LAMayor2017.com: LACERS

Showing posts with label LACERS. Show all posts

Sunday, February 21, 2010

PENSIONGATE UPDATE: Why Los Angeles Mayor Antonio Villaraigosa May Have An ANDREW CUOMO Problem (Will Investigation Tie To L.A. City Hall?)

To quickly recap: Zuma Dogg blogged about "Wetherly Capital" (Placement Agents) and unraveled a pension pilfer scheme that ended up with a New york Attorney Investigation into the matter. Los Angeles mayor Antonio Villaraigosa's PERSONAL PENSION APPOINTEE Kelly Candee stepped down amid controversy -- and "Untouchable" Elliot "Ness' Broidy not only had to step down, but he ended up with his pee-pee in a Chinese finger trap -- and plead GUILTY AS O.J.!

Meanwhile, Villaraigosa's pension commission appointees went on to lose a municipal-crippling BILLIONS in shady and risky "alternative investments" on Wall Street.

On February 2, 2010 (THIS MONTH) NY AG Andrew Cuomo presented his indictment of Wetherly Capital to it's principals Dan Weinstien and Vicky Schiff (two names you read about on ZD's blogs, WAY BEFORE the investigation hit)...for them to sign (along with forking over a million dollars to pay back the New York State pension fund and for attorney general office fees to investigate their ass.

NOW, by signing this "AGREEMENT" with Cuomo's office, Dan & Vicky stay out of jail -- and as long as they are good boys and girls...won't have to worry about the BILLIONS THEY BILKED OUT OF GENERAL FUNDS ACROSS THE COUNTRY!

THE REST OF YOU...not so fast. Here are some excerpts from the 24 page Cuomo document that shows how all of Wetherly Capital documents and records (and cooperation) is required for any ongoing investigation.

SO WE KNOW THAT VILLARAIGOSA IMMEDIATELY APPOINTED WETHERLY CAPITAL'S LONG-TIME COUNSEL WILLIAM H. JACKSON, Esquire as HEAD of the CRA (shady as it gets) -- and Elliot Broidy and Kelly "Sweet" Candee to the pension commission. THEN ALL KINDS OF PENSION MONEY WAS FUNNELED INTO "ALTERNATIVE INVESTMENTS" on Wall Street that went belly up and city lost municipal decimating BILLIONS on the stock market (phony LLC's).

The 24 page Cuomo indictment chronicles the entire scheme, detailing all the shady angles (including flat-out, complete fraudulent, 100% lies) on the pension money pilfer process.

BUT HERE'S WHY ANTONIO VILLARAIOGSA, ARI SWILLER, RON BURKLE, RICHARD "DICK" ZIMAN (it's ZEE-man!) are all squatting adobe bricks: (You don't get served Lu Parker and expensive wine in FEDERAL PRISON, Antonio!)

EXCERPT:

48. Except in an action by the Attorney General to enforce the obligations of Wetherly in this Assurance or in the event of termination of this Assurance by the Attorney General, neither this Assurance nor any acts performed or documents executed in furtherance of this Assurance: (a) may be deemed or used as an admission of, or evidence of, the validity of any alleged wrongdoing, liability or lack of wrongdoing or liability [IN OTHER WORDS, anything Cuomo uses in the future cannot and will not be used against THEM."]; or

(b) may be deemed or used as an admission of or evidence of any such alleged fault or omission of Wetherly in any civil, criminal or administrative proceeding in any court, administrative or other tribunal. This Assurance shall not confer any rights upon persons or entities who are not a party to this Assurance. [SAME THING: Won't be used against them...BUT, does NOT APPLY to anyone else besides Dan & Vicky of Wetherly. THE REST OF YOU...not so fast!]

