Sunday, July 25, 2010

Can State Receivership Save Public Pensions? Video 8 min

Los Angeles, CA Supervisor John Moorlach is the only elected official on the Orange County Board of Supervisors who has a financial background. As a former CPA he has been very vocal about the influence of the public safety unions that use their political powers to elect politicians with their hefty membership dues to gain retroactive pension benefits that are about to force the County into a second bankruptcy.

State Receivership Commission?
In this (8 min) video news blog Moorlach describes how the public employee unions are threatening the entire state and the only way out would be to place the state into a receivership commission. He hopes that Governor Schwarzenegger will appoint a Receivership Board that will take the check book away from the state legislators who cannot balance the books. And he suggests the same should be done in the federal government.

Retroactive Raise in Benefits Challenged In Court
In the mean time the County is suing to roll back the retroactive pension benefits given to the public safety unions buy the Supervisors. Moorlach predicts that dire circumstances if something is not done. And suggests that elected officials are the problem when they accept campaign contributions from the public employee unions.

2007 Full Disclosure Network interview program with B. Scott Minerd of Guggenheim Partners includes a Milken Institute 2006 State of the State Conference debate and prediction of the Public Pension crisis now facing California.



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