LACERS (Los Angeles City Employee's Retirement System)
SPECIAL MEETING
THURSDAY, MAY 19, 2011
TIME: 3:00 P.M.
MEETING LOCATION:
LACERS Boardroom
360 East Second Street, Eighth Floor
Los Angeles, California 90012
I. PUBLIC COMMENTS ON MATTERS WITHIN THE BOARD'S JURISDICTION
II. INVESTMENTS
A. CLOSED SESSION PURSUANT TO GOVERNMENT CODE SECTION 54956.9(C)
TO CONFER WITH COUNSEL REGARDING POTENTIAL INITIATION OF LITIGATION
(ONE CASE)
III. OTHER BUSINESS
V. ADJOURNMENT
The only thing I am not sure of by reading this is, is LACERS initiating the litigation over investments, or is someone else, like the SEC and/or Federal Government initiating the litigation on LACERS? After all, Villaraigosa's LACER commission appointees DID manage to lose over -20% of the fund in a two year period. (It was supposed to be an 8% gain, each year.) It all adds up to billions, and it has to be covered out of L.A. City's general fund, which is why we are having all of these budget crisis meetings at City Hall, now. And it has been discovered that many of Villar's cronies, backers and appointees have been taken down by Andrew Cuomo over pension fraud. And I'm sure a lot of those people who got busted and who took deals to prevent from going to jail, have a lot to add to my own blogging on the matter. So it wouldn't surprise me if this litigation was because LACERS is the one getting litigated against. (But I'm still not sure. Any clarifications?)
Showing posts with label pension. Show all posts
Showing posts with label pension. Show all posts
Thursday, May 19, 2011
Friday, January 7, 2011
Zuma Dogg's Theory on Why His 2009 Blog Posts on PENSIONGATE Are Getting So Many Views TODAY!
[Pictured: L.A. blogger Zuma Dogg holds documents exposing PENSIONGATE scandal as exposed, partially, by former NY AG Andrew Cuomo. Are ZD's 2009 blog posts providing investigators with information they need to INDICT?]PENSIONGATE UPDATE?: Over the past month, or so, I've notice my old blog posts on PensionGATE (Calpers, LACERS, Wetherly Capital, Elliot Broidy, etc.) has been getting a LOT of page views. These blog posts contain exclusive and detailed information, provided to me by high-level insiders who had direct involvement and knowledge of the players and events that transacted. So what do I attribute the elevated level of page hits on these blog posts?: GOTTA be some investigation going on regarding PensionGATE. Much of the New York stuff has been prosecuted by then AG Andrew Cuomo. And I have always maintained that any pension corruption tactics are tied to California and Los Angeles. The players BUSTED in New York were PEOPLE OUT OF L.A., like Elliot Broidy who plead guilty. And Dan Weinstein and Vicky Shiff of Wetherly Capital who took a deal with Cuomo that put them out of the pension business FOR LIFE. Keep in mind, when Antonio Villaraiogsa took office, the FIRST THING HE DID was appoint Elliot Broidy to the LACERS pension commission -- and appointed Wetherly Capital's longtime attorney as head of the CRA (William H. Jackson). So like Grand Funk Railroad, it's comin' to your town! (At least ZD sees some indications of such based on his blogger stats.)
Friday, March 26, 2010
WALL STREET JOURNAL REPORTS: PENSION FUNDS Now U.S. Dept of Justice CRIMINAL INVESTIGATION...IN LOS ANGELES!!! (Took ya long enough!)
PUBLISHERS NOTE FROM ZD: Despite my personal crisis (that I am about to EXPLODE from lack of nutrition over a sustained period of days)...THIS IS AN EXTREMELY TRIUMPHANT BENCHMARK IN MY ACTIVIST LIFE: Over three years ago, I was doing an article for L.A. Weekly on the bogus Grand Ave Project and discovered PENSION MONEY was being used to fund the project. This triggered an OVERALL investigative interest I took in this topic of pension money which led to a long trail of what I considered to be the biggest corruption in the city, state and country. Now we all now about placement agents...and this story is a big step in a trail I believe leads to L.A. City Hall. And I am here to say, the main function of Villaraiogsa was to appoint Elliot Broidy to the LACERS pension board, upon being sworn in as mayor -- along with appointing Wetherly Captial's William H. Jackson (lead counsel) as Chair of the CRA. Add it all up, and you have billions lost in real estate and Wall Street while a few at the top walked way with a huge chunk of the money. (I'm happy for THEM!) HEY ANTONIO...have a nice weekend. Don't panic, too much. They won't sing your name. THEY STILL LOVE YOU!]
from: Sacramento Bee & Wall Street Journal
CalPERS probe becomes criminal investigation
By Dale Kasler
Published: Friday, Mar. 26, 2010 - 9:55 am
The CalPERS influence-peddling probe has turned into a criminal investigation, the Wall Street Journal reported today.
The newspaper, quoting anonymous sources, said U.S. Justice Department investigators in Los Angeles are looking into whether investment decisions at public pensions funds such as CalPERS were influenced by illegal payments.
Six individuals have pleaded guilty to criminal charges in connection with a corruption probe involving New York state's public pension fund, but so far no one has been charged in the CalPERS investigation.
CalPERS officials said today they haven't been contacted by criminal authorities.
