Caesars Entertainment, Apollo/TPG, CalPERS/CalSTRS debacle. JSTAT's concern of billions of dollars lost to Caesars Entertainment Corp. by California's teachers pensions (California State Teachers' Retirement System or CalSTRS) and public workers (California Public Employees' Retirement System or CalPERS) to private equity fat cats, Apollo Management and TPG Capital in 2008. Did you know CalSTRS/CalPERS are major limited partners in the world's largest casino entertainment company? Caesars Entertainment Corporation has managed to lose $10 billion to the detriment of hard working teachers and police officers in California. The taxpayers of California also have a piece of the action by betting on Black. Apollo Management's CEO, "Teflon" Leon Black, raided the pensions through a placement agent (Alfred Villalobos) who collected $60 million from Black's private equity firm Apollo Management. The placement agent wined and dined CalPERS officials to persuade them to invest $600 million for 10% of Apollo Global Management according to so a suit filed in 2010 by California Attorney General Jerry Brown who accused Villalobos of bribing officials with the pension fund. Apollo Management paid for a private jet to transport a CalPERS high ranked official to New York City from Sacramento. The official and Villalobos attended a high society benefit honoring Teflon Leon Black. The CalPERS official pushed through the Apollo Management sale a month later. Caesars Entertainment extended much of its debt obligations to 2015 and required teachers and law enforcement pensions to take a haircut in the process to avoid bankruptcy. The billions lost to Caesars Entertainment won't be known until then or if Caesars Entertainment declares bankruptcy. Who allowed California's teachers and public workers to be owners of the world largest casino?
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