Saturday, May 11, 2013 – 04:00 p.m.
Even though San Bernardino County is about to make a record annual payment of $172.5 million to its pension fund, there is a little bright light shining through.
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Archive for the ‘ Investments ’ Category
By Andrew Tangel
May 9, 2013, 1:30 p.m.
NEW YORK — California Atty. Gen. Kamala Harris has accused JPMorgan Chase & Co. of using fraudulent and unlawful debt-collection practices against some 100,000 credit card holders in the state.
Filed under: Business, Courts, Finance, In Memorium, Investments, Kamala Harris, Legal, State of California, State Superior Court
By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, May. 8, 2013 – 1:40 pm
Last Modified: Wednesday, May. 8, 2013 – 3:56 pm
Former CalPERS Chief Executive Fred Buenrostro pleaded innocent today to conspiracy charges in connection with the pension fund’s bribery scandal.
By Patrick McGreevy and Chris Megerian
May 8, 2013, 8:21 p.m.
SACRAMENTO — California legislative leaders and 10 public employee unions announced opposition Wednesday to any sale of the Los Angeles Times and other Tribune Co. newspapers to a pair of wealthy brothers who fund conservative causes throughout the country.
Filed under: Business, Finance, In the News, Investments, Los Angeles Times, Media, Politics, Unions
By ADAM NAGOURNEY and CHRISTINE HAUGHNEY
Published: May 8, 2013 104 Comments
LOS ANGELES — An effort by two conservative billionaires to take over The Los Angeles Times and seven other newspapers is setting off a firestorm of opposition here. Public employee unions, the leaders of the State Legislature and liberal advocacy groups are moving to block the sale, denouncing it as a threat to public workers and Democratic Party issues.
By Peter Burrows – May 2, 2013 9:01 PM PT
Apple Inc. (AAPL) avoided as much as $9.2 billion in taxes by financing part of a $55 billion stock buyback with debt rather than offshore cash that would have been billed by the U.S. government, Moody’s Investment Services estimates.
By Kathleen Miles
Posted: 04/30/2013 7:03 am
At a Los Angeles Times in-house awards ceremony a week ago, columnist Steve Lopez addressed the elephant in the room.
Speaking to the entire staff, he said, “Raise your hand if you would quit if the paper was bought by Austin Beutner’s group.” No one raised their hands.
April 29, 2013 8:40 PM
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Jim E. Winburn, Staff Writer
VICTORVILLE • The Securities and Exchange Commission on Monday filed a fraud complaint against the city of Victorville, a securities underwriting firm and others involved in a 2008 municipal bond offering.
Monday, April 29, 2013 – 12:30 p.m.
A shoe has finally dropped in the ongoing financial escapades of Victorville, California.
The U.S. Securities and Exchange Commission (SEC), announced in a press release Monday, that it has filed a civil fraud lawsuit against the city of Victorville and investment banking firm Kinsell, Newcomb and DeDios (KND).
By Michael A. Fletcher
Published: April 21, 2013
MIAMI — Big investors are pouring unprecedented amounts of money into real estate hard hit by the housing crash, bringing those moribund markets back to life but raising the prospect of another Wall Street-fueled bubble that won’t be sustainable.
April 19, 2013 10:15 PM
Jim E. Winburn, Staff Writer
VICTORVILLE • The city is now being represented by international law firm Arent Fox in connection with an ongoing investigation by the Securities and Exchange Commission, city attorney Andre de Bortnowsky confirmed Friday.
First-quarter total of $507.6 million is the lowest amount raised since the second quarter of 2009 and underscores the venture-capital industry’s struggles nationwide.
By Walter Hamilton, Los Angeles Times
April 19, 2013
Southern California is a hotbed of young and innovative companies, but you wouldn’t know it by following the money.
Venture capital funding, the lifeblood of start-ups, has fallen sharply in the region this year, according to a report released Thursday.
Dan Walters
By Dan Walters
dwalters@sacbee.com
Published: Sunday, Apr. 14, 2013 – 12:00 am | Page 3A
Last Modified: Sunday, Apr. 14, 2013 – 7:39 am
Eight years ago, the California Legislature and then-Gov. Arnold Schwarzenegger made what may have been a gigantic mistake by allowing public employee pension funds to drop a curtain of secrecy over their dealings with hedge funds, private equity funds and other “alternative investments.”
