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San Diego City Employees pension fund ailing
I believe that when the City goes into bankruptcy, the City pension fund will be terminated. Existing pension fund assets will be distributed pro rata to City employees based on their respective contributions to the fund. Employees who are currently employed by the City will have the option of rolling over the payout into an IRA on a tax-deferred basis. Retired City workers will have the option of either accepting a cash payout, or accepting an annuity from a private insurer financed with pension fund assets. Once pension fund assets are fully liquidated, the pension fund will cease to exist and City (taxpayer) liability to workers will terminate. The plan will be replaced with social security and a government version of the 401(k). There will be City matching, but most of the cost (and risk) of the 401(k) will be borne by the City workers. There will be no City guarantee of retirement benefits. The City will no longer pay retiree health insurance costs and workers who want to retire with medical insurance will have to work until they are old enough to enroll in Medicare, just like everyone else. The era of the 40 year old retired firefighter collecting an $80,000 per year pension and raising horses on a ten acre ranch in Lakeside will be a thing of the past.— January 1, 2009 12:24 p.m.
Wall Street Journal Puffs Up Sam Wyly, Ignoring Offshore Tax Shenanigans Uncovered by Congressional Investigators
I read "Citizen Hughes." The author theorized that Nixon ordered the Watergate burglary because Howard Hughes hired Larry O'Brien, Chairman of the Democratic National Committee, as a lobbyist. Nixon was afraid that Hughes had told O'Brien about the loans Hughes made to Nixon's brother, Edward. Nixon wanted the burglars to pilfer O'Brien's files at DNC Headquarters at the Watergate to find out what he had. Neil Morgan also reported several times in his column that Howard Hughes was in San Diego for medical treatment as Scripps Hospital. Morgan also reported that Hughes had been spotted walking on the beach at La Jolla shores. Morgan's reports were not accurate.— December 31, 2008 10:15 p.m.
City of Industry to Vote Jan. 20 on $500 Million Infrastructure Bond that Would Serve Planned New Stadium
There's a rumor circulating among local contractors that the City is going to receive federal funding to build (1) a new football stadium, (2) a new City Hall, and (3) a new library. Funding for these projects is rumored to be included in the tentative draft of the public works component of President Obama's proposed fiscal stimulus package.— December 30, 2008 9:47 a.m.
City of Industry to Vote Jan. 20 on $500 Million Infrastructure Bond that Would Serve Planned New Stadium
Father Joe Carroll might be able to buy the Se Hotel on the cheap in 2010 and turn it into a homeless shelter if the loans go into default. Maybe the lender could lease it to the Navy as short-term housing for sailors.— December 27, 2008 10:54 p.m.
Andrea Tevlin, San Diego's budget analyst, too busy to talk
Don’s column was hitting on all cylinders in the late 1970s when he was publishing stock tips by Dr. Dean, Hypnotist. I and many other small investors made a lot of money following Dr. Dean’s tips. When Dr. Dean retired and moved to Las Vegas the stock tips stopped and the column was never quite the same.— December 24, 2008 11:03 p.m.
Andrea Tevlin, San Diego's budget analyst, too busy to talk
I almost followed Bauder's investment advice back in 1979 when he advised his readers to buy silver bars. I took my life savings out of the bank and went to the San Diego Coin Exchange on El Cajon Blvd and stood in line along with hundreds of his readers who were also there to buy silver bars. The line was almost a mile long due to the frenzy. By the time I got to the front of the line, the silver bars were sold out. About that time the supply of silver bars had dried up and only well-heeled local investors with connections could buy silver bars. Several months later the price of silver collapsed and thousands of San Diegans were wiped out. I dodged the bullet on that deal. Bauder was rumored to have buried $250,000 in silver bars in a vernal pool somewhere in Kearny Mesa.— December 22, 2008 10:09 p.m.
Melvyn Weiss, Once Co-Managing Partner of Notorious New York/San Diego Law Firm, Allegedly a Victim of Ponzi Schemer Madoff
Duke Cunningham is wintering in Tucson.— December 13, 2008 11:30 p.m.
Melvyn Weiss, Once Co-Managing Partner of Notorious New York/San Diego Law Firm, Allegedly a Victim of Ponzi Schemer Madoff
Lerach left Modoc. According to the prisoner locator, he's now wintering in Arizona. http://www.bop.gov/iloc2/LocateInmate.jsp— December 13, 2008 11:27 p.m.
Gardner Gets 8 Years for Peregrine Scam; His Lawyer Says Criminal Activity Going on Before Gardner Got There
I read that Moores submitted a filing to the SEC identifying in advance the dates he would sell his shares of Peregrine, and the specific number of shares he would sell on those specific dates. I also read that the SEC filing ocurred two years before the first documented episode of financial fraud ocurred at the company. This may have been a major stumbling block that prevented his prosecution, and complicated the civil suits. I do not know if this is true or not. I also do not understand why Gardner and the other indicted executives did not try to save themselves by blaming the fraud on Moores. They went down like Gordon Liddy did for some reason. The media has largely ingnored the Peregrine case. There have been no in-depth articles on Peregrine of the type that were written about Lerach's corruption.— December 11, 2008 5:17 p.m.
Downtown San Diego condos – kinda like roller coasters
Spick should bail out of his condo and face his family responsibilities. Downtown is no place to raise a child. The area is rife with dopers and drunks. He should give up his dream of a fantasy lifestyle that he probably can't afford and remain in Scripps Ranch where the schools are decent. He's never going to get a loan to buy the condo anyway. Lenders know that he'll walk on the Scripps Ranch loan if he receives a loan to buy the condo. They've seen the pattern over and over.— December 10, 2008 10:33 p.m.