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Corruption at CalPERS?

Submitted by Leo Kolivakis on 03/15/2011 00:17 -0400

Marc Lifsher and Stuart Pfeifer of the Los Angeles Times report, Scathing report alleges corruption at CalPERS:

In
a scathing report, a former chief executive of the California public
employee pension fund was accused of pressuring subordinates to invest
billions of dollars of pension money with politically connected firms.

A
17-month investigation also found that Federico Buenrostro Jr. — 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.

The report,
prepared for the California Public Employees' Retirement System by
Washington law firm Steptoe & Johnson, comes amid widening attacks
on public employee pension funds in California, Wisconsin, Iowa and
other states for providing lavish benefits that cash-strapped
governments can no longer afford.

The
findings of insider dealings at CalPERS could provide fresh ammunition
to Republican lawmakers here who want Democratic Gov. Jerry Brown
to convert traditional pensions with guaranteed payments for life into
401(k)-type plans that rely heavily on employees' own contributions.

"Fixing
California's pension problem is difficult enough without the stench of
corruption and collusion that saps public confidence and gives
taxpayers a reason to withhold support," said Dan Pellissier, president
of Californians for Pension Reform, a group that is pushing a 2012
ballot initiative that would diminish state employee pension benefits.

Shimada, Buenrostro, Valdes and Villalobos either declined to comment or did not return calls.

Buenrostro
served as CalPERS chief executive for six years, leaving in August
2008. The day after quitting, he went to work for Villalobos — a former
CalPERS board member and deputy Los Angeles mayor who acted as an agent
for investment firms seeking CalPERS money. The report said Villalobos
hired Buenrostro with a $300,000 annual salary and gave him a Lake
Tahoe condominium.

While at CalPERS,
Buenrostro repeatedly "inserted himself in the investment process in a
manner inconsistent with prior practice at CalPERS, pressing its
investment staff to pursue particular investments without evident
regard for their financial merits," the report said.

It said
Buenrostro intervened with staff on behalf of Aurora Capital Group of
Los Angeles to obtain investment money. Buenrostro told subordinates
that Aurora was politically powerful, and that Aurora principal Gerald
Parsky served on a state commission dealing with public employee
benefits, the report said.

Aurora was a Villalobos client, and
Buenrostro told CalPERS staffers that he would represent it once he
went to work with Villalobos, the report said.

The report also
noted that Buenrostro often intervened on behalf of favored private
equity funds that staff called "friends of Fred."

Staffers
ultimately complained about Buenrostro to the board, and those
complaints "became a basis for the board's efforts to replace him as
CEO," the report said.

CalPERS is the nation's largest public
pension fund, with $228 billion in assets, providing benefits to about
1.6 million state and local government employees, retirees, spouses,
children and other beneficiaries.

In May 2010, the California
attorney general sued Villalobos and Buenrostro, accusing them of
scheming to enrich themselves through self-dealing and other misconduct
in seeking CalPERS investment money on behalf of clients.

According
to the report, one of those investment funds — Apollo Global
Management — asked Buenrostro to sign documents acknowledging that
CalPERS was aware of so-called placement agent fees it was paying to
Villalobos.

Several CalPERS investment
officers refused to sign the disclosures, the report said — but
Buenrostro did, using pasted-on letterhead to make them look more
official.

Buenrostro made "representations regarding placement
agent fees and related deal documents that are either demonstrably
false or sufficiently suspect," the report said.

The report,
citing Buenrostro's ex-wife and an unnamed girlfriend, described
Buenrostro as "a puppet" of Villalobos, who the report said earned more
than $50million in placement agent fees.

During his six years as
head of CalPERS, Buenrostro received many valuable gifts from people
and firms with financial interests in doing business with CalPERS, the

report said.

When he was married in 2004, he allowed Villalobos
to host the wedding at his Zephyr Cove, Nev., home. Buenrostro also
traveled with Villalobos and Valdes to the Middle East and Asia — with
Villalobos picking up much of the costs, the report said.

"Buenrostro
does not appear to have ever disclosed these gifts or recused himself
from any CalPERS matters based on any of these apparent relationships,"
the report said.

Valdes also pressured CalPERS investment staff to do business with Villalobos' firm, Arvco Capital Research, the report said.

In
September 2000, Valdes was close to being ruled out of order for
raising his voice in support of a Los Angeles real estate investment
firm, CIM Group, the report said. CalPERS staff had recommended a
smaller investment than originally proposed. Arvco and Villalobos
received a $9-million commission on the investment transaction.

