Posted on 01/15/2010 2:01:54 PM PST by NormsRevenge
Shedding new light on the involvement of former board members in lucrative deals, CalPERS revealed Thursday that marketing middlemen known as placement agents earned more than $125 million in fees from investments by the pension fund.
The agents include four ex-CalPERS board members, among them former state Treasurer Matt Fong and former CalPERS President William Crist. Their activities as placement agents were disclosed for the first time in thousands of pages of documents released by the California Public Employees' Retirement System.
Crist defended his work when reached by phone at his home in Turlock on Thursday, and Fong couldn't be reached for comment.
Another ex-board member who obtained business from CalPERS was Alfred Villalobos, whose success at making money off CalPERS deals has already been well-publicized – and has placed him at the heart of an investigation launched by the pension fund last October.
Villalobos has earned at least $58.9 million in commissions since leaving the Cal-PERS board in 1995. He landed at No. 1 on a CalPERS-generated list of the "top 10" most prolific agents. Placement agents are paid by private equity firms and others to obtain deals from public pension funds like CalPERS.
The $58.9 million represented fees paid to Villalobos' firm, Arvco Capital of Stateline, Nev. But Villalobos' total payout could be even higher.
The documents released Thursday by CalPERS in response to Public Records Act requests also show that private equity firm Apollo Management – one of Arvco's biggest clients – paid another $11 million in fees in the 1990s to investment firm Donaldson Lufkin & Jenrette (DLJ) to win business from CalPERS. Villalobos worked there and "may have been compensated by DLJ in connection with" the CalPERS investments, according to Apollo's records.
Villalobos couldn't be reached for comment Thursday. DLJ is out of business, ..
(Excerpt) Read more at sacbee.com ...
bump
Another quasigubamintal incestuous affair .. nothing to see here CalPERS .. Move along Folks.
I want to be a middleman next time around. 8-]
CalPers is so corrupt. They used to be pretty clean way back when Pete Wilson was Gov.
It would be interesting to know how much those agents contributed to the Rat party. All part of the ongoing scam of big govt.
I just bopped over to one of my Union source websites.
Turns out in Nov/Dec there was an attemt to get two SEIU members onto the Calpers board and both failed.
I suspect this coming out is an SEIU attack so they can try again.
How else can we keep good middlemen /s
I guess this is why so many people go into "public service", huh?
Not funny. This is a situation where citizens need to go to the homes of these thieves, drag them out of their beds in the middle of the night and hang them.
This crap will continue until there are consequences. Hanging is a good start.
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