[HEY CITY HALL...DON'T YOU KNOW I AM PLACES WHERE YOU CAN'T SEE ME? IF NOT...ASK YOURSELF HOW I AM POSTING THIS PICTURE?]DID VILLARAIGOSA APPOINT UNDOCUMENTED COMMISSIONERS & HIRE UNDOCUMENTED WORKERS AT L.A. CITY HALL?: If Meg Whitman hiring non-documented as housekeeper was big deal, imagine if LA Mayor hired as CITY HALL workers & COMMISSIONER APPOINTMENTS! (COULD THE MAYOR'S OFFICE ALREADY BE TRYING TO SPIN THIS ONE TO REPORTERS?)
Did Mayor's Office Hire & Appoint "Undocumented" City Hall Workers and appoint Undocumented Commissioners?
HAS VILLARAIGOGA'S OFFICE BEEN GETTING CALLS FROM REPORTERS OVER THIS ISSUE?
NEXT TOPIC: Antonio Vilaraiogosa's "VACATION" to ICELAND? WHO THE HELL TAKES A VACATION TO ICELAND? Maybe it wasn't a vacation, but about losing TITANIC BOATLOADS of pension money.
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?
PEOPLE MAY HAVE FORGOTTEN ABOUT THE MAYOR'S "VACATION" TO ICELAND...BUT ZUMA DOGG ALWAYS PRIORITIES FRAUD, WASTE & ABUSE...AND THIS IS WAAAAAAAAY UP THERE ON MY LIST OF BULLSHIT THAT NEEDS TO BE INVESTIGATED.
NEXT: Steve Fink & 15 Group, Stephen Bing, Anschutz Corp, Lou Moret & Eliot Sekuler, Richard Alatorre, Dalila Sotelo & MORE! (Hey Anotnio...MAN, is Steve gonna FLIP when he reads THIS!) Coming soon, cause ZD ain't seeing anything coming soon from the city.
AND FINALLY, Are reporters ALSO calling to see about a shady (ILLEGAL) home purchase in Mt. Washington? WHO BOUGHT A HOME IN MT. WASHINGTON? (Only ZD's insiders know!)
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