We must be able to compare the SBCERS audits. with the State Controllers Data with the Municipal Bond market data if we want a true feel for just how much corruption exist! It is hard work and in order to make it easy for the average person to under stand I must break it down and present it to you, which is exactly what I plan on doing!
Larry ” Magic” Mendoza
Below to search Santa Barbara County Bonds@
http://emma.msrb.org/Search/Search.aspxYou Searched For:
SBCERS home page below@
Here is just a small sample of contradictions I am talking about.
Page 37 of one municipal bond shows as of December 31st in 1992 1990 and 1988
the SBCERS pension was funded 89.5% 83.0% 91.0%
Yet another source of data reflects a fund value of 64% as of 12/31/1990 with a value of 332 Million dollars and an obligation of 518 Million dollars. To add further confusion another bond report has the Pension obligation at 479 Million on 12/31/92 with assets of 429 Million. So a full 2 year difference between the two reports and and the Pension fund obligation has gone down? I hope you can begin to understand the magnitude of corruption in regards to not only this County but I feel most California City and County Pension funds.
You may click on a file to review the Data from a Bond I have collected from Wall Street. There are four Municipal Bonds for your review. Or you can go to the web page were I collected the data from and review one of over 80 Mini Bonds. The reason the Municipal Bond Market is so important in Pension fund Fraud is because of the issuing Counties responsibility’s to potential investors. Here is an example of what I mean;
Could SEC target California for pension fraud? Caused (Because of fraud in Bond Market)
Date: 2010-10-09, 1:33AM PDT
On Pension Reform
September 01, 2010|By Joe Nation
The Securities and Exchange Commission recently charged that the state of New Jersey “misrepresented and failed to disclose material information regarding its under-funding of pension plans” to buyers of state bonds. In their settlement with the SEC, New Jersey officials did not admit any wrongdoing, but they agreed to continue with efforts to enhance disclosure, including instituting formal, written policies and procedures to bond offerings.
The New Jersey case has some wondering: Could California be next?
California’s public-employee pension funds, CalPERS, CalSTRS, and the University of California Retirement System are clearly grossly underfunded. A recent Stanford study, on which I was the adviser, estimated the aggregate shortfall before the market decline at $425 billion, equal to about five California General Fund budgets. Professor Joshua Rau of Northwestern University estimates the California shortfall at $475 billion. Even the funds themselves acknowledge that they are underwater, although they argue that the aggregate problem is much less.
- Location: Because of fraud in Bond Market
- it’s NOT ok to contact this poster with services or other commercial interests
As time permits I will compare all of the reports I can for contradictions in the up coming weeks. Yes and no this is very complicated but it is what must be done to recoup our hard earn and wasted tax dollars.
Larry ” Magic” Mendoza
91-92 27 Million Tax & Revenue Anticipation Note (Bond 1)located for your review @
CUSIP # 801320AB8 Official Statement posted 06/17/1993 located in box half way down far right side of web page.
1994-1995 54 Million Tax & Revenue Anticipation Note (2) for your review @
Official Statement posted 06/28/2004 located in the box half way down the far right side of web page.
Understanding your search results
CUSIP-6/Issuer Name/State searches return issuer-level results; Issue Description/Date of Issuance searches return issue-level results; Maturity Date/ Interest Rate return security-level results.