Part of the problem is poor fiscal management on the part of city officials, including Mayor Antonio Villaraigosa, who added 3,000 government jobs during the recession, Riordan says. [Alright, we all know that part. And ZD was bringing it to attention on radio when it was unmentioned issue on radio. And of course the hundreds of pubic comments on the issue.]
In addition, the stock market’s surge in the 1990s gave city officials unrealistic expectations for pension-fund performance, he says. [And while all other bloggers, activists and talk show hosts stayed and remain silent on issue, ZD relentlessly told city their revenue projections were unrealistic and stock market was going to crash and city had too much shady money in "alternative investments." (See "PensionGate/Wetherly Capital/Elliot Broidy/W. H. Jackson)
“The stock market did so well they assumed it was going to do so well forever,” Riordan said. “Well it hasn't.” So pension costs have exploded. “And we can’t even come close to paying for that,” Riordan said.
["Well it hasn't." A very short-hand version of saying that the city lost BILLIONS when the stock market crashed and they were caught with their derivatives pants down. (See also, Antonio's Iceland "vacation" and REAL reason he went there.) And as ZD exposed to city via tons of public comments on TV 35 -- THE PENSION MONEY LOSSES ARE COVERED OUT OF THE GENERAL FUND...HENCE, THE PENDING BANKRUPTCY. IT'S CAUSE OF BILLIONS IN SHADY PENSION LOSES. (See Andrew Cuomo's final report on Broidy & Wetherly.) AND, ZD said over and over the city would not be able to afford to operate, and they wouldn't HAVE to lay people off cause the checks will just be bouncing and people will stay home from their city jobs. (Since city wasn't doing anything about crisis.) THAT WAS TWO AND A HALF YEARS AGO.
I'm glad Mayor Riordan pays attention to ZD. He said on the radio, "You're my favorite thing to watch on TV." (To ZD when I called into KABC when Riordan was taking calls.)
SO NOW THE REST OF THE WORLD WILL WAKE UP AND PAY ATTENTION. But remember, ZD discovered, uncovered and exposed -- OVER AND OVER AND OVER and TO THIS DAY, the DUMMYBLOGGERS and talk radio hosts who only read stories out of LA Times REFUSE to mention Wall Street pension losses as the BIG ENCHILADA. (NOT structural stuff for down the line.) RIORDAN said it's cause pension money didn't do so well on Wall Street. NOT because of OBVIOUS structural problem all these empty-headed, hot-air windbag bloggers keep focusing on. THE SHADY MONEY IS STILL ROLLING ON WALL STREET AS WE SPEAK, AND I KEEP TELLING YOU SMALL-POTATO, NC, NIMBY DUMMIES...AS GOES WALL ST, GOES THE CITY! PLAIN & SIMPLE...AND IT IS THAT SIMPLE...AND THAT IS WHAT THE CAO'S OFFICE TOLD ME, SO THAT IS WHY I AM SAYING IT. BUT IT STILL WON'T BE GOOD ENOUGH FOR YOU SILLY BLOGGERS & NEIGHBORHOOD COUNCIL WANNABEES.