Posted by Magic at 2:03 PM 0 comments Links to this post
Sunday, September 12, 2010
From the Santa Barbara Bank & Trust to SBCERS Pension fund, just some new thoughts!
Just a couple of quick thoughts that I will expand on as later this week. While glancing at a Los Angeles times business story yesterday it reminded me that there was something still bothering about the Santa Barbara Bank & Trust take over here in Santa Barbara. So I went through my old news papers until I found it. When the news broke in April of this year it read that the Ford fund from Texas was to receive 91% interest in SBBT for there investment. There had already been a 180 million dollar investment from our Government in T.A.R.P. funds and for that they would receive 7% interest in SBBT. In other words the Bank and Mr. Ford would not be responsible to the American public a full repayment of 180 Million dollars, oh no. Based on the selling price the American public received just under 39 Million in Value for there 180 Million invested, Than we as investors a second time (as the general public) must regain interest buy common shares and raise the stock price. Than at the inflated stock price with no further investment from the Ford group they pay off our debt(T.A.R.P.) with money raised from us the public again. It is all part of the Wall Street and no one seems to get it. How Stuck om Stupid are we? The scam cannot work with out our money AGAIN! I will get back to this and the tie in to Black Rock Inc. later.
Is it me or did the Santa Barbara Board of Supervisors announce they canceled last weeks meeting to the Public than held the meeting any way?
If I recall correctly and I usually do the SBCERS Pension Fund has had past ties to the Ford fund, does that seem odd? I will investigate and tell you more later.
I have a busy few weeks coming up with my Blog and updating my findings. In closing I have yet to receive 1 challenge that my math or there findings are flawed. The SBCERS Pension fund after taking in last years Investment performance and using my calculations should have a present fund value of close to 3 BILLION Dollars and that creates a boat load of serious problems for current elected officials here in Santa Barbara. You see because of the over 1 BILLION dollar surplus my research shows our current Board of Supervisors no longer need to risk the whole fund to stay on target. In fact a 5% investment return factor could now be used and this would eliminate the need for any risky future Investments, THINK ABOUT THAT!