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High-profile indictments a shot across the bow at CalPERS

Tuesday, March 19, 2013

Three years after an influence-peddling scandal erupted at the state’s public pension system, a federal grand jury in San Francisco has indicted two once-powerful former CalPERS officials. Former chief executive Federico Buenrostro Jr. and one-time board member Alfred Villalobos were indicted Monday on fraud, conspiracy and obstruction charges. From the LA Times:

Critics have continued to pummel CalPERS and other large government-worker pension funds for being dangerously underfunded and providing overly generous retirement and health benefits. Those costs unfairly burden taxpayers, most of whom have no access to similar largesse, critics say.

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