CIM
also provided Academy Awards tickets to Valdes and other CalPERS
people, the report said. Valdes attended in 2005 and 2006 but did not
report the gifts on state financial disclosure documents.

The
report also provided new details about CalPERS dealings with Medco
Health Solutions Inc. before the firm was awarded a $26-million contract
to provide drug benefits to members.

In May 2004, Villalobos hosted a meeting at his Lake Tahoe home with Medco CEO David Snow. Buenrostro attended.

"Soon
after the May 2004 meeting at the Villalobos home, Medco agreed to
retain Villalobos as a consultant and pay him $4 million," the report
said.

Villalobos received a final check for $1 million immediately
after the CalPERS board approved the contract, according to the
report, and also received a $20,000-a-month retainer until sometime in
2009.

Last year Villalobos filed for personal bankruptcy
protection, citing nearly $5million in debts to Nevada casinos. It was
his second personal bankruptcy.

The report recommended that
CalPERS improve accountability and reduce the risk of future abuses,
including providing additional training to board members so that board
business is not conducted in clandestine meetings with managers, and
prohibiting the release of sensitive CalPERS information outside the
organization.

This is a perfect example of
serious governance gaps leaving a fund vulnerable to fraud. There is
absolutely no accountability when this type of abuse goes on at the
highest level. And trust me, it's not hard for a couple of guys at the
top to collude and award sweet contracts to some consultant, hedge fund
manager or private equity manager in return for "future favors". When
you're in charge of billions, power gets to your head and you start
thinking you're invincible.

This type of fraud makes me sick
to my stomach. It's not common but it's going on a lot more often than
people want to admit. How do I know? Let's just say I've seen things
that made my skin crawl. It doesn't matter whether the investment
officer has a CFA, FRM, PhD, etc., if they're crooked, they're
crooked and they'll do whatever it takes to profit by abusing the power
they have within a pension fund. And it's not just the large funds; in
fact, some of the worst abuses happen in dinky city pension plans where
corruption is rampant.

That's why I believe you have to properly
compensate senior pension officers to deter this type of corruption. But
that's not enough because some people are so sleazy, so greedy, they'll
look to game the system and will stop at nothing to profit by abusing
their power. One of the best ways to root out corruption is simply to
segregate duties and implement iron clad whistleblower policies where
employees can anonymously inform board members or better yet, the FBI or
RCMP. That should make these idiots think twice before they abuse their
power at a public pension fund.

Finally, this is a particular
case that in no way reflects what's going on at CalPERS now. I think
it's disgusting that some would use this report as "ammunition" to break
up CalPERS or to dissolve other public pension funds. Get the
governance right and you can root out corruption at most public and
private pension funds.

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Tue, 03/15/2011 - 10:46 | 1055589 thegreatsatan

I seriously hope you don't manage anyones money for a living.

There is little to differentiate what these crooks have done and what Bernie Madoff did, other than Madoff scamed rich hollywood idiots and jewish charities.

The CALPers board was beyond negligent in their duty to provide the proper form of oversight that should be associated with such a large pool of money. All of these people should be in jail.

Tue, 03/15/2011 - 17:31 | 1057331 Leo Kolivakis

Did you even bother to read my comments carefully? Sheesh!!!!!!!!

Tue, 03/15/2011 - 09:07 | 1055077 Nels

That's why I believe you have to properly compensate senior pension officers to deter this type of corruption.

That will just sweeten the pot for the crooks. It's not like Goldman Sachs or BAC are run by angels, and they surely have 'proper compensation'.

The problem is the size of the pot. It will always attract crooks. Hang Freddie and see if the rest of the leaders don't pucker up a bit when they think about going crooked.

Tue, 03/15/2011 - 09:14 | 1055118 Astute Investor

You can't buy honesty and integrity. Excusing corruption as a result of inadequate compensation once again confirms the stupidity of the author.

Tue, 03/15/2011 - 17:14 | 1057261 Leo Kolivakis

Really? Then why don't we hear as much about corruption at the large Canadian pension funds where senior officers are compensated properly? And you're right, it's not enough, which is why I advocate for iron clad whistleblower policies! You forgot to mention that in your dumbass comment.

Wed, 03/16/2011 - 13:36 | 1061654 Astute Investor

Yes, really Leo. You try so hard and achieve so little with each and every post. Based on your logic, there should be no corruption among highly compensated people, but corruption should be rampant among people in the middle and lower economic classes because they receive less compensation. The data would say otherwise and your supporting argument about the behavior of senior officers at large Canadian pension funds is specious. Per my comment, you cannot BUY honesty and integrity - you are either born with it / taught it at a young age or not.

