Through it all, Calpers has portrayed itself as an unwitting victim -- a portrayal I'm not buying. The pension system, which often holds itself up as a paragon of good governance, commissioned a third-party report that found that Buenrostro "pressured" investment staff to recommend commitments to Villalobos clients. The report also alleged that Buenrostro and Villalobos had forged disclosure documents that Villalobos needed in order to be paid by certain private equity firms for services rendered.
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