Crony capitalist Villalobos may be one of many reasons California’s pension fund CalPERS is broke.
Crony capitalist Alfred R. Villalobos, who has been named in a state influence-peddling lawsuit, filing for bankruptcy in Nevada with almost $5 million owed to Nevada casinos in addition to other debts. Villalobos was a deputy mayor of Los Angeles for five months in 1993 and a board member of CalPERS, California’s giant pension fund, from 1993 to 1995. Over the last dozen years, Villalobos took in more than $50 million in commissions for brokering billion dollar deals between investment managers and CalPERS, as well as other government pension funds. One can only imagine how prolific a gambler, as the Attorney General’s office put it, he must be. The AG office is opposing the Nevada bankruptcy filing, arguing that Villalobos’ ...