49. Wetherly has fully and promptly cooperated in the Investigation, shall continue to do so (investigation still ongoing, Antonio?), and shall use its best efforts to ensure that all the current and former officers, directors, trustees, agents, members, partners and employees of Wetherly (and any of Wetherly's parent companies, subsidiaries or affiliates) cooperate fully and promptly with the Attorney General in any pending or subsequently initiated investigation, litigation or other proceeding relating to the subject matter of the Assurance. Such cooperation shall include, without limitation, and on a best efforts basis:

a. Production, voluntarily and without service of a subpoena, upon the request of the Attorney General, of all documents or other tangible evidence requested by the Attorney General, and any compilations or summaries of information or data that the Attorney General requests that Wetherly (or Wetherly's parent companies, subsidiaries or affiliates) prepare, except to the extent such production would require the disclosure information protected by the attorney-client and/or work product privileges;

b. Without the necessity of a subpoena, having the current (and making all reasonable efforts to cause the former) officers, directors, trustees, agents, members, partners and employees of Wetherly (and of Wetherly's parent companies, subsidiaries or affiliates) attend any Proceedings (as hereinafter defined) in New York State or elsewhere at which the presence of any such persons is requested by the Attorney General and having such current (and making all reasonable efforts to cause the former) officers, directors, trustees, agents, members, partners and employees answer any and all inquiries that may be put by the Attorney General to any of the them at any proceedings or otherwise; "Proceedings" include, but are not limited to, any meetings, interviews, depositions, hearings, trials, grand jury proceedings or other proceedings;

c. Fully, fairly and truthfully disclosing all information and producing all records and other evidence in its possession, custody or control (or the
possession, custody or control of Wetherly's parent companies, subsidiaries or affiliates) relevant to all inquiries made by the Attorney General concerning the subject matter of the Assurance, except to the extent such inquiries call for the disclosure of information protected by the attorney-client and/or work product privileges; and

d. Making outside counsel reasonably available to provide comprehensive presentations concerning any internal investigation relating to all matters in the Assurance and to answer questions, except to the extent such presentations call for the disclosure of information protected by the attorney-client and/or work product privileges.

I GUESS THAT'S HOW YOU MAKE PEOPLE SING, WITHOUT MOVING THEIR LIPS. Let's hope they didn't shred too much of the juicy stuff and that Cuomo sent it over to CA AG Jerry Brown. Zuma Dogg heard about seven months ago that the proper authories had the information in hand. We'll see.

Friday, December 11, 2009

Zuma Dogg - LA Daily Blog "Week In Review" (All the Los Angeles News You Need To Know In This Time of Municipal Crisis of a Lack of Leadership)

If you click on each of these links, you will be as caught up and informed as to what Zuma Dogg believes to be the BIG issues confronting the people of Los Angeles as we wrap up the year, and start a new decade (2010). This is going to be the "Decade of Decline" in Los Angeles. HERE'S THE EVIDENCE. And my site http://ZumaDogg.org has been revamped to monitor ALL Zuma Dogg/LA Daily Blog content on ONE PAGE. (Twitter News Updates, Music & Talk Radio Shows, Blog Posts, and everything else on this page. If it's an important news item regarding City operations and it's future, it's in the Twitter feed at http://ZumaDogg.org, along with all the blog posts.

Monday, May 11, 2009

LA Daily Blog EXCLUSIVE LACERS/CalPERS Pension Scandal Links

LA Daily Blog - Pension Scandal Links

http://LADailyBlog.com

Sunday, May 3, 2009

California Pension Scandal LINK: Check out this "Golden Ticket" Event!

Click here for: The Golden Ticket
(An invitiation to the "Who's Who" of CalPERS pension shadiness!)

Including your hosts:

Wetherly Captial Group

Villaraigosa

Wilshire Associates

Moctezuma Esparza

Sally Choi

Smith

Patricia Means

Creit Suisse

Fred Buenrostro

O'Melveny and Meyers

Louis F. Moret

Vicky Schiff

Joseph Haslip

Maria del Pilar Avila

Back to LA Daily Blog

New York & California PENSION SCANDAL: The "Jack Weiss Fundraiser" (Villaraigosa's City Attorney Canidate)

The Weiss Fundraiser

"Connect The Dots"

New York Pension Scandal + California Pension Scandal

Aldus

Saul Meyer

Hank Morris

Searle & Company

Wetherly Capital Group

Peter Borges

Daniel Weinstein

Vicky Schiff

Richard Ziman

American Value Partners

CALPERS

Joseph Dear

Christianna Wood (Resigned 2008)CALPERS

Fred Buenrostro (Resigned 2008)CALPERS

Dennis Johnson (Resigned 2008)CALPERS

Russell(Resigned 2008)CALPERS

Bill AB 2940

Tony Oliveira

Shelley Smith

Kurato Shimada

Louis F. Moret

Richard Alatorre

RICO-Las Vegas Boxing

Albert Robles-South Gate, CA

Palladium Equity Partners

Wilshire Associates

Andrew Junkin

Kelly Candaele

Tony Blain

LACERS

James K. Hahn

Monique Moret

Fleishman & Hillard

Fabian Nunez

Antonio Villaraigosa

Ron Burkle

Sean Harrigan

Elliott Broidy

Lecine Leichtman Capital Partners

Credit Suisse

Jack Weiss Fundraiser

and more...

