BUSINESS
May 24, 2011 | By Marc Lifsher, Los Angeles Times
California's political watchdog agency has opened an investigation into gifts to state pension officials from private equity fund managers. The state's Fair Political Practices Commission is conducting the investigation, made public Monday, that focuses on executives at the California Public Employees' Retirement System. Last week CalPERS Chief Executive Anne Stausboll told administrators at the pension fund that some senior executives may have failed to report gifts properly on annual statements of economic interest filed with the state.
BUSINESS
March 17, 2011 | By Marc Lifsher, Los Angeles Times
In the wake of alleged bribe payments, the scandal-plagued California Public Employees' Retirement System has ended contract renewal negotiations with a company that administers prescription drug benefits for 300,000 members. A CalPERS internal investigation report released earlier this week alleged that Medco Health Solutions Inc. paid more than $4 million in what was called "consulting" fees to win the original contract in 2006. The money was allegedly paid in secret to Alfred J.R. Villalobos, a former CalPERS board member turned dealmaker.
BUSINESS
October 12, 2010 | By Marc Lifsher, Los Angeles Times
California's public pension fund severed ties Monday with a major investment manager that had close ties to Alfred J.R. Villalobos, the former pension fund board member who is now accused of fraud. Pacific Corporate Group of La Jolla oversaw $2.5 billion worth of investments by the California Public Employees' Retirement System. The decision to end the relationship "is part of our systematic restructuring of our private equity program to reposition our assets and focus on improved performance, accountability and transparency with our partners," Joseph Dear, CalPERS' chief investment officer, said in a statement.
BUSINESS
May 28, 2010 | By Marc Lifsher, Los Angeles Times
Investment intermediary Alfred R. Villalobos, seeking to overturn a judge's freeze on his assets, said he did nothing illegal and did not harm California's largest public pension fund when he brokered investment deals that netted him more than $47 million in commissions. "Not a penny" of the commissions paid him from 2002 to 2008 came from the California Public Employees' Retirement System, Villalobos said in his first public response to a securities fraud lawsuit filed by Atty.
BUSINESS
May 7, 2010 | By Marc Lifsher, Los Angeles Times
A state lawsuit targeting two top former officials of the California Public Employees' Retirement System could be the first in a series of state and federal actions focused on the nation's largest public pension fund. "This is not the end of this case or the end of the investigation," Atty. Gen. Jerry Brown said at a news conference Thursday. "Other things could follow." Brown said that information from his office's investigation or independent investigations could result in more lawsuits or criminal indictments from a local district attorney, the Fair Political Practices Commission or other law enforcement agencies.
BUSINESS
February 1, 2010 | By Marc Lifsher and Stuart Pfeifer
So what does it take to get your foot in the door at California's giant public pension fund with its $203 billion in stocks, bonds, real estate and commodities? It has become a somewhat embarrassing question lately in Sacramento, where the California Public Employees' Retirement System is struggling to be more open about how it does business at a time when investment performance is subpar. For years, the nation's largest public pension fund basked in the luster of impressive financial returns, a reputation for investor activism and leadership in corporate governance reform, all in the name of 1.6 million state and local government workers, retirees and their families.