Feds charge former CalPERS leader, board member with fraud, obstruction of justice
SAN FRANCISCO – Federal officials have charged the former head of the nation's largest pension fund and one of his business associates in an influence peddling and bribery case.There's just something deliciously ironic about the board of the California public employees being run by a crooked, self-serving duo who enriched themselves at the expense of their members. The only way this could be any better would if the group they represented while enriching themselves was comprised of union members. Oh, wait...
A federal grand jury on Monday indicted Fred Buenrostro, the former CEO of the California Public Employees' Retirement System, and former CalPERS board member Alfred Villalobos with conspiring to commit fraud, obstruction of justice and other charges.
Now, it's hard to tell from the (very limited) story whether the duo defrauded the CA public employees or just the company they invested the money with. In either case, three billion dollars? I mean, I know that's just a drop in the overall CA budget, but it's still a pretty sizable amount to be investing - I wonder how much of the fraud they perpetuated was easy to base off greed - you know the company they were looking to invest with must have been salivating at the prospect of a $3 billion deposit.
In any case, it's good to know that the state of California's Public Employees Retirement System is run with the same care as the rest of the state...
That is all.
Another dispatch from...
(image courtesy of Robb Allen)
1 comment:
Notice that it took FEDERAL Officials to bring about this Indictment. Guess the Kali A.G. Office was too busy looking into .....nothing?
BTW, isn't there a Big-Time Kali Politician named Villalobos? Wonder if he's related to the Indictee?
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