Filed under: CalPERS, Counties, Finance, In the News, Investments, Pension Funds, Real Estate, State of California
Capitol Alert
The latest on California politics and government
April 8, 2013
The California Assembly passed a bill today that will limit the use of a controversial facilities improvement bond that allows school districts to delay repayment for decades while hefty interest obligations accumulate.
Monday, April 8, 2013 – 01:30 p.m.
The March employment report, released by the U.S. Department of Labor last Friday, would seem to have caught all the so-called experts off guard.
The country added a paltry 88,000 jobs. A number that was about half of what was expected.
Filed under: Business, Economy, Finance, Investments, Real Estate, U.S. Department of Labor, U.S. Government
By Dan Weikel
March 25, 2013, 2:47 p.m.
California Treasurer Bill Lockyer on Monday expanded his request for a legal opinion to determine if some local education officials and the financial underwriters they hire are violating state law by campaigning for school bond measures.
Filed under: Bill Lockyer, Campaigns, Education, Elections, Finance, In the News, Investments, Kamala Harris, Legal, State of California
By Jim Sanders
jsanders@sacbee.com
Published: Sunday, Feb. 24, 2013 – 12:00 am | Page 3A
Last Modified: Sunday, Feb. 24, 2013 – 8:59 am
When CalPERS balked at releasing records that could shed light on its decision to invest $100 million in an East Palo Alto housing project that failed, a judge ordered disclosure nearly three years ago.
Filed under: CalPERS, Finance, In the News, Investments, Real Estate, State Assembly, State of California
By Alejandro Lazo
February 22, 2013, 10:43 a.m.
California will sell $2.7 billion worth of bonds in March, tapping the bond market for the first time since its credit rating was boosted earlier this year.
By Dale Kasler
dkasler@sacbee.com
Published: Saturday, Feb. 9, 2013 – 12:00 am | Page 6B
CalSTRS reported higher investment returns this week, but the teachers’ pension system continues to grapple with an enormous long-term funding shortfall.
Filed under: CalSTRS, Education, Finance, In the News, Investments, Pension Funds, Pensions, State of California
The federal and state lawsuits against S&P are well and good, but no people are on the hook in these cases. What kind of deterrence is that?
By Michael Hiltzik
February 9, 2013, 6:55 a.m.
You may have heard last week about a couple of big lawsuits brought by federal and state governments, alleging that the credit rating agency Standard & Poor’s concocted a fraudulent scheme that contributed to trillions of dollars in investment losses and the cratering of pretty much the entire world financial system.
By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Feb. 6, 2013 – 12:00 am | Page 1A
Last Modified: Wednesday, Feb. 6, 2013 – 7:44 am
California’s giant public pension fund has been laboring for more than three years, without any luck, to recoup huge investment losses that it blames on Wall Street’s powerful credit-rating agencies.
It just got a huge assist.
Filed under: Business, Finance, In the News, Investments, Kamala Harris, Legal, Pension Funds, State of California
The government sues Standard & Poor’s, saying it improperly gave high marks to mortgage securities that failed and sparked the financial crisis.
By Alejandro Lazo and Andrew Tangel, Los Angeles Times
February 4, 2013, 10:14 p.m.
The federal government is embarking on one of its most ambitious efforts to assign blame for the financial crisis, going after Wall Street’s biggest credit rating firm for its role in pumping up the housing bubble.
Filed under: Business, Finance, In the News, Investments, Legal, U.S. Department of Justice, U.S. Government
Capitol Alert
The latest on California politics and government
January 31, 2013
Standard & Poor’s upgraded California’s general obligation bond rating from A-minus to A today, a significant move that lifts the state out of the ratings agency’s basement.
Bloomberg News
January 21, 2013, 6:53 p.m.
The California Public Employees’ Retirement System is poised to top a record $260 billion in assets, the market value it held before the global financial crisis wiped out more than a third of its wealth.
Filed under: Business, CalPERS, Finance, In the News, Investments, Pension Funds, Pensions, State of California
By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jan. 15, 2013 – 12:00 am | Page 6B
Last Modified: Tuesday, Jan. 15, 2013 – 8:28 am
Boosted by stocks and real estate, CalPERS’ investments bounced back strongly last year.
The big pension fund said Monday it earned a 13.3 percent profit on its portfolio in calendar 2012.
Filed under: Budget, Business, CalPERS, Finance, In the News, Investments, Pension Funds, State of California
Bank of America is said to be one of at least 14 banks negotiating a settlement with federal officials over foreclosure practices.
