Los Angeles, CA. According to public finance expert B. Scott Minerd, California is not yet insolvent but it could be soon. In an eleven minute Full Disclosure Network® video news blog he addresses the issues of how California got to the brink of financial disaster and offers suggestions as to how the once golden state could return to a prosperous and stable economy.
Scott Minerd is Chief Investment Officer of Guggenheim Partners, a diversified financial services firm with more than $100 billion in assets under supervision. Previously he was a managing director for Morgan Stanley and later Credit Suisse, where he oversaw fixed income credit trading in the United States, Europe and Asia.
In the video Scott Minerd describes the most serious threat to California solvency, at both the state and municipal level, is the massive unfunded pensions and post retirement health care benefits promised to public employees in union contracts.
Pointing out that California public officials have missed opportunities to reserve past surpluses, Scott Minerd describes public debt instruments known as "Certificates of Participation" (non-voter approved COP Bonds) and Revenue Anticipation Notes (RAN) as tactics that can result in squandering of public assets to cover massive deficits while the economy is stagnate. He urges public entities to protect surpluses when they occur, for use in an economic turn down.
The entire one-hour interview with Scott Minerd is to be featured on the Full Disclosure Network® website as well as on community television channels throughout California and in cities in Minnesota, Wisconsin, New York, Massachusetts, Pennsylvania,Texas and Washington D.C.
Comments to date: 34. This is page 1 of 4.
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joebanana So. Cal.
Posted: 09:38 am [PST] on March 06 2011
If they have nothing to hide, why hide it? No other job has the opportunity to steal cash like narco cops, and who's gonna complain that money was stolen the suspect? Just being accused of a crime in LA means your guilty until you prove your not. It's not like all cops are honest, quite the contrary.
tony Los Angeles
Posted: 12:00 am [PST] on January 25 2011
you don't need financial disclosure to bust someone who is dirty. why not have judges and attornys disclose their finances.
Robert L West Hills, CA
Posted: 10:04 pm [PST] on January 24 2011
Financial disclosure will not prevent corruption. This fact has been brought up by numerous experts on corruption.
C. L. Withers Palm Springs
Posted: 03:37 pm [PST] on January 24 2011
There are most crooks in our goverment then the police department.
Eugene Ellis Esq San Diego
Posted: 02:15 pm [PST] on January 24 2011
Leslie, I an usually behind your inquiries but this one you need a defense attorney to talk because it is the public that is effected by the graft in the police department. It the cop is on the take and the citizen does not pay up the citizen may find him self facing a crime. All of this has created such a mess in the police departments across this land in NY and New Orlans and others all across this nation.
I recall that there was a federal probe into graft among the Vice officers in San Diego and two key witnesses, prostitutes schedueled to testify were found in the back country murdered with rocks in their mouth. That ended the probe.
I disclosed in an e-mail to you in the Richard Fine case you covered that in SD the SD DUI cops get up to 50,000 bounty money on top of their salary paid by madd into over time time funds to arrest DUI drivers and I have seen over the years as the bounty money increases the cops created deceptive practices to enhance their DUI arrests. DUI is not a simple crime; People have taken their own lives over it, lost 20 year careers on a first offense. When my attorney called the City for the over time of the cops they told us that they could tell us the regular salary of police but the over time was pvt. and could not be disclosed. The cops unions fight like crazy to keep that information secret; resecnt news pieces complained that police salaries were so hi, and the cops retirement is calculated as a % of the last years salary including the over time that it was forcing the cities into bankruptch with some officers making over 100 to 150,000 a year ...but the criminal part of this is that the DA says that: "my cop has no reason to lie" when in fact the cop is getting up to 50,000 or more to arrest possible DRUNK drivers and tell the jury how drunk they looked doing the monkey tests on the side of the road and blow into a machine that has no record of what the alcohol number is and the cop is taught to not tell the number to the person after they blow even he demands to see it; and the Judge plays interferance when the defense attorney is doing his job and trying to show bias the and much much more I dont have time to tell you.