In viewforum.php (and probably other places) a list with moderators is generated with:

list($active_forum_ary, $moderators) = display_forums($forum_data, $config['load_moderators'], $config['load_moderators']);

display_forums() calls get_moderators() which starts with this code snippet:

        if (!$config['load_moderators'])

        {

                return;

        }

Which makes sense since get_moderators() only fetches data from the moderators_cache table which won't be filled if load_moderators is set to false.

Because of this calling forums_display() with load_moderators is rather misleading. You can't force forums_display() to return a list with moderators by changing this into TRUE. IMO the call should either omit these arguments or it should use TRUE in the function call.