In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black , head of private equity giant Apollo Global Management LLC .
Joe Dear is giving a pep talk to more than two dozen colleagues at the California Public Employees’ Retirement System. As Dear paces before his people on this July afternoon in Sacramento, he implores them to shake off the funk of the pension fund’s recent troubles.
Federico Buenrostro, former chief executive officer of California Public Employees’ Retirement System, will plead not guilty to charges he conspired to trick the pension fund into paying millions of dollars to a placement agent, his lawyer said.
Regulators cleared Nasdaq OMX Group Inc.’s plan to pay $62 million to compensate brokers for its mishandling of Facebook Inc.’s public debut, dealing a defeat to Wall Street firms that say they lost many times that amount.
The California Public Employees Retirement System, the largest U.S. pension fund, should impose a “cooling-off” period restricting how quickly former executives may take jobs with money managers, its outside lawyers recommended.