Epic corruption at huge fund
Fred Buenrostro, a former CEO of the California Public Employees’ Retirement System (CalPERS), plead guilty in federal court last week to conspiracy to commit bribery and fraud. Buenrostro was the CEO of CalPERs from 2002 to 2008 and admitted to engaging in numerous corrupt and illegal activities while managing the second largest pension fund in America with an investment portfolio worth $291 billion. Part of the plea deal required Buenrostro to publicly admit to his misdeeds which included steering part of CalPERS funds to private equity firms that paid off Alfred Villalobos, a friend of Buenrostro. Villalobos received close to $50 million by serving as CalPERS “placement agent.”