"We aren't aware of any criminal investigation," said Brad Pacheco, spokesman for the California Public Employees' Retirement System.
CalPERS hired a Washington law firm last fall to investigate the activities of placement agents after disclosing that one agent - former CalPERS board member Alfred Villalobos - earned roughly $60 million in fees helping clients obtain investments from the big pension fund. CalPERS later revealed that the ten most prolific placement agents earned fees totaling $125 million.
The Journal said criminal investigators are scrutinizing a few individuals for their possible role in CalPERS investments totaling "many millions" of dollars.
Among those pleading guilty in the New York investigation was Elliott Broidy, a prominent Los Angeles financier whose private equity firm obtained a $50 million investment from CalPERS in 2004. Court records show that the Securities and Exchange Commission, as part of its non-criminal investigation, has issued subpoenas to Broidy demanding records of contacts he's had with Villalobos and former CalPERS Chief Executive Fred Buenrostro, among others. Buenrostro went to work for Villalobos after leaving CalPERS.
Both Buenrostro and Villalobos have said they've met Broidy.
[NOTE FROM ZD: ELLIOTT BROIDY WAS APPOINTED TO THE LACERS PENSION COMMISSION BY LOS ANGELES MAYOR ANTONIO VILLARAIGOSA. BILLIONS OF DOLLARS WERE LOST IN ALTERNATIVE INVESTMENTS AND NOW THE CITY IS IN TOTAL MELTDOWN OVER THE WALL STREET LOSSES THAT MUST BE COVERED OUT OF THE GENERAL FUND. This trail may lead to city hall. IT SHOULD. Just a matter of how far they want to carry things out.]
from: Sacramento Bee & Wall Street Journal
CalPERS probe becomes criminal investigation
By Dale Kasler
Published: Friday, Mar. 26, 2010 - 9:55 am
The CalPERS influence-peddling probe has turned into a criminal investigation, the Wall Street Journal reported today.
The newspaper, quoting anonymous sources, said U.S. Justice Department investigators in Los Angeles are looking into whether investment decisions at public pensions funds such as CalPERS were influenced by illegal payments.
Six individuals have pleaded guilty to criminal charges in connection with a corruption probe involving New York state's public pension fund, but so far no one has been charged in the CalPERS investigation.
CalPERS officials said today they haven't been contacted by criminal authorities.
"We aren't aware of any criminal investigation," said Brad Pacheco, spokesman for the California Public Employees' Retirement System.
CalPERS hired a Washington law firm last fall to investigate the activities of placement agents after disclosing that one agent - former CalPERS board member Alfred Villalobos - earned roughly $60 million in fees helping clients obtain investments from the big pension fund. CalPERS later revealed that the ten most prolific placement agents earned fees totaling $125 million.
The Journal said criminal investigators are scrutinizing a few individuals for their possible role in CalPERS investments totaling "many millions" of dollars.
Among those pleading guilty in the New York investigation was Elliott Broidy, a prominent Los Angeles financier whose private equity firm obtained a $50 million investment from CalPERS in 2004. Court records show that the Securities and Exchange Commission, as part of its non-criminal investigation, has issued subpoenas to Broidy demanding records of contacts he's had with Villalobos and former CalPERS Chief Executive Fred Buenrostro, among others. Buenrostro went to work for Villalobos after leaving CalPERS.
Both Buenrostro and Villalobos have said they've met Broidy.
[NOTE FROM ZD: ELLIOTT BROIDY WAS APPOINTED TO THE LACERS PENSION COMMISSION BY LOS ANGELES MAYOR ANTONIO VILLARAIGOSA. BILLIONS OF DOLLARS WERE LOST IN ALTERNATIVE INVESTMENTS AND NOW THE CITY IS IN TOTAL MELTDOWN OVER THE WALL STREET LOSSES THAT MUST BE COVERED OUT OF THE GENERAL FUND. This trail may lead to city hall. IT SHOULD. Just a matter of how far they want to carry things out.]
Monday, November 30, 2009
Zuma Dogg's REALLY EXTENSIVE Wall Street/Global Economy Blog Post (Introductory Post for Activists Who SHOULD Be Following This Stuff Now...)
HERE ARE THE STORIES THAT I THINK YOU NEED TO SEE TODAY REGARDING WALL STREET & GLOBAL ECONOMY: ZD's Wall St Watch Tweet Page
Here is the list I created to help monitor the global economy and Wall Street at any given moment. The premise is, you sort by "Biggest Gainers" and then "Biggest Losers" and it gives you a GREAT overall perspective as to which way the wind is blowing and on what sectors.