Tue, 03/15/2011 - 19:37 | 1057833 MichaelNY

Really, Leo. It's because the Canadians have (so far, at least) been better about keeping their mouths shut. Nothing to do with compensation. And yes, I did read your comments carefully.

Tue, 03/15/2011 - 09:05 | 1055056 honestann

EVERY concentration of power is WRONG.

NO system should exist to merge assets of hundreds or thousands or millions of people and place them in the hands of others. NEVER.

The very creation and approval of such systems IS corruption.

There is ZERO excuse for any system that encourages or forces any individual to not control his own savings, retirement, health-care and every aspect of his own life and future. Every time anyone creates these huge systems, the original intent is to create a base of power and riches for predators, at the expense of individuals. ALWAYS and every single time.

It is IMPOSSIBLE to remove corruption from such systems. The predators of this world focus all their time, effort and energy on establishing and gaining control of all concentrations of power and wealth. The ONLY solution is to have none.

Wake up morons! Almost the entire country and world is now controlled by the predators. Take responsibility for yourself, and give NOBODY control of your life, your wealth and your resources.

Stand up and take responsibility for yourself.

Tue, 03/15/2011 - 08:40 | 1054982 WallStreetClass...

Fraudsters have stolen a fortune, repealed the structurally essential laws and regulations which were protecting the public, the taxpayer, the consumer. Fraudsters may also think they got away with OBSTRUCTION OF JUSTICE as well, but it's not the case! It's not one or these "forced insurances" or small fry no-chain-of-title "robo-closures", or even MERS that will ultimately bring them down. The bankers got their bonuses and their money, because they got to continue paying off the important key people and employees as to keep them content and keep their mouths shut. But the banks WON'T be able to escape the strict negligence charges for the failed financial products and instruments they've originated and distributed. Conspiracy to commit fraud, strict liability for failed financial products and instruments, wire fraud and obstruction of justice, RICO - all come to mind. At http://www.WallStreetClassAction.com we organize a class action against the banks, the ratings agencies and other financial institutions involved in staging the colossal securitization fraud and subsequently crashing the economy and resulting in over $5 Trillion in asset losses in the US alone. We realize that our own government is effectively a captured entity, so no criminal indictments will be forthcoming. But WE THE PEOPLE will hold the fraudsters accountable. United we stand.

Tue, 03/15/2011 - 08:26 | 1054928 DaBernank

Protecting whistle blowers? How about seriously compensating whistle blowers as well?

Tue, 03/15/2011 - 08:05 | 1054853 snowball777

The root cause in politics is that the government has so many favors to hand out that it's like flies to honey, or shit if you prefer. As long as the government's power is there you're going to have lobbying. If you make that illegal the only difference is that occasionally somebody will be caught and go to jail. So the real solution is to get power back to the people so there isn't this incentive to lobby and influence the government.

http://reason.com/blog/2010/08/19/why-calpers-manager-is-every-s

Tue, 03/15/2011 - 07:46 | 1054813 celticgold

no , that was the donkey punch Buenrostro gave to his (now ex) girlfriend

Tue, 03/15/2011 - 07:41 | 1054802 savagegoose

so whens the life sentance , al assets ceased from him and family and sent to state gov. like in normal criminal convictions.

Tue, 03/15/2011 - 07:29 | 1054774 Boilermaker

Pensions...corruption...stealing and skimming....SURPRISE!

Was that the sound of the ignorance or the naivety being slapped off you?

Tue, 03/15/2011 - 07:10 | 1054748 nmewn

Well, at least they "invested" in professional money managers ;-)

Tue, 03/15/2011 - 01:31 | 1054419 mathdock

Sometimes you wonder if some of these crimes should be capital....

Tue, 03/15/2011 - 01:14 | 1054361 LowProfile

Ah, the irony...

Those who used their public union clout to get what they wanted from corrupt politicians at the expense of taxpayers... Are dependent on the corrupt appointees of those same corrupt politicians to receive their fat payouts.

No honor among theives, it seems. Shocking!

Some call it karma, I call it "What the fuck did you expect?! I'm a scorpion, bitch!".

Tue, 03/15/2011 - 04:02 | 1054636 sethstorm

Invoking the word "taxpayer" won't make your point any better.

Tue, 03/15/2011 - 10:33 | 1055528 LowProfile

It does to taxpayers.

Tue, 03/15/2011 - 01:11 | 1054350 CPL

By tommorrow pensions won't matter anymore Leo.

Corruption at CalPERS?

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