By E. Scott Reckard
January 6, 2013, 8:20 p.m.
Banks and regulators worked late Sunday to finalize a nearly $10-billion settlement that would halt a much-maligned program to review foreclosures from the height of the housing crisis, according to four people familiar with the talks.
By Dale Kasler
dkasler@sacbee.com
Published: Thursday, Dec. 27, 2012 – 9:15 am
In a case involving California municipal bonds, five Wall Street investment banks were fined today for using proceeds of bond sales to pay their California lobbyist.
Sunday, December 22, 2012 – 11:30 a.m.
The U.S. Treasury has announced it will begin to liquidate its stake in General Motors at a huge loss. A loss so significant it will likely wipe out any profit from the bank bailout.
By Jon Ortiz
jortiz@sacbee.com
Published: Thursday, Dec. 20, 2012 – 12:00 am | Page 3A
We expect government transparency. Wall Street loves the backroom deal.
On ever-shifting ground between them you’ll find public pension funds, unique government organs that pump hundreds of billions of taxpayer dollars into private investments.
Filed under: Business, CalSTRS, Finance, In the News, Investments, Pension Funds, State of California
By Zachary A. Goldfarb
Thursday, December 20, 2012
The much-debated bailout of Detroit is finally nearing an end after four years — and it looks like the ultimate cost to taxpayers will be between $10 billion and $20 billion.
PolitiCal
On politics in the Golden State
December 17, 2012 | 4:58 pm
BushmasterAn investment made by the California teachers pension fund is coming under scrutiny because of its link to the manufacturer of the assault rifle used in the Connecticut elementary school massacre.
Filed under: CalSTRS, Education, Finance, In the News, Investments, Pension Funds, State of California
By Chris O’Brien, Los Angeles Times
December 15, 2012
SAN FRANCISCO — With only modest expectations, Robert Leitao of Santa Clarita made a decision in 1994 that would change his life. He bought Apple stock.
By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Dec. 11, 2012 – 12:00 am | Page 6B
Last Modified: Tuesday, Dec. 11, 2012 – 9:31 am
CalPERS must now confront a powerful group of foes in its multimillion-dollar fight with bankrupt San Bernardino: the city’s bondholders.
By Michael A. Fletcher and Dina ElBoghdady,
Tuesday, December 11, 2012
As lawmakers struggle to agree on a plan to avert the series of tax increases looming next year, many investors are taking preemptive action to get out of harm’s way.
Ryan Hagen, Staff Writer
Posted: 12/03/2012 07:17:05 PM PST
Related story: San Bernardino City Attorney James Penman defends ‘load your guns’ advice
SAN BERNARDINO – The city’s second-largest group of creditors have added their guns to the city’s bankruptcy battle as an ally for now, pitting them against CalPERS and the San Bernardino Public Employee Association. Read the rest of this entry »
Wednesday, November 28, 2012 – 11:00 a.m.
Is San Bernardino, California on the verge of financial collapse?
It sure looks that way!
The city appears to be unable to pay its bills without affecting its ability to make current payroll. City Attorney James Penman said as much in a story published in the Wednesday edition of The Sun newspaper.
CREDIT MARKETS
November 26, 2012, 7:44 p.m. ET
By KELLY NOLAN
California has long ranked second only to Illinois in the dubious honor of being the least-loved state among municipal-bond investors.
But since Election Day, some investors have had a change of heart.
November 17, 2012 2:22 PM
Brooke Edwards Staggs, City Editor
VICTORVILLE • It’s been more than two years since the Securities and Exchange Commission first subpoenaed Victorville, requesting documentation on how the city has spent $480 million in bond funds over the last decade.
Victorville’s airport authority $3M short for December payment
November 15, 2012 8:27 PM
Brooke Edwards Staggs, City Editor
VICTORVILLE • The city’s airport authority is set to once again default on its hefty bond debt, coming up nearly $3 million short to make a payment due Dec. 1.
Wednesday, November 7, 2012 – 10:50 a.m.
The reality of last nights Presidential Election result is already beginning to surface.
Expect heavy layoffs soon due to federal budget factors and the Affordable Healthcare Act.
The impact on pensions and investments will be significant.
L.A. NOW
Southern California — this just in
November 2, 2012 | 4:05 pm
Credit rating agency Moody’s said in a report released Friday that San Bernardino’s and Compton’s disputes with CalPERS, the state’s public employee pension fund, could have ramifications for other cities and their creditors.
