Former CalPers board member was paid $71 Million to help equity firms get CalPers business

[Liberal_in_LA]

OMG...I'm in this pension plan

CalPERS discloses more fees paid to Alfred Villalobos
Private investment firms paid the former CalPERS board member nearly $18 million more than previously disclosed for helping them get CalPERS business. The news triggers further calls for reform.

Reporting from Sacramento - California's public employee pension plan disclosed millions of dollars in new fees paid to a former board member who represents private investment funds, triggering fresh calls for reforms.

Documents released Wednesday show that Alfred J.R. Villalobos was paid nearly $18 million for his work as an intermediary for a Los Angeles real estate investment fund and other clients. That's on top of the $53 million in fees disclosed last month.

The fees paid to Villalobos and his Stateline, Nev., business "are shocking to everyone," said Rob Feckner, president of the California Public Employees' Retirement System board. A full inquiry is needed to evaluate how those commissions compare with those paid by other investment funds, he said.

http://www.latimes.com/business/la-fi-calpers5-2009nov0...
Villalobos, a former member of the CalPERS board and a onetime Los Angeles deputy mayor, has denied wrongdoing and said he is cooperating with inquiries by investigators for CalPERS. He did not return phone calls to discuss the latest disclosures.

[Arctic Dave]

1. My dad is in the Calpers system. I hope this turns out well.

[notesdev]

2. Shouldn't shock anyone

This is business as usual.