The State Worker

Chronicling civil-service life for California state workers

April 4, 2011
CalPERS chief sorry for scandal, says fund will 'take ... action'

In an open letter released today, CalPERS Chief Executive Officer Anne Stausboll says she's sorry that recent revelations of alleged wrongdoings by high-ranking former fund officials has put a cloud over the organization's integrity.

"Still, I believe, as does our Board, that the public airing of this sorry episode is an integral part of moving forward, and I commit that CalPERS will continue to face these issues and squarely take meaningful action to ensure that they do not happen again," Stausboll says in the letter published on CalPERS' website.

CalPERS' former CEO, three former board members, a former investment officer have been tied to a bribery scandal revolving around "placement agent" Alfred Villalobos, also a former board member.

The fund commissioned an investigation and then made the findings public. Philip Khinda, the lawyer who looked into the scandal, held back some of his information at the request of law enforcement agencies that may soon press criminal charges.

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at jortiz@sacbee.com.

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