Filed under: Budget, Cities, Finance, In the News, Investments, Local Government, San Bernardino, State of California
By Dale Kasler
dkasler@sacbee.com
Published: Friday, Oct. 12, 2012 – 12:00 am | Page 6B
CalPERS is spending big money on a real estate deal again – but don’t call it a risky bet.
Filed under: Business, CalPERS, Finance, In the News, Investments, Pension Funds, Real Estate, State of California
THE ASSOCIATED PRESS
Published: Oct. 9, 2012 Updated: Oct. 10, 2012 6:07 a.m.
SACRAMENTO – One of the nation’s top credit rating agencies announced Tuesday that it will review 30 California cities for possible downgrades amid mounting concern over municipal bankruptcies and bond defaults.
Filed under: Budget, Business, Cities, Economy, Finance, In the News, Investments, Local Government, State of California
Posted: 10/02/2012 06:29:21 PM PDT
Updated: 10/02/2012 07:54:34 PM PDT
Related story: School financing methods attracting attention
FONTANA – A Fontana Unified School District plan to finance a $106 million bond payment due in December to stave off a likely state takeover has drawn fire from the county’s top financial official and two county supervisors.
By Ed Mendel
Monday, September 24, 2012
Bond insurers arguing that Stockton is ineligible for bankruptcy because it did not attempt to negotiate a pension debt reduction with CalPERS, among other failings, may get their day in court in January.
Filed under: Budget, CalPERS, Cities, Courts, Finance, Investments, Legal, Local Government, Pensions, State of California, U.S. Bankruptcy Court, Unions
By MARY WILLIAMS WALSH
Published: September 20, 2012
Gov. Jerry Brown of California announced when he came into office last year that he had found an alarming $28 billion “wall of debt” looming over the state, which had to be dismantled.
Friday, September 14, 2012 – 08:00 a.m.
It was only a matter of time.
Faced with a stalling economy the U.S. Federal Reserve, led by Chairman Ben Benanke, has started the end game in trying to stave off another economic decline.
By Jessica Guynn
September 4, 2012, 1:45 p.m.
Facebook shares scraped a new low Tuesday.
The new drag on the already leaden stock: Analysts from two of Facebook’s largest underwriters on its botched initial public stock offering cut their price targets.
Tuesday, September 4, 2012 – 09:30 a.m.
Here’s some news of interest flowing across the transom Tuesday morning.
Food Stamp rolls climb
The number of people on food stamps in the U.S. rose to a record 46.7 million in May, according to the U.S. Department of Agriculture.
Filed under: Barack Obama, Business, Campaigns, Democrats, Economy, Education, Finance, Investments, Politics, U.S. Government
Warren Buffett
Tuesday, August 21, 2012 – 11:15 a.m.
It’s been less than a week since Moody’s Ratings published a report highlighting the growing problem of more municipal bankruptcies occurring in the state of California.
Monday, August 20, 2012 – 09:00 a.m.
Here’s some news floating across the transom this morning.
Biden watch!
After last weeks mega-meltdown by Vice-President Joe Biden, everyone is waiting with excited anticipation for the nest series of gaffes and screw-ups.
Expect many more between now and Election Day.
Filed under: Barack Obama, Business, Democrats, Economy, Elections, Finance, Investments, Jerry Brown, Politics, Polls, Republicans, State of California, U.S. Government
By Ed Mendel
Monday, August 20, 2012
Responding to legislation, the CalPERS board last week approved a five-year plan for a program that has given $10 billion to 300 new “emerging” investment managers with limited experience, yielding mixed results during the last two decades.
Sunday, August 19, 2012 – 10:00 a.m.
As fears of more California municipal bankruptcy filings continue to slowly climb, there is one group that must be deeply concerned these days.
That group being municipal bond and mutual fund investors.
Hannah Dreier and Gosia Wozniacka, The Associated Press
Created: 08/17/2012 03:29:40 PM PDT
SACRAMENTO – One of the nation’s top credit rating agencies said Friday that it expects more municipal bankruptcies and defaults in California, the nation’s largest issuer of municipal bonds.
Filed under: Budget, Business, Cities, Economy, Finance, In the News, Investments, Local Government, State of California
Friday, August 10, 2012 – 10:00 a.m.
The pension system for San Bernardino County, California has posted its official performance numbers for the period ending June 30, 2012, and the results weren’t so great for taxpayers or the system’s members.
