Former CalPERS chief sentenced to prison in bribery scandal- Sac Bee
Calpers is the state agency that invests the pensions of California State Employees. The pensions are hugely underfunded. The pension managers would all be jailed if Calpers were a private pension organization. California tax payers will pay the shortfall. RM
Fred Buenrostro, the former chief executive of CalPERS, was sentenced Tuesday by a federal judge who called his actions “a spectacular breach of trust.”
Buenrostro, 66, pleaded guilty to a conspiracy charge nearly two years ago, admitting he took more than $250,000 in cash and other bribes from his friend and former CalPERS board member Alfred Villalobos. Prosecutors said Villalobos was attempting to steer pension fund investments to the private equity firms he represented.