Here is the list I created to help monitor the global economy and Wall Street at any given moment. The premise is, you sort by "Biggest Gainers" and then "Biggest Losers" and it gives you a GREAT overall perspective as to which way the wind is blowing and on what sectors.
| Zuma's Watch List - hide | Mkt Cap |
| GLD | 115.64 | +0.58 (0.50%) | 40.47B |
| DIG | 34.76 | +0.01 (0.03%) | 447.73M |
| FEED | 5.33 | +0.33 (6.60%) | 234.12M |
| SKF | 24.44 | -1.35 (-5.23%) | 864.61M |
| PHO | 16.06 | -0.08 (-0.50%) | 1.36B |
| AAPL | 199.91 | -0.68 (-0.34%) | 180.05B |
| PIO | 17.83 | +0.18 (1.02%) | 300.94M |
| USO | 39.16 | +0.66 (1.71%) | 2.62B |
| DDM | 43.20 | +0.30 (0.70%) | 412.65M |
| PSQ | 46.10 | -0.04 (-0.09%) | 173.02M |
| SH | 53.67 | -0.20 (-0.37%) | 1.66B |
| RWM | 48.00 | -0.15 (-0.31%) | 190.62M |
| QID | 21.22 | -0.03 (-0.14%) | 908.75M |
| SDS | 36.55 | -0.26 (-0.71%) | 2.96B |
| TWM | 29.61 | -0.28 (-0.94%) | 463.31M |
| TWQ | 26.59 | 0.00 (0.01%) | 3.91M |
| SPXU | 38.72 | -0.42 (-1.07%) | 154.52M |
| MYY | 47.22 | -0.04 (-0.08%) | 38.16M |
| MZZ | 25.02 | -0.10 (-0.40%) | 48.50M |
| QLD | 53.72 | +0.06 (0.11%) | 904.51M |
| SSO | 36.88 | +0.22 (0.60%) | 1.75B |
| UWC | 55.87 | -0.57 (-1.01%) | 5.79M |
| MVV | 37.25 | +0.14 (0.38%) | 122.59M |
| UWM | 24.41 | +0.12 (0.49%) | 178.31M |
| UPRO | 143.37 | +1.60 (1.13%) | 89.76M |
| ERO | 58.45 | -0.66 (-1.12%) | 8.48M |
| REW | 25.53 | -0.07 (-0.27%) | 23.78M |
| NYC | 64.98 | +0.16 (0.25%) | 110.47M |
| SLV | 18.14 | +0.19 (1.06%) | 5.10B |
| UNG | 9.15 | -0.68 (-6.92%) | 3.54B |
| GRZ | 1.35 | +0.02 (1.58%) | 77.86M |
| SPY | 109.94 | +0.37 (0.34%) | 93.15B |
| JNK | 38.14 | +0.14 (0.37%) | 2.95B |
| SDY | 45.62 | +0.13 (0.29%) | 1.04B |
| WIP | 58.09 | +0.20 (0.35%) | 904.52M |
| XLF | 14.66 | +0.38 (2.66%) | 6.66B |
| XLY | 28.67 | +0.05 (0.17%) | 1.41B |
| SEF | 44.49 | -1.19 (-2.61%) | 110.72M |
| DDG | 51.39 | -0.10 (-0.19%) | 15.25M |
| SZK | 43.82 | +0.54 (1.25%) | 19.20M |
| SIJ | 25.65 | -0.05 (-0.19%) | 20.40M |
| DUG | 12.75 | -0.05 (-0.39%) | 267.43M |
| SRS | 8.71 | -0.73 (-7.73%) | 836.74M |
| EUM | 40.19 | -0.38 (-0.94%) | 228.83M |
| EEV | 11.76 | -0.24 (-2.00%) | 188.79M |
| EPV | 22.35 | +0.31 (1.41%) | 5.28M |
| JPX | 20.07 | -0.45 (-2.19%) | 1.91M |
| BZQ | 23.86 | -0.63 (-2.57%) | 10.65M |
| FXP | 8.05 | -0.20 (-2.42%) | 275.73M |
| EWV | 52.69 | -2.06 (-3.76%) | 16.37M |
| SMK | 28.22 | +0.03 (0.11%) | 7.01M |
| CMD | 15.56 | +0.06 (0.35%) | 4.72M |
| SCO | 13.58 | -0.44 (-3.14%) | 16.39B |
| GLL | 9.06 | -0.08 (-0.88%) | 41.90M |
| ZSL | 4.07 | -0.11 (-2.63%) | 57.40M |
| EUO | 17.10 | -0.04 (-0.23%) | 50.03M |
| YCS | 18.63 | -0.15 (-0.80%) | 48.47M |
| ULE | 33.14 | +0.16 (0.49%) | 8.26M |
| YCL | 30.67 | +0.51 (1.69%) | 4.31M |
| AGQ | 68.34 | +1.36 (2.03%) | 160.09M |
| UGL | 52.22 | +0.46 (0.89%) | 191.70M |
| UCO | 12.96 | +0.34 (2.69%) | 394.50M |
| UCD | 27.09 | +0.17 (0.64%) | 21.37M |
| EZJ | 60.21 | +1.84 (3.15%) | 8.91M |
| XPP | 75.40 | +1.88 (2.56%) | 33.22M |
| EET | 83.05 | +2.05 (2.53%) | 26.42M |
| EFZ | 58.91 | -0.33 (-0.56%) | 51.85M |
| EFU | 39.45 | -0.30 (-0.75%) | 28.38M |
| EFO | 76.52 | -0.25 (-0.33%) | 15.90M |
| RTH | 93.82 | -0.44 (-0.47%) | 450.81M |
| IYC | 53.76 | -0.18 (-0.33%) | 161.28M |
| VCR | 44.95 | -0.20 (-0.44%) | 107.98M |
| XLP | 26.78 | -0.10 (-0.37%) | 2.03B |
| VDC | 67.18 | -0.32 (-0.47%) | 678.52M |
| IYK | 55.34 | -0.17 (-0.31%) | 453.76M |
| KXI | 56.61 | -0.23 (-0.40%) | 297.20M |
| OIH | 118.40 | +1.29 (1.11%) | 1.85B |
| IGE | 33.98 | -0.51 (-1.48%) | 1.63B |
| IYE | 33.36 | +0.01 (0.03%) | 732.25M |
| KRE | 21.03 | +0.46 (2.24%) | 516.29M |
| IYF | 52.02 | +1.32 (2.60%) | 525.40M |
| PGF | 15.43 | +0.01 (0.06%) | 1.36B |
| IYJ | 51.97 | -0.01 (-0.02%) | 309.22M |
| VIS | 50.92 | +0.07 (0.13%) | 259.76M |
| ITA | 48.16 | -0.57 (-1.17%) | 187.82M |
| PPA | 16.45 | -0.14 (-0.84%) | 143.12M |
| GDX | 51.07 | +0.25 (0.49%) | 5.83B |
| XLB | 32.51 | +0.16 (0.49%) | 1.64B |
| IYM | 58.76 | +0.18 (0.31%) | 807.95M |
