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Arthur Levitt, former head of the Securities and Exchange Commission, and Mike Aguirre, San Diego city attorney, have not kissed and made up, exactly. But they are agreeing on a key issue: the SEC should hold the politicians and bureaucrats responsible for San Diego's false financial statements accountable. Levitt said in a recent speech, "I am disappointed that [the SEC] failed to bring a single action -- or hold accountable -- those individuals responsible for the San Diego pension crisis." Aguirre has been trying to get the SEC to act on this for years -- in fact, was the first to bring up the topic. The irony is that Levitt's Kroll Inc. was hired to decide whether Aguirre's tough approach was better than the conclusions of Vinson & Elkins, which did not want to hold individuals accountable. The Kroll report sided with Aguirre completely, but the two sides squabbled because Aguirre battled Kroll and its law firm for ripping off the City for $20.3 million.

Comments
10

Don, Can you estimate what the real debt of the city of San Diego is? Sorry, but I could not get the registration system to work. I am happy to identify myself if that matters.

Thanks [email protected]

Nov. 2, 2007

Don, it appears that U-T Establishment puppets in City Hall not only burn San Diego taxpayers with never-ending "false financial statements" but now they are burning San Diego literally with their firestorms caused by lack of resources due to larceny of taxpayer money to subsidize the U-T establishment. It’s time to send Duke some cellmates like Murphy and Sanders to bring an end to the “U-T Burn San Diego” era so we can get bond ratings to allow us restore quality of life in San Diego once again.

Anon92107

Nov. 2, 2007

Response to post #1: Since San Diego only has audited statements through 2005 (and that only came in a couple of days ago), it's pretty hard to tell. A good guess for the pension system is the City owes $1 billion for pensions and $1 billion for healthcare. I would have to scrape to get other estimates beyond 2005. I have not gone through the 2005 audited statement yet. Best, Don Bauder

Nov. 2, 2007

Response to post #2: I don't know which is worse: the fact that the state, city and county did NOT follow up on recommendations made after the 2003 fires, leaving the entire county vulnerable, or the fact that the media ignored the woeful performance and tried to make heroes of the very politicians who should have been condemned. Best, Don Bauder

Nov. 2, 2007

And, I suspect that's why the SEC has not FINED nor punished the taxpayer further. Mr. Levitt, has parlayed his previous gov't job into a multi-million boondoggle. Sucking San Diego taxpayer dry before going on his self serving media tours. The levels of greed versus the public good, in all segments of our culture, will untimately be its undoing.

Nov. 2, 2007

Response to post #5: Yes, Levitt was paid $900 an hour for his work. Others on the Kroll team made almost as much. The irony is that they came to the same conclusion that Aguirre had many months earlier, and charged $20.3 million for it, all the while denouncing Aguirre. Best, Don Bauder

Nov. 2, 2007

Hey Don the new photo is very distinguished. I know there ain’t to much to smile about these days in America’s Finest City, but how about a little one the next time the snap a picture of your mug.

Nov. 2, 2007

Response to post #7: My wife suggested that I smile for the camera and was willing to shoot a new photo. But I think this one, which has a bit of a cocked eyebrow, fits the tone of this blog. Best, Don Bauder

Nov. 2, 2007

Oh, so it all about attitude? Well I appreciate yours! Keep up the good work.

Nov. 4, 2007

Response to post #9: Yes, I have been said to have an "attitude," mainly in the negative context, but occasionally in a positive context. Best, Don Bauder

Nov. 4, 2007

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