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San Diego's retirement liability goes up a billion
Dow = 7997.28 Off -427.47 Points Off -5.07% Don, I have a question, if the pension fund was only 58% funded on November 12, 2008, what % do you think it is at today (November 19, 2008)?????????? If it drops below 50% funding what does Don Bauder think we should do?????? (I say file BK ASAP).— November 19, 2008 2:50 p.m.
San Diego's retirement liability goes up a billion
Councilmember Jim Madaffer put a happy face on Esuchanko’s grim numbers. Pension performance is cyclical, he said. “There will be peaks and valleys,” and today we are in a very deep valley, he conceded. ======================================= "Valley"..........LOL...what a friggen moron. Almost as stupid as Scott "We're Not Broke" Peters writing the Wall Street Journal and claiming the San Diego pension fund is fine. There is a BIG difference between a "valley" and bankruptcy. Our pension fund is technically bankrupt on a cash flow basis. Someone find Madaffer and tattoo that fact on his forehead-so everytime he looks in the mirror he is reminded of what a chump he is. There is absolutely NO WAY San Diego will not file BK. BK is coming, there is no way around it. Just a matter of time. The notion that a City of 1.3 million people can fund a deficit of $4-5 billion (and counting) which is growing at an exponential rate is absurd.— November 19, 2008 12:17 p.m.
Peters Nominates Peters
The new council members should make it the first order of business to rescind the appointment of Peters to the Port. ============================== X2. This is the same clown who just one month ago wrote a letter to the Wall Street Journal "informing" them that our pension was safely funded! It is people like Peters (and Gwinn, McGrory et al) who have caused the collapse of this City (County and State). Peters does no engage in "public service", he engages in biased, self serving, self promoting, partisan politics for the sake of public unions. He is the quentissental "rubber stamp" for government.— November 19, 2008 7:56 a.m.
Emeryville Hotel Workers, 300 Strong, March on City Hall, Claiming San Diego Company Owes Them Back Wages
$9 an hour is not big bucks, but not chicken feed either.— November 18, 2008 9:55 p.m.
San Diego economists divided on how deep recession will be
Banks don't really want to foreclose on these people as it costs them so much more to kick the people out and find a new owner. ========================= Greg, after gaving dealth with Freddie Mac And Fannie Mae on numerous foreclosures, I can tell you with 100% certainty that these firms have some of the most incompetent and stupid morons to ever work in real estate working for them. So your assumption that a bank will not foreclose because it costs money and does not make sense is in reality a fantasy. I can assure you these mega banks, Fannie and Freddie have no idea or clue as to how to make a profit.— November 18, 2008 5:26 p.m.
San Diego economists divided on how deep recession will be
Once fumbler has a nice long session with his (well used) "strap-on" I am sure he will be feeling much better.— November 18, 2008 5:22 p.m.
Flight of Fancy Evanesces. Gaylord Won't Build Convention Center Complex on Chula Vista Bayfront
Question: When will government give aways to big business end? Answer: When the government goes BK from mismanagement. BTW Don, did you catch the VoSD articles (2) yesterday about SEDC and Angela Harris???? OMG-I am telling you right now, that was flat out fraud. Someone-probably BOTH Carolyn Smith AND Angela Harris- will be going to be going to prison...ala Randall "Duke" Cunningham. If those two do not end up doing time for fraud then the country is doomed. But I am calling it right now-indictments will be coming down on this SEDC mess.— November 18, 2008 8:25 a.m.
The Future Looks Blight!
And how about cutting the fire battalion chief salaries who make $250,000 + per yr. All the high up union in fire and police are making $250,000 +. Just imagine how fat their pensions are. ========================== The question is WHY are we paying these salaries and pensions when there are 1,000' of applicants for these jobs??? We could cut the pay in HALF while slashing pensions by 75% and still have HUNDREDS of applicants for every single job opening.— November 16, 2008 5:04 p.m.
U-T Managers Get No News on Sale of Paper, Other Than Something They All Knew
The chief financial officer said the newspaper has a "positive cash flow." That is critical to any sale. =================================================== I don't think there is positive cash flow. If there were then I don't think the UT would have been giving/offereing buy our deals. I also don't think David Copley would sell the paper if it had a positive cash flow. My guess is that the paper is bleeding red ink, managers don't know how to stop the hemmorage and David Copley has no idea what to do-so he wants to sell. Easy fix. Except that there is no market or capital. Last-there is abosulutely NO credit (not to mention no market for a daily paper) to do a metro daily deal right now-none. IMO it would HAVE to be a stock swap, and it would be below a lowball offer. Copley should just cut expenses, drasticlly if that is what is needed to get into the black again, and just stick it out. We are in a bad/terible market-but 5, 6, 7 years from now we will be looking good again.— November 15, 2008 6:42 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
By "duties" I meant things such as shopping, cooking, eating and exercising. Maybe "duties" was not a very good way of describing the point I was trying to make-which is everyday acts of living (which we all do) are not normally considered "work".— November 15, 2008 2:06 p.m.