...but SS is in good hands.
I fear my retired sister will get a note in the mail saying 'Sorry -we blew your money!' and the pols will go Scott Free. If the pension goes broke, I think the retirerees should be able to pick five of the politicans reponsible and hang their corpses from the city paid for art work by the bay, across from the County Admin Building!
More to come in the future.
I've read that the SD pension board was dominated by union flacks. Sending a bunch of them to jail would have a positive influence on the CalPers board I would think.
AP's cut at it..
Criminals charges filed against six San Diego pension trustees
http://www.bakersfield.com/state_wire/story/5526077p-5508675c.html
By SETH HETTENA, Associated Press Writer
Posted: Tuesday May 17th, 2005, 11:05 AM
Last Updated: Tuesday May 17th, 2005, 12:05 PM
SAN DIEGO (AP) - Six current and former trustees of the board that oversees the city's battered pension fund were charged Tuesday with felony conflict-of-interest violations for votes from which they personally profited, the district attorney's office said.
The criminal case against Ron Saathoff, John Torres, Sharon Wilkinson, Mary Vattimo, Terri Webster and Cathy Lexin contained the first charges in the pension-fund scandal that prompted the resignation of Mayor Dick Murphy.
"We believe this is the first step in restoring public trust in our government institutions," San Diego County District Attorney Bonnie Dumanis said. "This prosecution will send a message that the district attorney's office is watching and no one - let me repeat, no one - is above the law."
The charges were another blow to the city, where two council members are on trial in a separate case on charges of accepting bribes from a strip-club owner.
The San Diego City Employees Retirement System deficit has swelled to $1.37 billion, largely a result of decisions in 1996 and 2002 that allowed San Diego to escape payments to the retirement fund and - at the same time - enhance pension benefits.
The six defendants were each charged with a violation of state law that prohibits them as trustees from having a financial interest in matters up for consideration by the pension fund board, said Paul Levikow, a spokesman for the district attorney's office.
The announcement of the charges came a day after the resignations of three city officials, including Vattimo and Lexin, linked to the scandal.
Last week, Webster was placed on administrative leave for allegedly failing to cooperate with federal investigators.
The U.S. Justice Department and U.S. Securities and Exchange Commission is investigating the city's financial practices amid questions about whether city officials hid bad news about its pension obligations from investors and taxpayers.