| XME | 48.90 | +0.15 (0.31%) | 760.40M |
| VAW | 66.89 | +0.31 (0.47%) | 309.62M |
| XLU | 29.76 | +0.25 (0.85%) | 2.21B |
| CPO | 28.04 | +0.04 (0.14%) | 2.10B |
| SEED | 13.52 | +2.52 (22.91%) | 304.40M |
| MOO | 42.81 | +0.25 (0.59%) | 1.69B |
| MOS | 54.45 | +0.10 (0.18%) | 24.23B |
| MON | 80.75 | +1.25 (1.57%) | 44.01B |
| POT | 112.42 | +0.78 (0.70%) | 33.26B |
| GRO | 3.56 | +0.25 (7.55%) | 224.99M |
Based on this page, I can see...SEED, GRO & FEED (& MOO?) could be looking good based on Monsanto news. (Only thing...SEED was UP 20% today, based on other news about the company...so that's kinda scary...but again...based on this page...those three could be BIG...BUT, since ZD is jumping in late with this...I AM NOT SAYING BUY IT NOW. THAT IS NOT MY FIRST OFFICIAL SIGN, YET.
BUT, while we're on the topic...LONG TERM...I like Gold ETFs (See List) and WATER ETFs, cause I think we are always going to need water (PIO, PHO). In the VERY NEAR future, I think OIL ETFs that SHORT oil prices will go UP (yes, I think oil prices will come down in SHORT RUN...as in "day trader" timing)...BEFORE they have to raise the prices for whatever reason they come up with. My reasoning is that global demand seems to be down, while reserves are UP...so that may drive it down -- short term...but again, ZD feels the oil sheiks are always going to end up getting the price they want, one way or the other. So if prices dip, too much...look for some oil refinery pipe to explode -- cutting off supply for a while, or something like that. (Paying them in the weak dollar will also force them to have to raise prices...cause they still want to make the same amount of profit...no matter HOW much money The US FEDS want to keep printing up. (Hope they don't dump the dollar and start accepting another currency. Maybe they'll just as to be paid in gold and diamonds. ZD would take that currency over the dollar, any day. (Can I have my EBT "General Relief" paid in YEN?
Saturday, November 28, 2009
Zuma Dogg's Wall Street Advice To LACERS (Pension Money) Stock Investors For Monday (Got With The "Dog")
If the City of L.A.'s economic recovery is based on LACERS pension money invested on Wall Street, I hope they are not investing in mutual funds or actual companies in this volatile market. When you look at the stocks that were actually UP BIG in a DOWN market day, it's all the ETF's (Exchange Traded Funds) that SHORTED the markets that were up as much as 8% on Friday. (And when there is a rally, there are the companion ETF's for Dow (whatever market) going UP, as well.) So I hope if Villaraigosa's pension-packed LACERS board is trying to "win back" the billions they lost this past year...better check into ZD's LA Daily Blog and I hope it's ALL ETF's!
For Monday...How about "DOG" for starters? Although it's only spelled with one "G," unlike the two "G's" in Zuma's "Dogg"...GOTTA GO WITH THE "DOG" ETF for Monday. Don't EVER bet agains the DOGG...be it one "G" or two.
MONDAY 12 MIDNIGHT UPDATE - 11/30/09: Long term, I like the SHORT ETF's, but don't just jump in on Monday morning, yet...based on this post, because a lot of news has come out over the weekend...so it's not a "no brainer" it could have been.
| ProShares UltraSh... | FXP | 8.25 | +0.65 (8.55%) | |||||||
| ProShares UltraShort... | JPX | 20.65 | +1.54 (8.06%) | |||||||
| ProShares UltraShrt... | EEV | 11.98 | +0.87 (7.83%) | |||||||
| ProShares UltraShort... | EPV | 22.04 | +1.27 (6.11%) | |||||||
| ProShares UltraShort... | SRS | 9.44 | +0.52 (5.83%) | |||||||
| ProShares UltraShort... | TWQ | 27.31 | +1.49 (5.77%) | |||||||
| ProShares UltraShort... | EFU | 39.75 | +2.16 (5.75%) | |||||||
| ProShares UltraShort... | SKF | 25.79 | +1.40 (5.74%) | |||||||
| ProShares UltraShort... | CMD | 16.00 | +0.85 (5.61%) |
For Monday...How about "DOG" for starters? Although it's only spelled with one "G," unlike the two "G's" in Zuma's "Dogg"...GOTTA GO WITH THE "DOG" ETF for Monday. Don't EVER bet agains the DOGG...be it one "G" or two.
