Full Disclosure chronicles the demise of California with this latest entry about doomed public employee pension funds.
Los Angeles, CA In a bombshell expose of California’s massive unfunded public employee benefits Full Disclosure Network™ is featuring a two-part series with public employee officials and finance expert B. Scott Minerd, CEO Guggenheim Partners, Asset Management ...
Segment #1: Scott Minerd describes his role as a Managing Director of Credit Suisse he exposed the risky concentration in derivative securities which directly led to the liquidation of the Orange County investment portfolio and the county's subsequent bankruptcy." He defines the new GASB (General Accounting Standard Board) rules and estimates new disclosures will reveal $300 to $400 billion in unrecorded benefits owed to California public employees.
Segment #2: Will Municipal bankruptcies spread across California? Minerd suggests that pension benefit debt is unanticipated by the public and bond rating companies. The $300-$400 billion debt is “present value” but Minerd adds” the actual sum is more likely a trillion dollars.”
And there are four more parts after that, each explaining in greater detail how the politicians and greedy electorate have doomed California to eventual insolvency. I'm glad I'm out of there!