Monday, May 10, 2010
From the Enron Scandal to the Santa Barbara Pension fund fraud, there is a history we are allowing to be repeated!
I am so focused on local corruption I almost missed it. How could Enron be allowed to play out there crimes against the American Public when clearly by being on the Justice Departments watch list there were grave concerns by our Government? In other words the Enron scandal did not break until almost 2002. All I can do is ask does any one have more to share because if I can find this data what else is missing? The placing of Enron on the watch list came at the height of there share price, right about 90.00 per. I wish just one time could our Government would be irresponsible in the favor of it’s citizens. Just once could we waste a billion dollars and be wrong with the intent of protecting us? Just once could we actually implement a investigation before the American public was cashed out by the current financial scandal? Could we just once err on the side of attempting to serve those they are sworn to? The money is wasted either way, just once make it be because my well being is actually the focus as it should be.
Now moving on lets review the Santa Barbara County pension fund for a moment and its possible relationship with Enron. This next portion is of an audit report dealing with Enron might be of interest to our current Pension Fund Issues
“Our legal system allows companies like Enron to manage their own employee
pension funds, producing a conflict of interest because the company has an incentive to use these funds in ways that benefit the company even when they negatively affect employees. Most companies also have codes of ethics that prohibit managers and executives from getting involved in another business. The managers and executives are faced with a conflict of interest because they have a duty to act in the best interest of the company and its shareholders.”
Now let me know share some quotes from an audit I found on line dealing with the Santa Barbara County Pension fund.
“ November 7th 2006
Mercer Human Resource Consulting
Retirement System Evaluation
County of Santa Barbara’
Page 3 Overview
“Some practices and policies could jeopardize funding status in the future.
In current form there is a lack of transparency of the Pension Plan.”
Further into the audit.
“This practice distorts funding status and as we will note later makes benefit improvements appear free.”
Now please keep in mind what little math that was present had missing data from 2001 also. This audit here makes no less than 4 different audits I can find for the same year. Why the need to tell the same math over and over?
The other issue here is that because of the conflict Mercer had with what was presented them by Santa Barbara County they did not attempt to validate the actual accounting that was presented for this audit. Please feel free to review my source for the above comments yourself @ http://www.countyofsb.org/auditor/publications/SantaBarbaraReportFinal.pdf
Now go to the web page below and in the enter symbol box enter SBCERS and below is the information that should pop up.
Rank Company Symbol Select
100% Safeguard Sec Hldgs Inc SSHS
100% Safeguard Scientifics Inc SFE
100% Spyker Cars Nv, The Netherla SPYKF
100% Safeguards Corporation Bhd SFGSF
100% Safeguard Health Enterprises SFGH
Than take this above information to
search Safeguard Scientific I think and follow the paper trail.
Well that’s all I have for you tonight but you can be sure I am not done yet.
Have a great day and remember if you will not hold them accountable they will just keep stealing.
Below is where I obtained the time frame for the original Enron scandal and the watch data from my earlier posting.
In closing my point is this
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world. In addition to being the largest bankruptcy reorganization in American history at that time, Enron undoubtedly is the biggest audit failure
ENRON NORTH AMERICA
PORTFOLIO WATCH LIST
UPDATE AS OF 813112000
A 1~I’t’ & CONTROL
PORTFOLIO WATCH LIST-UPDATE AS OF 813112000
VALUES INDICATED AIU~ FOR ENRON NORTH AMERICA
Cost & Cany Values as of 7-31-2000. Market Values from Merchant Portfolio Repoit Dated 8-24-2000.
TABLE OF CONTENTS
Boone Terre Exploration Lewis Energy (To Pe~fonnlng) Sacramento Basin Exploration
~ City Forest Corporation Q~-Lir¶der Energy LLC ~i Venoco, Inc.
~Cypress Exploration p,.~ LEI Electnc Specialty Corp gi WE Oil Company
DPR Holding Company LLC V-Mariner Energy
I Ecogas (l~o Troubled) jZl Connie Falls
p Heartland Steel (To Troubled)
p~ Juniper Exploration
~ il’. Beau Canada (ii Hughes Rawis LLC Kafus Industries/ CanlThre
p.3 Brigham Exploration Co. ~ Ice Dulling ~ Queen Send Resources. Inc.
~ ~- C-Gas tZl Industrial Holdings “THE” Basic Energy (Sierra Well Seivice)
Crown Energy (F. Loss) ~ Inland Resources Trmiscoastal Marine Services
Venoco. inc. (Pnvate Equity – Cumulative Convertible Preferred Stock) JEDI U & Balance Sheet
* The Company has not been successful to date in selling properties to improve their liquidity situation.
Extended payment terms had been required in June on the Company ‘5 fully drawn bank debt Data
rooms have been open on three properties, but no bids have been received that Veneco feels are
representative of tnae value. The Company has a bullet payment of 311MM due on Oct-la as a result