MONDAY 12 MIDNIGHT UPDATE - 11/30/09: Long term, I like the SHORT ETF's, but don't just jump in on Monday morning, yet...based on this post, because a lot of news has come out over the weekend...so it's not a "no brainer" it could have been.
Sunday, August 2, 2009
LA TImes: PENSION Repayment Plan Could Throw L.A.'s Budget Into Disarray (AS WARNED BY ZUMA DOGG...BEFORE THEY LOST THE MONEY!)
When deciding who you are going to vote for in the CD2 election, some people decide based on where the candidate went to Middle School, or because they are from "YOUR PART OF THE DISTRICT." Do you need to grow up in the area to know that you are against a Home Depot in the area the second you drive down Sunland Blvd the first time? Do you need to have lived INSIDE THE DISTRICT since "Flock of Seagulls" to know that you are against the golf course development; or that a project is in violation of EIR???
I admit...that's just NUTTY to me. I wouldn't care if the Councilmember was driving in from San Bernardino County, if they could have been the one to stand up and warn that the LACERS pension money was being ill invested in shady real estate projects and risky Wall Street investments that resulted in a CITY BANKRUPTING $7 BILLION DOLLAR LOSS! (I didn't hear anyone who went to school and grew up in CD2 ever mention this...maybe they didn't teach it growing up.)
Cause at the end of the day, whatever that issue that you had to grow up in the area to know about...JUST GOT CRUSHED BECAUSE NO ONE HAD THEIR EYE ON THE BIGGEST BALL IN CITY HISTORY. AND HERE IS THE RESULT AS DESCRIBED BY LA TIMES. IF THERE IS ONE PERSON IN THE CITY WHO NOT ONLY PREDICTED THIS...BEFORE IT WAS TOO LATE...AND WARNED AND WARNED AND WARNED...I DON'T CARE HOW MUCH EXPERIENCE YOU HAVE AS A CAREER POLITICIAN OR WHAT HIGH SCHOOL YOU WENT TO, OR WHAT STARBUCKS YOU LIVE NEAR...I GO WITH THE GUY WHO PREDICTED THIS IN TIME...WHEN EVERYONE ELSE STOOD SILENT! DO YOU THINK KRAKORIAN, ESSEL, GALATZAN OR THE PERSON YOU WENT TO HIGH SCHOOL WITH CALLED THIS?? If they did, they kept it a secret. I DIDN'T!
Pension repayment plan could throw L.A.'s budget into disarray (full article)
The system's general manager urges 'prudent' repayment in 5 years, not 15. The money would come from employees or the city's general fund.
A high-level Los Angeles pension official has recommended that the city pay off the cost of an employee early retirement package 10 years sooner than previously planned -- a move that threatens to throw the city's budget into disarray.
The union coalition, which represents 22,000 employees, launched a last-minute lobbying effort against Choi's recommendation Sunday, calling her recommendation "irresponsible" and saying that it would harm the city's ability to deliver services. In a letter to board members, six union leaders said a 15-year payment schedule would be fiscally prudent.
Choi's "recommendation is not only ill-timed and ill-conceived, but threatens to further burden city coffers in these extraordinarily hard economic times," they wrote.
Mayor Antonio Villaraigosa, who selects four of the pension board's seven members, [ZUMA DOGG SAYS THE BIGGEST ALL TIME PROBLEM THE CITY HAS EVER FACED AS WE LOOK BACK IN HINDSIGHT/SEE $7 BILLION PENSION LOSS/WETHERLY CAPTIAL/WILLIAM H JACKSON/SEC] plans to ask the board to delay a vote on the payment schedule. Mayoral spokesman Matt Szabo repeated Villaraigosa's support for early retirement, which he hailed last month as a way to cut costs by $500 million within two years.
City officials fear that a five-year repayment plan would cost so much that it would no longer save enough money to bring the city's budget into balance.
Based on the current debate, Councilman Bernard C. Parks said he would have "grave difficulty" in moving ahead with early retirement.
Councilwoman Jan Perry said she was alarmed by the latest developments but did not yet know what the council's next step should be.
"Obviously, putting ourselves in a deeper hole would not be a viable option," she said.
See also: RonKayeLA's "Play Now, Pay Later -- The Road To Ruin" on this same topic.
MONDAY MORNING ALERT/SEPARATE TOPIC: CITIZEN'S ALERT: Your Participation Needed RIGHT NOW To FIght NEW DWP Rate Increase on Electric (VOTING MONDAY!)
I admit...that's just NUTTY to me. I wouldn't care if the Councilmember was driving in from San Bernardino County, if they could have been the one to stand up and warn that the LACERS pension money was being ill invested in shady real estate projects and risky Wall Street investments that resulted in a CITY BANKRUPTING $7 BILLION DOLLAR LOSS! (I didn't hear anyone who went to school and grew up in CD2 ever mention this...maybe they didn't teach it growing up.)
