Posted on 11/13/2009 8:21:14 AM PST by NormsRevenge
Reporting from Sacramento - With the fortune he has made using his connections with public pension funds, it's hardly a surprise that Alfred J.R. Villalobos owns a sprawling, 9,100-square-foot home overlooking the emerald-blue waters of Lake Tahoe.
But the way in which Villalobos financed construction of the $2.7-million mansion is fueling new questions in an investigation by the California Public Employees' Retirement system into the activities of so-called placement agents such as Villalobos.
Documents show that the Villalobos home was built with the help of a $1.1-million loan from a partnership set up by CIM Group, a Hollywood-based real estate development firm. The company has received $466 million in investment capital from CalPERS over the last nine years with the help of Villalobos, a former CalPERS board member.
(Excerpt) Read more at latimes.com ...
Calpers Rocked by ‘Pay to Play’
http://www.freerepublic.com/focus/f-news/2363089/posts
wsj ^ | OCTOBER 15, 2009 | CRAIG KARMIN AND PETER LATTMAN
Posted on Thursday, October 15, 2009 8:24:51 AM by george76
America’s largest public-pension fund, Calpers, revealed that a former board member had reaped more than $50 million in fees for arranging investments that could saddle state taxpayers with hundreds of millions of dollars in losses.
The disclosure deepens concerns that alleged conflicts of interest are undermining state retirement funds.
The California Public Employees’ Retirement System said it is launching a “special review” into payments by money managers
CalPers, the California public employees pension fund, has been corrupted by the Democrats. At one time, it was a well-respected pension fund. In recent years, its control has been taken over by unions and other corrupt individuals beholden to the Democrat Party. The net result is that CalPers has been investing hundreds of millions of public employee funds in high risk enterprises. The taxpayers of California soon will begin to see the huge losses being piled up by these investments as they fail one by one.
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