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
- WWII Atomic Bomb Project Had More Than 1,500 “Leaks”
- Neanderthal 'Art' Found In Cave Sheds Surprising New Light On Ancient Intelligence
- Midterm Election Mind-Reading: The Market Tends to Win
- Proof surfaces for affair between Queen Victoria and her male assistant
- Could humans cause another Paleocene-Eocene Thermal Maximum?
- Pro-Israel website chides Middle East Studies professors, claiming they’re apologists for Hamas
- UCLA Economist, Known as Railroad Historian, Dies at 89
- David Rosand, an Art History Scholar Whose Heart Was in Venice, Dies at 75
- NYT interviews Rick Perlstein about his book
- OAH issues a statement in support of the AP standards