Friday, July 13, 2012 – 10:45 a.m.

It took less than forty-eight hours for the San Bernardino financial collapse to become a political football for those in county government who love to grandstand.

We’re gonna investigate! Yes sir we are!

As a matter of fact, we already have an ongoing investigation!

The San Bernardino County Sheriff’s Department, District Attorney and San Bernardino Police Department is investigating the financial dealings of the city.

Press statements galore, gossip and speculation.

San Bernardino Mayor Patrick Morris says he’s upset that Sheriff-Coroner Rod Hoops issued a press release acknowledging an investigation.

Morris, who is a former superior court judge and prosecutor, has a point.

The announcement, done with the concurrence of District Attorney Michael Ramos, a press monger himself, only threw more gas on the fire.

But let’s be realistic. None of the aforementioned agencies come close to having the expertise and qualification to engage in such a financially complex endeavor.

Not even close!

The only qualified agencies possessing the necessary skill are the Federal Bureau of Investigation (FBI) and U.S. Securities and Exchange Commission (SEC).

Both the FBI and SEC need to assume exclusive jurisdiction here.

No “joint” task force with local law enforcement, unless they want everyone knowing everything they’re doing.

There are too many political cross-ties between involved parties.

It’s likely, unless officials personally profited from criminal misconduct, that any investigation will show; information was withheld from the public; restricted funds were used to aid the city general fund; and there was inadequate or improper disclosure to bond investors.

But it’ll take the feds to ferret this out, not local law enforcement.