CalPERS chief wants to clean up scandal plagued agency
Publisher’s note: Alfred Villalobos, who lives on the South Shore of Lake Tahoe, has done work with Apollo, the private equity firm that owns Harrah’s Entertainment. Apollo is tied to the CalPERS scandal.
By Dale Kasler, Sacramento Bee
CalPERS’ president, promising to clean up an influence-peddling scandal at the big pension fund, raised the prospect Wednesday of publicly reprimanding board members and employees who violate ethical standards.
“We won’t let the actions of a few stain or tarnish the 77-year history of our organization,” board President Rob Feckner said in an interview with editors and reporters at The Bee.
The California Public Employees’ Retirement System has been scrambling to deal with disclosures that former board member Alfred Villalobos has earned more than $60 million obtaining CalPERS deals for his investment clients. CalPERS, which made the disclosures itself, has commissioned a “special review” of Villalobos and other so-called placement agents, and has endorsed legislation requiring agents to register as lobbyists.