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Michigan Treasury Department cuts ties with billionaire

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The Michigan Treasury Department cut ties with billionaire Ken Fisher's wealth management firm.

The decision followed reports that Fisher delivered a sexually charged speech at the Tiburon CEO Summit in San Francisco last week. He reportedly spoke about men showing their genitalia to women, tripping on hallucinogens and other topics.

Fisher Investments had overseen $600 million worth of Michigan's state pension fund.

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