Cause at the end of the day, whatever that issue that you had to grow up in the area to know about...JUST GOT CRUSHED BECAUSE NO ONE HAD THEIR EYE ON THE BIGGEST BALL IN CITY HISTORY. AND HERE IS THE RESULT AS DESCRIBED BY LA TIMES. IF THERE IS ONE PERSON IN THE CITY WHO NOT ONLY PREDICTED THIS...BEFORE IT WAS TOO LATE...AND WARNED AND WARNED AND WARNED...I DON'T CARE HOW MUCH EXPERIENCE YOU HAVE AS A CAREER POLITICIAN OR WHAT HIGH SCHOOL YOU WENT TO, OR WHAT STARBUCKS YOU LIVE NEAR...I GO WITH THE GUY WHO PREDICTED THIS IN TIME...WHEN EVERYONE ELSE STOOD SILENT! DO YOU THINK KRAKORIAN, ESSEL, GALATZAN OR THE PERSON YOU WENT TO HIGH SCHOOL WITH CALLED THIS?? If they did, they kept it a secret. I DIDN'T!
Pension repayment plan could throw L.A.'s budget into disarray (full article)
The system's general manager urges 'prudent' repayment in 5 years, not 15. The money would come from employees or the city's general fund.A high-level Los Angeles pension official has recommended that the city pay off the cost of an employee early retirement package 10 years sooner than previously planned -- a move that threatens to throw the city's budget into disarray.
The system's general manager urges 'prudent' repayment in 5 years, not 15. The money would come from employees or the city's general fund.
A high-level Los Angeles pension official has recommended that the city pay off the cost of an employee early retirement package 10 years sooner than previously planned -- a move that threatens to throw the city's budget into disarray.
Hoping to slash payroll costs and eliminate a $530-million budget shortfall, the City Council gave tentative approval last month to a deal that provides early retirement to 2,400 workers who belong to the Coalition of L.A. City Unions.
Hoping to slash payroll costs and eliminate a $530-million budget shortfall, the City Council gave tentative approval last month to a deal that provides early retirement to 2,400 workers who belong to the Coalition of L.A. City Unions.
That agreement called for the city's pension fund to be reimbursed over 15 years for the cost of giving retirement benefits ahead of schedule. The money was expected to come largely from higher retirement contributions from the remaining workforce.
But Sally Choi, general manager of the Los Angeles City Employees' Retirement System, recommended Friday that her agency's board require repayment within five years. Choi told the board, which is scheduled to vote today, that the faster payment schedule would be "more fiscally prudent," based on a recently completed review of the plan.
The resulting higher payments would hike the cost of the city's retirement package by at least $33.7 million in July 2010, the first year of payment. To cover that higher cost, city officials would be left with two choices: demand a considerably higher contribution from city employees or tap the city's general fund, which is used to pay for police, fire protection and other basic services.
"This is not good news for the unions," Councilman Dennis Zine said. "This is not good news for those who thought they had a deal for early retirement."But Sally Choi, general manager of the Los Angeles City Employees' Retirement System, recommended Friday that her agency's board require repayment within five years. Choi told the board, which is scheduled to vote today, that the faster payment schedule would be "more fiscally prudent," based on a recently completed review of the plan.
The resulting higher payments would hike the cost of the city's retirement package by at least $33.7 million in July 2010, the first year of payment. To cover that higher cost, city officials would be left with two choices: demand a considerably higher contribution from city employees or tap the city's general fund, which is used to pay for police, fire protection and other basic services.
The union coalition, which represents 22,000 employees, launched a last-minute lobbying effort against Choi's recommendation Sunday, calling her recommendation "irresponsible" and saying that it would harm the city's ability to deliver services. In a letter to board members, six union leaders said a 15-year payment schedule would be fiscally prudent.
Choi's "recommendation is not only ill-timed and ill-conceived, but threatens to further burden city coffers in these extraordinarily hard economic times," they wrote.
Mayor Antonio Villaraigosa, who selects four of the pension board's seven members, [ZUMA DOGG SAYS THE BIGGEST ALL TIME PROBLEM THE CITY HAS EVER FACED AS WE LOOK BACK IN HINDSIGHT/SEE $7 BILLION PENSION LOSS/WETHERLY CAPTIAL/WILLIAM H JACKSON/SEC] plans to ask the board to delay a vote on the payment schedule. Mayoral spokesman Matt Szabo repeated Villaraigosa's support for early retirement, which he hailed last month as a way to cut costs by $500 million within two years.
City officials fear that a five-year repayment plan would cost so much that it would no longer save enough money to bring the city's budget into balance.
Based on the current debate, Councilman Bernard C. Parks said he would have "grave difficulty" in moving ahead with early retirement.
Councilwoman Jan Perry said she was alarmed by the latest developments but did not yet know what the council's next step should be.
"Obviously, putting ourselves in a deeper hole would not be a viable option," she said.
See also: RonKayeLA's "Play Now, Pay Later -- The Road To Ruin" on this same topic.
