16 Ca. Counties double pension value in a 5 year span. Ave rate of (14.84%per County Corruption and Fraud)
Date: 2010-10-01, 3:59PM PDT
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I keep asking the question just how stuck on stupid are we Americans.? As I have done many times before I get tunnel vision and miss some very important data while I rant away about fraud or corruption. This morning I reviewed the investment returns and fund performance of Ventura County and there retirement system. I hope we can all admit the math just does not add up. Please stop and really look at the chart I have enclosed for a second time today. There are 16 Counties listed and the average 5 year return on investments PER COUNTY IS 14.84%! Every County was able to more than double there pension fund value from the previous 50 years in that 5 year span, EVERY COUNTY! As I have mentioned before I went to Wall Street and pulled Santa Barbara County bond offerings and came up with some more conflicting information. In 1989 as reported by me we can find a SBCERS Pension fund value of 225 Million dollars at a 77% funded ratio which is equal to a 290 Million dollar future obligation. Than in a 1992 Bond document I find a Pension fund value to be 445 Million dollars with a 495 Million dollar future obligation. Well that shows some progress in closing the unfunded liability down, except there are a few problems with the math. If we take away the Investment bench mark of 8.16% investment return needed for SBCERS to stay a head of future obligations how would the Pension fund grow? Only if Contributions were larger than debits. So than 290 Million with 3 years of return on investments at 8.16% the funds target rate would give us a future obligation of 404 million dollars not 495 million dollars. Take a moment and digest that a 20% misrepresentation by our Santa Barbara elected officials.. Now than if the pension fund value was 445 million as reported in that 1992 bond document what was the rate of return on investments for that 3 year span to see a 220 million dollar growth or in other words. In just three years time the SBCERS pension fund out performed its previous 50 years performance and HARD MONEY CONTRIBUTIONS since the value in 1989 was only 225 million dollars. An that is the same performance you get with all of California County Pension funds during the 5 year span listed on the chart below. What of the Trillions of dollars missing in Pension fund value and how much tax revenue is lost. I mean the pension pays out and Uncle Sam collects taxes. I wonder for every day California goes with out a budget how much Governor Schwarzenegger and want to be Governor Whitman earn in there limited partnerships with Goldman Sachs and there Global Funds. You can see Governor Schwarzenegger’s 700 form on my blog @ http://www.santabarbaracriminalcourtcorruption.blogspot.com
We need to quit letting Sacramento and Washington think they have us fooled. The math will just not let them get away way with there crimes and where they really get caught with there cheating. There fraudulent accounting was made up by there under representing of pension fund value. You see once we do the math and provide correct fund values the maximum they can claim as losses is there previously stated dollar amounts they have already claimed and not the percentages they tied into that fraudulent effort. For example SBCERS at one point claimed a 24 percent loss in fund value or 422 million dollars. Well my fund value is closer to 3 billion dollars and that would equate to a 750 million dollar loss not 422 million at 24%. So the powers that be have painted themselves in a corner if we can investigate and get the tax payers money back, SOMEBODY HAS IT!
Counties With Assets In Excess 0f $800 Million
Annualized Returns for Period ending 6/30/00
16 California COUNTY ACTIVE PARTICIPANTS
5 YR RATE OF RETURN. The 5 tear rate of return below matches the 50 year performance of each pension fund and doubled there value in the same 5 year span. How can there be unfunded future liabilities. What the public must demand is the actual hard tax dollar amounts contributed to each fund by County and employees in order to understand the true crime that has been perpetrated against the American Public!
Many of my documents are also posted @