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49 CalPERS staffers investigated by state agency
Chronicle ^ | May 24, 2011 | Andrew S. Ross

Posted on 05/27/2011 2:19:51 PM PDT by george76

More shoes may be dropping at the California Public Employees' Retirement System.

Forty-nine staff members, including the president and chief investment officer, have been notified they are being investigated by the Fair Political Practices Commission for possible violations of gift reporting requirements.


some of the potential violations went back five years.

The investigation grew, indirectly, out of the scandal involving outside placement agents and their allegedly corrupt links to senior CalPERS executives

(Excerpt) Read more at ...

TOPICS: Crime/Corruption; Government; News/Current Events; Politics/Elections; US: California
KEYWORDS: bubble; buenrostro; calpers; speculation; unions; villalobos; wallstreet

1 posted on 05/27/2011 2:19:55 PM PDT by george76
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To: george76

Not enough info in the article to understand what exactly the violations are. I need more info.

2 posted on 05/27/2011 5:19:29 PM PDT by Randy Larsen (Wise To The Lies!)
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To: Randy Larsen

It is a long story. Likely much that we still do not know.

Billionaire Ron Burkle founded Yucaipa and also ran Calpers for a while ; Burkle raised more than $1,000,000 for the Hillary Clinton presidential campaign and Bill Clinton was hired by Burkle to work for Calpers.

Burkle helped finance Al Gore’s cable Current TV network.

Apparently—Federico Buenrostro Jr. ( former chief executive of the California public employee pension fund ) — along with former pension fund board members Charles Valdes and Kurato Shimada - strong-armed a benefits firm to pay more than $4 million in fees to consultant Alfred J.R. Villalobos, who later hired Buenrostro.

After the largest U.S. pension fund lost $70 billion and got embroiled in an influence- peddling scandal...

Calpers is at the forefront of a national crisis as public pension funds struggle to meet their obligations to more than 19 million active and retired firefighters, police officers, teachers and other state workers...

Calpers made a series of disastrous bets on real estate after letting its internal risk controls break down and ceding too much control to outside investment advisers during the housing bubble.

On top of the fiscal mess, Calpers is also caught up in a corruption scandal involving middlemen who help money managers win investing assignments from pension funds. In May, the California attorney general’s office sued Alfred Villalobos, a Calpers board member from 1993 to 1995 who became a so-called placement agent.

3 posted on 05/27/2011 7:11:00 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: Randy Larsen

Democrats and someone else’s money, what more do you need to know? {:-)

4 posted on 05/29/2011 6:03:06 PM PDT by itsahoot (We make jokes, they make progress. Dimmitude, get used to it.)
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