MONDAY MORNING ALERT/SEPARATE TOPIC: CITIZEN'S ALERT: Your Participation Needed RIGHT NOW To FIght NEW DWP Rate Increase on Electric (VOTING MONDAY!)
Friday, June 5, 2009
BREAKING NEWS: Zuma Dogg Predicts Pension Crisis Is Bigger Worldwide Problem Than Subprime/Housing Problem
[Pictured: Don't get bit by the final bear market that will end a lot of things as we know it, caused by the pension system.]On May 3, 2007, I blogged a post asking if the sub prime housing market was about to cause a U.S. recession. The rest is history and Zuma Dogg readers and TV watchers know that all of this economic meltdown and firings and loss of services and pending bankruptcy was predicted every step of the way with shocking and depressing accuracy. I urged all readers, friends and family to have all money out of the stock market BY December 31, 2007. When the market opened on Jan 3, 2008, it had it's worst opening, followed by it's worst month in history. And again, the rest is history.
Something else that caught my attention, while researching the L.A.'s Grand Ave Project, was a problem with the investment of pension money in this risky and shady project.
That caused me to ask a few questions with the right people, and ZD came to the conclusion that the pension money was at risk, when I came to the conclusion that the stock market was going to come crashing down.
Turns out, it was announced recently, that the City of Los Angeles lost $7 billion on Wall Street and in risky real estate investments, and now it looks like the people in charge are all being investigated by SEC, NY & CA Attorney Generals.
Until now, I have been focusing on the corruption itself, and all that has cost us. And the City of Los Angeles will now be forced to declare bankruptcy over the actions of these greedy, selfish, desparate cowards who thought we wouldn't find out. And if we did, who cares, the people who did all of this back the politicians and are long time friends with the people they need to investigate.
But eventually, the bottom will be gotten to and arrests wil be made, just enough to cut if off, for now.
HOWEVER, there is a MUCH bigger problem than this: THE ENTIRE U.S. AND GLOBAL PENSION SYSTEM. (This guy Ron Burkle fucked it up all the way to Israel, that lap dance loving loser. No wonder he and Bill Clinton get along so well as pals.)
THE LOS ANGELES PENSION SYSTEM, CALIFORNIA PENSION SYSTEM, U.S. & GLOBAL PENSION SYSTEM HAS BECOME TOO BIG AND TOO GENEROUS.
I just did the numbers and added it all up and the Zuma Dogg BatCOMPUTER just spit out this depressing alert for everyone who thinks the economy has recovered and the stock market is headed to 10,000 anytime again soon...
THE PENSION PROBLEM IS BIGGER THAN THE HOUSING PROBLEM AND LOOK WHAT EFFECT THAT HAD ON THE ECONOMY!!!
AGAIN...
THE U.S. PENSION SYSTEM WILL CAUSE A BIGGER ECONOMIC PROBLEM THAN SUBPRIME/FORCLOSURE/HOUSING MARKET CRISIS!!!
YOU HAVE BEEN WARNED!
Friday, May 1, 2009
Wetherly Pension Scandal: LA Daily Blog Reader Weighs In
[Pictured: Los Angeles Mayor Antonio Villaraigosa breaks the bad news to community members at a recent Town Hall meeting on the budget crisis. Here he may be informing the crowd that his pension appointees lost $7 billion last year and are now being investigated by the SEC.]To: Zuma Dogg
Fr: LA Daily Blog Reader
Dogg, Take a look at the attached. Ziman is claiming he doesn't own any of the company or have anything to do with it. He started the company and swaps out money between a broker dealer called DAV Wetherly and Whetherly Capital because he doesn't have a broker dealers license.
THE REAL BRAINS AND BRAWN BEHIND WETHERLY
Wetherly Capital and its owners Dan Weinstein and Vicki Schiff are deeply embroiled in the New York, New Mexico, Los Angeles, and possibly nationwide pension fund scandal involving placement agents. The New York and Federal indictments state that Wetherly shared placement fees with indicted Hank Morris around the country including, New Mexico and Los Angeles.
Although only listed as a technical advisor on the website, the brains, brawn and political influence behind Wetherly is Los Angeles real estate magnate Richard Ziman. Ziman is a co-founder and co-owner of Wetherly Capital. Ziman together with Weinstein have, for many years, donated and bundled large amounts of campaign contributions and have close relationship with top elected officials across the Country, including, the Clintons, New Mexico Governor Bill Richardson, Former California Governor Gray Davis, former California Controller Steve Westly, California Attorney General Jerry Brown, disgraced New York State Comptroller Alan Hevesi, New York Attorney General Andrew Cuomo, former California Treasurer Phil Angelides, Mayor Villagrosa, and many others. Daphna and Richard Ziman open their Beverly Hills mansion countless times a year for political candidates, many of whom wield power and influence critical to Wetherly’s success as a placement agent.
Ziman also co-founded Arden Real Estate. Arden was one of the largest Southern California office building REITS before it was sold to GE Capital in 2007. After disposing of Arden, Ziman founded, with Vicki Schiff of Wetherly, American Value Partners a real estate fund of funds. Ziman, Weinstein and Schiff used their political influence and their Wetherly platform to raise several hundred million dollars from public pension funds around the country.