Andrew Edwards, Staff Writer
Posted: 08/08/2012 12:52:54 PM PDT
The federal agency tasked with regulating the nation’s government-backed mortgage firms said it may oppose local agencies’ efforts to use eminent domain to take over underwater mortgages.
The controversial plan is being considered for use in San Bernardino County, where an estimated 150,000 homeowners owe more on their mortgages than their homes are worth.
Tuesday, August 7, 2012 – 09:00 a.m.
Here’s some news of interest flowing across the transom this week.
No way to spin latest jobs report other than it’s bad
All the jabbing and talk on the July employment report is finally settled down.
Filed under: Barack Obama, Budget, Business, Campaigns, Democrats, Economy, Elections, Finance, Investments, Jerry Brown, Politics, Republicans, State of California, U.S. Government
Facebook will free up nearly 1.7 billion shares — four times the number now trading — starting next month as provisions that barred employees from selling their holdings begin to expire.
By Walter Hamilton and Ryan Faughnder, Los Angeles Times
July 28, 2012
Think the plunge in Facebook’s stock after its sluggish earnings report was bad? Wait until a torrent of new shares hits the market in a few weeks.
Facebook will free up nearly 1.7 billion shares — four times the number now trading — starting next month as provisions that had barred employees from selling their holdings begin to expire.
BY ALICIA ROBINSON
STAFF WRITER
arobinson@pe.com
Published: 24 July 2012 06:21 PM
Riverside will save about $300,000 per year, for a projected total of $2.3 million, by borrowing money to repay older debt, officials said.
The City Council voted Tuesday, July 24, to issue up to $48 million in bonds that will pay off debt issued in 2003. The new bonds will be at a better interest rate, saving about 5.27 percent when compared with the existing debt, according to a staff report.
Point of View
David H. Stevens
Posted: 07/22/2012 07:04:38 AM PDT
California, once ground zero of the housing crisis, is and will continue working its way back to a stable real estate finance market.
However, the radical use of eminent domain to take over underwater mortgages could cause a spiraling effect of withdrawal of mortgage credit, declining home values and a threat to local economic recovery. Rather than taking actions which increase uncertainty, reduce the availability of credit and focus on the problems from the past, policymakers should look to homebuyers of the future and do what they can to efficiently get the process moving again.
By Jeff Cox | CNBC
Sunday, Juu 22, 2012
@cnbc on Twitter
While this quarter’s earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way.
Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation.
Friday, July 20, 2012 – 08:00 p.m.
The weak investment climate has stung another California public employee pension fund.
Sources say the pension system for San Bernardino County, California earned an estimated 0.75% in its latest fiscal year ending June 30, 2012.
By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jul. 17, 2012 – 12:00 am | Page 6B
Last Modified: Tuesday, Jul. 17, 2012 – 6:33 am
PETALUMA – California’s big public pension funds are continuing to swim in choppy investment waters, leaving the state and local governments gasping for air.
CalPERS reported a 1 percent annual profit on its investments Monday, following CalSTRS in delivering disappointing results for the latest fiscal year.
Filed under: Budget, CalPERS, Economy, Finance, In the News, Investments, Pension Funds, State of California
By Jim Puzzanghera and Marc Lifsher
July 16, 2012, 2:37 p.m.
WASHINGTON — A House committee is launching a bipartisan investigation into allegations that large banks rigged a key interest rate and plans to question Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Timothy F. Geithner at upcoming hearings.
At the same time, officials at the country’s largest public pension fund, the California Public Employees’ Retirement System, said Monday they were examining the impact of the rate-fixing scandal and might seek damages if they could be calculated.
Capitol Alert
The latest on California politics and government
July 13, 2012
California has the worst credit rating of any state now and the nation’s worst credit rating record over the past 11 years, according to a new nationwide compilation by the Pew Center on the States.
The compilation is based on Standard and Poor’s credit ratings and covers every year since 2001. Thirteen states sit atop the Pew chart with AAA credit ratings while California is alone at the bottom at A-minus and is the only state to dip to the worst possible rating, BBB, during the 11-year period.
Thursday, July 12, 2012 – 01:05 p.m.
Standard and Poors Ratings Services cut its rating on city of San Bernardino debt to “junk” status on Wednesday.
S&P lowered its rating on San Bernardino, Calif.’s series 1997A lease revenue refunding bonds to ‘CC’ from ‘BBB+’. In addition, Standard & Poor’s placed the rating on CreditWatch with negative implications.
