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Enron Revisited: City Pension Fund in No Better Shape
Yes I agree. But none, other than Saathoff, gained any benefit greater than what others working for the City received. I believe it was greed and ego that motivated Saathoff. Here he was the leader of a IAFF Local 145 and a SDCERS Board Member. His ego told him he deserved more than the others. His city salary as a Fire Captain, (1st line supervisor) was not fair compensation for his work or his retirement calculation. What he lost sight of was both his additional "jobs" were voluntary. He forgot his ethics, became a political animal, and let greed be the driving force in his life. A full jury trial and a decision by the triers of fact, his peers, is the only way to determine if the conflict of interest statute was violated.— January 27, 2010 8:31 p.m.
Qualcomm Lowers Forecast; Stock Plunges 9%
Just wondering if the news that Apple's new "IPAD" will using its own home grown chip and not one of Qualcomms' or Intels' will result in more negatives for the stocks?— January 27, 2010 3:13 p.m.
Enron Revisited: City Pension Fund in No Better Shape
I agree with your conclusion regarding Saathoff, a full hearing and decision by a jury needs to be held. Care to articulate some reasons for disagreeing on their ruling on the ones who were dismissed? Seems the general logic used by the court and cited by news reports, combined with the exemptions within the 1090 statute points to that body getting it right. A unanimous decision by any appellate court now-a-days is a rare. Are you implying they, all of the Justices, are corrupt?— January 27, 2010 2:03 p.m.
Enron Revisited: City Pension Fund in No Better Shape
Oh Johnny Johnny Johnny... so the Supreme Court's ruling that no Conflict of Interest was violated has no bearing. How many times have you argued that very fact, that is it was always a conflict of the greed filled employees their labor organizations that caused the pension shortfall. Soon the US Supreme Court will render its decision on the some similar criminal issues (Honest Services Theory) with some of the same defendants under their jurisdiction. Do you think they'll follow the lead by the Cal Supremes? http://voiceofsandiego.org/government/thehall/art… Along with them the SEC is on the brink of settling its ongoing litigation. http://www.signonsandiego.com/news/2010/jan/20/se… By the way, in the interest of fairness, the OP/ED piece you copied and pasted above was written not by the staff of the Mercury News. It was written by David Crane, a Special Advisor for Jobs and Economic Growth to Gov. Arnold Schwarzenegger. At least the Mercury News posted the piece on its OPINION/EDITORIAL page in the context of Governor's budget proposal.— January 27, 2010 12:36 p.m.
Enron Revisited: City Pension Fund in No Better Shape
Yes it's true...the world wide great recession took a toll on SDCERS' funding ratio. It's June 30, 2009, valuation took a hit. As you mention there has been a partial recovery in the equities market so today's valuation has improved but we will not know the true value until the next full valuation is done on June 30, 2010. Even then the actuaries take six months to calculate the amount due from the City on a myriad of data points. But let's not forget the root cause of the system's funding ratio was the City's insistence of underfunding and the City's taking of investment returns to fund promised retiree health benefits. One, a very questionable practice, some call it mismanagement by City Leaders. The other ruled illegal by the IRS and endangered the Systems' Tax Qualified status. Both actions were reckless and initiated by the City to hide the incompetence of its financial management. Many of these facts are clearly articulated in City Attorney Jan Goldsmith's 2010-1 sixty-one (61) page Legal Analysis and Opinion. You'll find it by following this link: http://docs.sandiego.gov/legalopinions/LO-2010-1.… Take the time to read it for yourself. I think you'll find Goldsmith has carefully researched and analyzed the data. He offers his client, the City of San Diego, many options on how to proceed. It's important to note, as you've mentioned in your piece, the City has already trimmed worker benefits. Additionally the City has negotiated higher pension contribution rates from its employees and is in negotiations this year to do more to lower its future pension obligations. In addition the recent ruling by the California Supreme Court dismissing the criminal Conflict of Interest charges against five of the six defendants underscores the points above. The sixth defendant, Ron Saathoff, SDCERS Board Member and Local 145 Union President will stand trial for the "Special" benefits he received. Are we seeing light at the end of this long dark tunnel? Well it's hard to tell at this moment. It may be a sustainable light or a just flickering candle down there. If this recession double dips as some predict, the candle could be extinguished and we could be in for a lot more pain. If our economy rebounds, and the City gains more reasonable concessions balanced with new sources of revenue, the storm which has battered Enron by the Sea for so many years, may be subsiding. But no matter how you see it progress is being made.— January 27, 2010 9:46 a.m.
Pension Costs Reach 69% of City Payroll, Says DeMaio
Glad to have you back, sympathies for your loss.— January 23, 2010 5:15 p.m.
Pension Costs Reach 69% of City Payroll, Says DeMaio
Here's another example of Carl's zeal and agenda to paint employees as villains. We all know everyone loves story with heroes and villains. We just want the so-called hero to get the facts correct. His record on being accurate isn't stellar. WARING TO VIEWERS! THERE IS A MUGSHOT OF MR. DeMAIO AT THE LINK BELOW. VIEW AT YOUR OWN DISCRETION. http://www.signonsandiego.com/news/2009/feb/17/1m…— January 23, 2010 8:34 a.m.
Pension Costs Reach 69% of City Payroll, Says DeMaio
Don't have a problem with it Johnny... If the City wants to end the SPSP saving plan it can do so the meet and confer processes by following the law as suggested by Mr. Goldsmith, with or without his hair piece. BTW just because Carl calls it a pension plan does not make it so. He's been wrong many times before with information about the pension system and compensation. There's no doubt in my mind he'll misrepresent something in the future if it fits his agenda or furthers his goals of becoming the next Mayor of San Diego. Hopefully he won't stoop as low as he's done in the past and take responsibility for his mistakes rather then blaming his staff as he's done in the past. Here are a couple of examples of what I am referring to. http://legacy.signonsandiego.com/uniontrib/200505… Or this by Chris Reed... I loved this one and Chris' analogy to Al Gore's invention of the Internet. http://www.signonsandiego.com/weblogs/americas-fi…— January 22, 2010 9:43 p.m.
Pension Costs Reach 69% of City Payroll, Says DeMaio
Funny that's exactly what Lexis-Nexis is for...research and analysis.— January 22, 2010 7:24 p.m.
Pension Costs Reach 69% of City Payroll, Says DeMaio
Hey Johnny here's the SDUT's take of Mr. Goldsmith's opinions. Maybe this one will suit you better. http://www.signonsandiego.com/weblogs/all-in-favo…— January 22, 2010 7:14 p.m.