Winter 2013, Vol. 23. No. 1.
The Pension Fund That Ate Californiatags: retirement, California, Pension, labor
After spending years dogged by unpaid debts, California labor leader Charles Valdes filed for bankruptcy in the 1990s—twice. At the same time, he held one of the most influential positions in the American financial system: chair of the investment committee for the California Public Employees’ Retirement System, or CalPERS, the nation’s largest pension fund for government workers. Valdes left the board in 2010 and now faces scrutiny for accepting gifts from another former board member, Alfred Villalobos—who, the state alleges, spent tens of thousands of dollars trying to influence how the fund invested its assets. Questioned by investigators about his dealings with Villalobos, Valdes invoked the Fifth Amendment 126 times....
comments powered by Disqus
- Lewinsky mistreated by authorities in investigation of Clinton, report says
- Scientists Say Proof Of Jack The Ripper's Identity Is Fatally Flawed
- Memorial for black Revolutionary War soldiers finds spot on Mall after 30 years
- Sherlock Holmes star to feature in a new movie about Alan Turning
- Man’s Genome From 45,000 Years Ago Is Reconstructed