My councilman and the city attorney's office is now more than aware that they have TRULY run out of time in the Book of Zuma Dogg.They are still tap dancing and telling me how fast and hard they are working to hurry up. But, again...
TOO LATE, Y'ALL...cause I don't buy it today, anymore than the last five hundred times you told me. AND, if THIS IS the BEST you can do...then that's too bad, too.
So, first of all, DOWD/DOGG will not be delaying on filing the next lawsuit over problems at Venice Beach (A NEW LAWSUIT...not summary judgment on current lawsuit.) But don't worry, we can always drop it later, but we just don't want to delay or waste time.
AND, Zuma Dogg took a trip to THIS building today. (A VERY NICE LOOKING building on Wilshire Blvd by the 405.) I was SO HAPPY to be there, I wanted to take my picture walking in through the door that said, "Public Entrance," but I was informed if I did that, some folks would be questioning ZD on things BESIDES LACERS pension money and how it ties to Villaraigosa.
BUT, they said I could take THIS PHOTO from ACROSS THE STREET.
This was an initial trip, and ZD still has to make follow-ups before anything gets started on my end. (Besides what I have blogged, which should be enough.) BUT, ZD realizes, it's kinda complicated -- and I have four intense years of investigation into the pension matter in City of L.A., including access to Wetherly Capital insiders -- and additional info. So READING a blog post is ONE THING...but having Zuma Dogg explain it, from the top, tying it all together...makes things come together a lot more quickly and can make for a much more expedited investigation when it is all laid out in front of you, with explanation.
So we are not, yet, at that point. But just took a step toward that, today. So there's still time to keep questioning stuff and getting all the "I's" and "T's" ready for a council discussion, sometime in the "still not on the agenda, yet" future. ZD is PLENTY busy...while you are doin' your thing, I'm doin' mine.
HERE'S AN EARLY, INITIAL POST.
pensionGATE Explanation/Background ROCKER
Good pensionGATE background read
CRA link to pensionGATE/Villaraiogsa
more pensionGATE
History of Wetherly Capital
MORE POSTS TO COME...
ron kaye blog on pensionGATE
NEW CONTENT (2/1/11) - 4pm:
MATT DOWD SAID: And then the Iceland govt put 'domestic' loans and depositors into a 'new' bank , and the 'foreign creditors ' had to fight over the sucky assets. Britain and Holland have actively fought to regain their money (for their constituents who deposited) and the I celand govt is promising to guarantee those 2 countries. those 2 countries are trying to get priority against the other creditors [incl US bond and pension funds] and those funds are suing so they don't lose priority.
The priority is to be lucky to get 30 cents on the dollar, paid back over 35 years !!!
That's the deal they're fighting for.
So, in a nutshell, the Mayor and LACERS commissioners, in order to extract an extra 2 or 3 percentage points on the pension returns, invested it into Iceland Banks who were loaning it out to retail developments in London, just like the Grand Avenue project.
But like the article says , the loans were not backed with quality collateral.
The Iceland prime minister refused to build up the central bank there because he didn;'t want these cowboy banks to have a back stop when he saw the rate they were manufacturing 'business'.
Promising high returns to investors, then loaning that money to shadier developers.
So here's the blog question:
1. Tell us exactly how much LOS ANGELES pension money went to Iceland, and what is the outlook on that recovery, and;
2. Exactly how much pension money went into downtown Los Angeles luxury high rise condo developments and companies like Meruelo Maddux Properties Inc. " that are now bust and worthless?
1. Tell us exactly how much LOS ANGELES pension money went to Iceland, and what is the outlook on that recovery, and;
2. Exactly how much pension money went into downtown Los Angeles luxury high rise condo developments and companies like Meruelo Maddux Properties Inc. " that are now bust and worthless?
http://www.bloomberg.com/news/
THEN:
Villaraigosa spokesman Matt Szabo dismissed such comments, saying “at some point we need to draw a line between healthy skepticism and a sick obsession with conspiracy." “We’re talking about a program that is literally saving lives and bringing hope to communities which have been ignored for decades,” Szabo added.“To suggest that there are any nefarious motives is ridiculous and disgusting.”
OK here's where the line gets crossed,...the 'vacation' story is a heinous lie, and what's nefarious and disgusting is that they would lie about the real reason for the trip, AND, they wonder where we get the scepticism from ???? the Mayor's office IS a conspiracy.
MORE TO COME AS LA CITY NEWS UNCOVERS & UNRAVELS LACERS PENSION FRAUD.
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