(Click here for original link)

Go to http://LADailyBlog.com for complete coverage
This blog will be for linking additional info to stories originating at LA Daily Blog

NOTE: There is a city attorney election this May 19th featuring Jack Weiss on the ballot (Villaraiogsa's hand picked and personally-backed candidate.) The name of the other guy running is "Trutanich."

Saturday, March 28, 2009

Los Angeles To Go BANKRUPT Over $7 Billion LACER Pension Bailout!

REGARDING LACERS PENSION BAILOUT STORY THAT ONLY ZUMA DOGG IS COVERING, AND I FINALLY GOT ON THE RADIO TODAY ABOUT IT...IT WAS A "NATIONAL" RADIO SHOW...LOL! (Hello local L.A. talk show hosts, ZD's first radio call on the matter was on a NATIONAL talk show, you circus clowns. Meanwhile, someone sent me this in the email so I may as well post it.)

New ZUMA TIMES readers, look on this blog for more exclusive coverage of the $7 BILLION LACER pension fund bailout, that will bankrupt the City of Los Angeles in the next fiscal budget, if extreme measures are not taken. At this point, there is NO avoiding the pain. WE ARE SERIOOUSLY LOOKING AT DECLARING "BANKRUPTCY" AS THE ONLY OPTION, which would allow the city to renegotiate city worker contracts, because the unions are too greedy and won't give anything back, so extreme measures will have to be taken. In 2012, the city budget experts (CAO's office) declared that 56% of every city dollar, from the general fund, will be going to pay for this pension and retirement bailout.

AND ZUMA DOGG SAYS IF AND WHEN THEY LOOK INTO THE INVESTMENTS BEING MADE, AND LOS ANGELES MAYOR ANTONIO VILLARAIOGSA'S INFLUENCE INTO RISKY DEVELOPMENT PROJECTS; YOU COULD SEE SOME FOLKS GOING TO PRISION!

ZUMA DOGG ALSO PREDICTS THE MERUELO MADDUX DOWNTOWN DEVELOPER THAT JUST DECLARED BANKRPUTCY MAY END UP LOOKING LIKE A BERNIE MADOFF/ENRON BAMBOOZLE. (It's all being exposed in this down economy, as they are all caught with their pants down during this game of musical chairs, and when the music stopped, there were no seats availble. So look for massive fraud in the downtown development bankruptcy scandal. CRA (taxpayer money) was invested in these projects, and I wonder how much LACER was invested in all this "belly-up" real estate development.

So new readers, THANKS TO the new link to Zuma Times' blog at http://news.alltop.com/ with all the heavy hitting news sites from across the country. It's almost a joke. But the link wouldn't be there if the blog wasn't worthy. So hello, "ALL TOP" readers and hello to Guy Kawasaki, THE KING OF TWITTER, Y'ALL! And to NEENZ for ALL TOP (All Top News) for the hook-up! ;)

Check out "ALL TOP" and ignore the LA Times links. And check this blog for more on the LACERS/Murelo Maddox real estate problems that will be sinking the City of Los Angeles with MUCH more to come.
------------------------------

Zuma,

If the trustees for the city pension investment fund invested in the speculative LA Projects (downtown condos etc) one can make the argument that they truly violated the prudent man role.

If the trustees are the mayors appointees and the developer who ran the investments that the pensions invested in was a substantial contributor to the mayor one could argue that the investments in the projects was compensation for the contributions.

A link between violating the prudent man role by investment in poor quality developments that produced political contributions could result in criminal prosecution of the Major and will certainly dampened his ability to run for governor.

Send me the link and I'll see what I can do with it.

...A fiduciary shall act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use."

