The California Public Employees’ Retirement System is a state agency that, unsurprisingly, manages the largest public pension fund. So being the boss is a nice job. You`re in charge of a couple of hundred billion dollars. Thus, there`s a lot of competition for the post and to get selected for it, you need a little extra oomph. A Spanish surname wouldn`t hurt, for example.
But, apparently, the standard perks that come with being head of CALPERS were not quite nice enough for Fred Buenrostro. From the L.A. Times
Federal prosecutors in San Francisco indicted former CalPERS Chief Executive Fred Buenrostro and former board member Alfred J.R. Villalobos on Monday afternoon as part of a years-long investigation into possible influence-peddling and corruption.
The two former officials of the California Public Employees’ Retirement System were charged with fraud and obstruction of justice, according to the U.S. attorney`s office in San Francisco.
|Alfred J.R. Villalobos|
The federal investigation has been probing Villalobos` alleged influence-pedding in winning lucrative contracts for private equity funds that wanted to do business with CalPERS, the country`s largest public pension fund.
Villalobos and his Nevada firm earned tens of millions of dollars in commissions on the deals. Villalobos and Buenrostro also have been sued by the Securities and Exchange Commission and the state attorney general over fraud claims.
Okay, Villalobos has something of a PRI oligarch look going for him, like his great-grandfather was a bandit turned general in the Mexican Revolution a century ago, but Buenrostro ...
White guys pretty much built the modern world and mostly still rule it, but everyone is agreed that that`s awful. So, the best thing in the world to be right now is a white person who has some claim to being a member of a Designated Victim Group, like Gerald McRaney-lookalike Señor Buenrostro.