``The longtime, top executive of the country's biggest public pension fund pleaded guilty to a federal conspiracy charge to commit corruption and fraud Friday after admitting in court documents that he took $250,000 in bribes from a friend and co-defendant in an influence-peddling case that rocked the investment world... Villalobos, 70, of Incline Village, Nev., [Ed--the bagman] was a middleman who helped Wall Street investment firms secure billion-dollar deals with the $300-billion pension fund, known as CalPERS. He received $50 million in fees for his work as a so-called placement agent. He has denied wrongdoing.'' -- Just as we suspected when groaning over seemingly "idiotic" CalPERS moves around and since the last bubble...

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