From the Prudent Investor Rule
see http://en.wikipedia.org/wiki/Prudent_man_rule

prudent man rule n. the requirement that a trustee, investment manager of pension funds, treasurer of a city or county, or any fiduciary (a trusted agent) must only invest funds entrusted to him/her as would a person of prudence, I.e. with discretion, care and intelligence. Thus solid "blue chip" securities, secured loans, federally guaranteed mortgages, treasury certificates, and other conservative investments providing a reasonable return are within the prudent man rule. Some states have statutes which list the types of investments allowable under the rule.

Unfortunately, the rule is subjective, and some financial managers have put funds into speculative investments to achieve higher rates of return, which has resulted in bankruptcy and disaster as in the case of Orange County, California (1994). (See: fiduciary, trustee)

Wednesday, March 25, 2009

ALERT: City of Los Angeles To Go BANKRUPT Over City Employee Pension & Retirement Funds (Councilmember Calls It "Armageddon!")

EXCUSE ME!!! Zuma Dogg was absolutley floored and flabbergasted in a VERY REAL way today, during Item 28 of today's Los Angeles City Council meeting. I'm sure it will be all you hear about for the next two years. At the end of the discussion that you can see HERE -- starting off with ZUMA DOGG's Public Comment and followed by the discussion that unviels it all, right before your very eyes and ears. Basically, it was announced that in 2012, if measures (that Zuma Dogg details in the public comment) are not taken, 56% of the city's general fund, 56% of every L.A. City dollar, will have to go to cover the city employee's pension and retirement funds. You see, the city's investment team played fast and loose with the city taxpayer money, and Zuma Dogg feels the mayor strongarmed LACER into investing in risky city development projects and projects of his favorite developers. (See Meurello Maxxox and Grand Ave Project stories) and now LACER has lost $7 BILLION DOLLARS THIS PAST YEAR!!!

And guess what kiddies, these pension and retirement funds are guaranteed by the city, so the city has to pay the difference out of the general fund!!!

As I heard this, and literally became flabbergasted, as you can see in my follow up public comment on the next item (a pure Emmy Award level comedic performance), I asked one of the CMs (who I won't name or CMs may not talk to me), if it was as bad as it sounds, because I don't wanna over-exaggerate: The CM said, "It's Armmagedon." Then did add, "Measures can be taken to help." But the feeling was, massive pain at this point cannot be avoided. Again, if you want to see what it will take to help reduce the financial strain, I detail it in my public comment, that is followed by the discussion. IT'S A DOOSEY! And I am not being arrogant when I say, "I detail" as though "I" came up with the solutions and the city better listen. NO, just the opposite: The benefit of Zuma Dogg being at the Council meetings, allows me access to Councilmembers and top City Hall staffers who I interviewed before the agenda item, to ask the what the things Zuma Dogg needs to be saying that the other CMs are scared or don't want to say. THE TRUTH IS OUT THERE, BUT THE COUNCILMEMBERS AND OTHERS DON'T REALLY WANT TO COME OUT AND SAY IT, SO THEY ACTUALLY DON'T MIND TELLING ME, knowing that I will say it for everyone else. AND OF COURSE YOU COULD HAVE HEARD ALL OF THIS ONLINE DURING THE BUDGET COMMITTEE MEETING HEARINGS, WHERE IT WAS ALL SAID.

I DON'T KNOW WHAT ELSE TO SAY...IF I DO NOT HEAR THE AM RADIO TALK SHOW HOSTS TALKING ABOUT THIS ONE...IT WILL REALLY SAY A LOT TO ME. I REALLY DON'T KNOW WHAT ELSE IT WOULD TAKE FOR A TALK SHOW HOST IN THIS TOWN TO TALK ABOUT SOMETHING BESIDES ILLEGAL IMMIGRATION. THAT IS A PROBLEM, BUT IT IS POSSIBLE TO TALK ABOUT SOMETHING ELSE BESIDES BARACK OBAMA BASHING AND ILLEGAL IMMIGRATION. I can't wait to tune in. I really am optimistic that even local AM Talk Radio show circus clowns can't ignore this one.

MORE ZUMA DOGG PUBLIC COMMENTS FROM WEDNESDAY'S MEETING:

Runway Film & TV Production: Click here (So that's 3 public comments to see on this blog post.)