"Teflon" Leon Black stacks Harrah's deal

To fund Harrah's $30 billion buyout in 2008, Apollo Global Management and TPG Capital (formerly Texas Pacific Group) led by private equity kingpin Leon Black, CEO of Apollo Management, raided California's public pension funds CalPERS (California Public Employees' Retirement System) and CalSTRS (California State Teachers' Retirement System). The tip of the iceberg are posted below with links to the Los Angeles Times and other credible outlets describing the CalPERS/CalSTRS fiasco including the civil charges filed by California's Attorney General, Edmund (Jerry) Brown.

1) Here is the "Complaint for civil penaties link" filed by California's Attorney General Jerry Brown on May 5, 2010. Apollo Management's fingerprints are all over these charges against Leon Black's fall guys, Alfred Villalobos and Fred Buenrostro. Of course Harrah's and CalPERS played a role in the fiasco with nothing sticking to "Teflon" Leon.

2) Harrah's owner, (teflon) Leon Black CEO of Apollo Management, is not sued by California Attorney General Jerry Brown while his two stooges at CalPERS take the rap. Article notes kickbacks from Black prior to CalPERS $600 million investment (worth under $200 million now) in 2007, buying a piece of the action in Apollo Global Management. Los Angeles Times link May 6, 2010

3) Here is my November 2009 piece concerning California's public pension fund fiasco at CalPERS and CalSTRS. I read the last three paragraphs to the CalPERS board to get on record about the displeasure of their actions. State Controller John Chiang spoke to me after my comments and seemed concerned, unlike the rest of the board. The "Harrah's, Apollo Management, and CalPERS/CalSTRS debacle" article at examiner.com.

For more information, go to the "Harrah's, Apollo Management, and CalPERS/CalSTRS debacle" group on Facebook.