Wetherly counts among its significant clients the following:
Arthur Levine and his partner Lauren Leichtman of Levine-Leichtman Capital Partners;
Henry Cisnero of City View;
Tony Ressler and John Kissick of Ares Capital;
Tony Ressler’s brother, Richard Ressler of CIM;
Roy Disney and Stanley Gold Shamrock; and,
Brad Freeman, US Ambassador Ron Spogli and William Wardlaw of Freeman & Spogli.
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FOX-11 News on Pension Probe Scandal
John Schwada of FOX-11 NEWS/Los Angeles is the only mainstream news reporter covering this story! THANKS, JOHN!
City Pension Probe Latest
NEW FEATURE: LA DAILY BLOG NEWSWIRE
NEW FEATURE: LA DAILY BLOG NEWSWIRE
Thursday, April 30, 2009
HUGE!: SEC Investigation Into L.A. City Pension Fund WIDENING as Partner in Firm is ARRESTED!
Say what you want about Zuma Dogg, as long as you say that I warned of this as it was happening, then alerted the masses after the losses were announced, then was the first and only one calling for an investigation. Yes, I'm bitter for all the time, money and energy I spent attending coucil meetings to get the message out on TV and all the time I spent blogging about it, while being scoffed and scorned and ignored. HA HA! I WAS RIGHT, YOU WERE WRONG! I SAID SOMETHING AND DID SOMETHING ABOUT IT! YOU DIDN'T!What else do you want to know about what is and what will be happening in Los Angeles? Remember, you heard of "Now and Laters?" Zuma Dogg compared to the rest of the news media is called "Before and Afters." (Zuma Dogg covers it before, then LA Times and everyone else covers it after.)
From the Los Angeles Times
SEC sues consulting firm for Los Angeles pension agency
The lawsuit and the arrest of a partner in the firm are part of a widening kickback scandal.
By Walter Hamilton, David Zahniser and Marc LifsherReporting from Sacramento, Los Angeles and New York -- A multimillion-dollar pension-kickback scandal widened further Thursday as a consulting firm for a Los Angeles city retirement fund was sued by federal regulators and one of its partners was arrested on criminal charges.
Aldus Equity was charged by the Securities and Exchange Commission with civil securities fraud for allegedly making improper payments to win business managing money for a New York state pension fund.
Dallas-based Aldus is one of two firms that recommend private equity funds to the Los Angeles Fire and Police Pension agency, which manages a $10.7-billion portfolio for retired firefighters and police officers.
Aldus has a three-year contract and receives $1 million a year to advise the Los Angeles fund, said Tom Lopez, the pension agency's chief investment officer.
Saul Meyer, a founding partner of Aldus, was arrested and charged by New York Atty. Gen. Andrew Cuomo with one count of criminal fraud.
Lawyers for Aldus and Meyer denied the charges against their clients.
Cuomo's investigation of alleged pension abuses is turning up signs of potential problems in California and other states, the attorney general told reporters.
"I don't think this is unique to New York," he said. "I believe other states have similar problems."
Cuomo said his office would coordinate more with other states regarding pensions, "and we're going to be doing that literally in the next couple of days."
Scott Gerber, a spokesman for California Atty. Gen. Jerry Brown, declined to elaborate on Cuomo's statement.
"We work with New York on lots of issues, but we're not going to confirm nor deny an investigation on this," Gerber said.
The allegations against Aldus raise new questions about the Los Angeles Fire and Police Pension agency.
The Times reported last week that the SEC's Los Angeles office asked two pension board members, Sean Harrigan and Elliott Broidy, for detailed information about their personal financial dealings and about any communications they had with Aldus and other firms whose names have been linked to the pension scandal.
The SEC alleges that Aldus paid a shell company about $320,000 in sham "finder fees" in return for being hired to manage $375 million for the New York pension fund.
The shell company was owned by Henry "Hank" Morris, a onetime advisor to former New York comptroller Alan Hevesi.
READ FULL ARTICLE (Is this the firm CM Tony Cardenas is tight with?)
YOU KNOW: When my dad passed away and left the stock portfolio behind that he watched like a hawk, 24 hours a day, I didn't trust the executor implicitly, and started to look into the stock market and started to follow the market, which led my focus to the global economy and I have blogged all the predictions based on that research that we are now all living through. But the point is, when my mom was left with a small portfolio of stocks, I WATCHED IT LIKE A HAWK, TOO!
SO HOW COME LOS ANGELES MAYOR ANTONIO VILLARAIGOSA & LOS ANGELES CITY COUNCIL MUST NOT HAVE LOOKED INTO THINGS, AT ALL...EVEN THOUGH (THEN) CFO BILL FUJIOKA SAT BEFORE COUNCIL AND WARNED THE HELL OUT OF THEM ABOUT THE STRUCTURING OF THE PENSION INVESTMENTS?!?!?
They let it slide into a $7 BILLION DOLLAR one-year loss?!?!? THIS IS GOING TO BANKRUPT THE CITY BY 2013!
I DO NOT BELIEVE THEY DIDN'T KNOW WHAT WAS GOING ON. I THINK SOME FOLKS THAT WORK ON SPRING STREET WERE THE ONES PUSHING FOR THESE INVESTMENTS!!!
Either way...YOU DON'T THINK ANYONE INSIDE CITY HALL NEEDS TO BE HELD ACCOUNTABLE???
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