A former chief executive and two former board members of the public employee pension fund are accused of steering billions of dollars to politically connected firms.
By Marc Lifsher and Stuart Pfeifer, Los Angeles Times
March 14, 2011, 9:12 p.m.
Reporting from Sacramento and Los Angeles
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.
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