Thursday, July 12, 2012 – 12:05 p.m.
The latest growing scandal involving major money center banks, and their complete lack of respect for rules, involves allegations that Barclays, Citigroup, UBS, JPMorgan Chase and others, manipulated the London Interbank Offered Rate (LIBOR) from 2005 to 2008.
LIBOR is the rate banks charge each other for short-term loans.
By Josh Richman
jrichman@bayareanewsgroup.com
Posted: 07/11/2012 03:55:56 PM PDT
Updated: 07/12/2012 07:27:17 AM PDT
San Bernardino late Tuesday became the third California city in two weeks to declare bankruptcy, sending tremors through city halls across the state and immediately raising the frightening question: Are more bankruptcies to come?
California cities and others throughout the country are asking themselves the same question as they struggle amid a still-ailing economy and bad decisions made in the boom years.
Filed under: Budget, Cities, Counties, Economy, Finance, In the News, Investments, Local Government, San Bernardino, State of California
Friday, July 6, 2012 – 09:00 p.m.
The national debt has ballooned another $5 trillion under President Barack Obama’s watch.
What did we get for all that money spent?
Not much!
Filed under: Barack Obama, Budget, Business, Campaigns, Democrats, Economy, Elections, Finance, Investments, Pensions, Politics, Real Estate, Republicans, U.S. Government
Friday, July 6, 2012 – 12:01 p.m.
Four months until the Presidential election and another monthly jobs report containing more bad news on Friday.
The U.S. economy only generated 80,000 jobs in June. The expectation was for 100,000.
Filed under: Barack Obama, Business, Campaigns, Democrats, Economy, Elections, Federal Reserve System, Finance, Investments, Politics, Republicans, U.S. Government
Andrew Edwards, Staff Writer
Created: 07/01/2012 05:51:46 PM PDT
San Bernardino County may be the site the nation’s next big debate over eminent domain.
A trio of of local governments – San Bernardino County, Fontana and Ontario – have created a Joint Powers Authority (JPA) in an effort to help “underwater” homeowners that may result in the use of seizure powers to buy mortgage-backed securities.
Filed under: Business, Cities, County of San Bernardino, Economy, Finance, Fontana, In the News, Investments, Ontario, Real Estate
By Ed Mendel
Monday, July 2, 2012
A potential big loser in the bankruptcy filed by Stockton last week, an insurer backing a $121 million Stockton pension bond issue, is warning that it may contest the city’s eligibility for bankruptcy.
The leading municipal bond insurer, Assured Guaranty, said three Stockton bond issues totaling $161 million “remain fully protected by our unconditional and irrevocable guaranty to pay scheduled principal and interest in full and on time.”
Filed under: Business, Cities, Courts, Finance, In the News, Investments, Legal, U.S. Bankruptcy Court
June 29, 2012 1:11 PM
Brooke Edwards Staggs
The San Bernardino County Grand Jury issued a 100-page report Friday blasting Victorville for decisions that have jeopardized the city’s solvency, including mishandling bond funds, losing track of $13 million and potentially breaking the law by financing failed energy ventures with restricted money. Read more about the report here and read the entire report here.
Here are the five areas of concern cited by the grand jury. Click on the headlines below each section to read related background stories:
Findings from an unprecedented three-year Grand Jury investigation into allegations of fiscal mismanagement and corruption in Victorville will be released Friday. The city is also under investigation by the FBI and the Securities and Exchange Commission, official sources say.
Joe Nelson, Staff Writer
Posted: 06/26/2012 01:19:33 PM PDT
Findings from a three-year grand jury investigation into allegations of fiscal mismanagement and corruption in Victorville are expected to be released Friday.
The grand jury concluded its unprecedented investigation in April, but Victorville City Manager Doug Robertson, who reviewed the report, said he signed a confidentiality agreement and cannot discuss any of the findings until its release to the public Friday.
By Ed Mendel
Thursday, June 21, 2012
Middlemen who help investment funds get money from CalPERS received $1.85 million in fees during the past two years, a sharp drop from the $58 million collected by a former CalPERS board member in a pay-to-play scandal.
A report on “placement agent” fees given to the CalPERS board last week was the first required by reform legislation. Big fees received by Al Villalobos, a former CalPERS board member, prompted a long list of reforms.
Filed under: Business, CalPERS, Finance, In the News, Investments, Pension Funds, State of California