Santa Barbara Pension Fraud and KPMG LLP the auditing firm that seamed to have helped cover up the Corruption!
“McDONALD’S® ANNOUNCES GLOBAL OLYMPIC CHAMPION CREW TEAM
FOR 2004 ATHENS OLYMPIC GAMES
McDonald’s today released the roster of top-performing crew who will represent their countries as part of the 2004 McDonald’s Olympic Champion Crew Team. They were selected from 1.5 million employees worldwide for delivering “i’m loving’ it™” service and exemplifying the Olympic ideals of teamwork, excellence and being the best. Manny Mendoza, 18, training manager from Santa Barbara, California –survivor of life threatening tumor who credits his McDonald’s co-workers as aiding in his recovery”
“Santa Barbara Athletic Round Table
Santa Barbara High assistant baseball coach George Rempe presented four seniors at the Athletic Round Table’s weekly press luncheon on Monday to honor them for “tearing the cover off balls.” Rempe wanted to recognize the four players for their hard work, which includes, literally, tearing the covers off of baseballs. Rempe added: “These four Dons are the types of players that coaches look forward to seeing every day because they work so hard on both on their skills and on the maintenance of the field. . . . They’re also the type of people a coach looks forward to giving strong references to in the future because of their strong work ethic and sense of responsibility” End of Story.
Well as you can see my ex- wife and I have so much to be thankful for and proud of. This posting is being cut short because while doing further research on the auditing firm used by our County in the past I found a news story that seams to have some relevance to our current situation. I will try and continue my review of the Santa Barbara County Pension Fund tomorrow and I wonder are criminal charges an option? The concerns seam similar to what was described by Mr. Torell in an article I had previously shared, he was formerly the auditor for Santa Barbara County for 12 years.
“The investigations led to criminal indictments by the district attorney’s office of five former members of the city’s retirement board in May. On Jan. 6, the U.S. attorney’s office announced grand jury felony indictments of three former pension board members, its former attorney and its chief administrator. Three of the recently charged were also indicted in the state case.”
Read the full article at
Accounting For A Crisis: City Auditor Leads Overhaul Of Outdated Financial System
Here is the new development I wish to share today.
Countrywide, KPMG May Pay $624 Million to Settle,
May 07, 2010, 3:48 PM EDT
By Henry Goldman
May 7 (Bloomberg) — Countrywide Financial and KPMG LLP have agreed to pay $624 million to settle a lawsuit that accused the mortgage lender of securities fraud, New York Comptroller Thomas DiNapoli said.
The settlement, if approved by U.S. District Judge Mariana Pfaelzer in Los Angeles, would provide as much as $15 million to pensions covering state and New York City workers, fund representatives said today. The funds led the class-action lawsuit against the mortgage lender.
Countrywide exposed investors to “excessive, undisclosed risk” and “violated securities laws by making misstatements and omitting material facts about its policies and procedures” for lending, according to a statement from DiNapoli’s office. The lender is now part of Bank of America Corp.
The New York State Common Retirement Fund, with $129.4 billion in assets, may recover as much as $10 million, said Robert Whalen, a DiNapoli spokesman. Five separate city pension funds, which hold assets of $105 billion, stand to get about $5 million, said Kate Ahlers of the city Law Department.
Countrywide has agreed to pay $600 million and KPMG, an accounting firm, would pay $24 million, DiNapoli said. He is the sole trustee of the state’s pension fund.
Countrywide’s settlement was reported in Bank of America’s quarterly financial report filed with the Securities and Exchange Commission today, according to Shirley Norton, a bank spokeswoman. The Charlotte, North Carolina-based bank bought Calabasas, California-based Countrywide in 2008 for about $2.5 billion, Bloomberg data show.
Countrywide Denies Wrongdoing
“Countrywide denies all allegations of wrongdoing and any liability under the federal securities laws,” Norton said in a statement. Information “that plaintiffs contended was not disclosed to investors had in fact been disclosed in multiple ways, including through regular investor forums,” Norton said. She said the lender agreed to settle to avoid further costs.
Countrywide disclosed the “credit risk attributes of the loans it originated and later securitized,” Norton said. The lender attributed declines in the value of its securities to the “collapse of national home prices” and “the crisis in U.S. capital markets in 2007,” she said.
“The settlement concludes the securities class action,” said George Ledwith, a KPMG spokesman.
Judge Pfaelzer may hold a final hearing to approve the proposed settlement in September, according to DiNapoli’s office. The agreement would be the 13th-largest securities class-action settlement in the 15-year history of the Private Securities Litigation Act, DiNapoli’s office said.
Labaton Sucharow LLP, a New York City-based law firm, was the lead counsel for the pension funds. The firm probably would receive about $10 million to cover expenses and about 8 percent of the net settlement amount, Whalen said.
–Editors: Ted Bunker, Pete Young.
To contact the reporter on this story: Henry Goldman in New York at email@example.com.
To contact the editor responsible for this story: Mark Tannenbaum at firstname.lastname@example.org
Todays searches and web pages visited by me.
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kpmg corruption in U.S. pension funds search
kpmg corruption in U.S. pension funds search