Navigation Links
California Public Pension Crisis: The Ticking Time Bomb, a Full Disclosure Network Cable TV Series
Date:5/28/2009

In a bombshell exposé of California's massive, unfunded public employee retirement benefits, Full Disclosure Network® is re-releasing a two-part series on 40 cable systems featuring public pension fund officials and finance experts, including Mr. B. Scott Minerd, CEO Guggenheim Partners, Asset Management. The series is also available on DVD. Featured here is a six minute video preview available for viewing.

Los Angeles, CA (PRWEB) May 28, 2009 -- Following a panel discussion entitled: The Ticking Time Bomb, at a Milken Institute California State of the State Conference, the first public predictions regarding "unfunded public employee retirement benefits of $300 to $400 billion were revealed" The Full Disclosure Network® presents a two-part cable tv series that includes an exclusive interview with panel moderator and public finance expert B. Scott Minerd, CEO Guggernheim Partners Asset Managment who provides insight and analysis on the looming financial disaster in California. DVDs of the complete series are available. A twelve minute video preview from the series is available at this URL: fulldisclosure.net/Programs/482-483.php

Featured in the series are:
B. Scott Minerd, CEO Guggenheim Partners Asset Management
Hon. Keith Richman, Calif. State Assembly
Carl De Maio, CEO Performance Institute
Jack Ehnes, CEO CALSTERS Pension System
Dave Low, CA School Employees Association
Barbara Lloyd, Sr. VP Lehman Brothers

Here are hightlights from each segment: of the series:

Segment #1: When serving as Managing Director of Credit Suisse Scott Minerd described how he exposed the risky derivative securities which directly led to the liquidation of the Orange County investment portfolio and the county's subsequent bankruptcy.

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."

Segment #3: Assemblyman Keith Richman cites San Diego, Contra Costa and Orange Counties have billions in unfunded public employee pension benefits. Minerd's suggestions to head off crisis: (1) Attempt to fund now (2) Ignore and pay as you go (3) Break promises made to public employees by redefining benefits, employees work longer, caps on benefits.

Segment #4: Carl DeMaio CEO Performance Institute cites retroactive benefits approved by elected officials, and pension benefit debt is $130 billion before unfunded health care benefits that is three times all outstanding debt now in California. Keith Richman cites State Legislative Analyst reports that School Districts are likely to go bankrupt.

Segment #5: Only ten percent of Counties have funded or partially funded public employee benefit plans. Plans include coverage for spouses, survivors even after medicare age, according to Barbara Lloyd, Sr. VP Lehman Bros.

Segment #6: 2006 Infrastructure Bonds of $40 billion to cost $40 billion in interest. Minerd suggests that when voters approved the bonds "all it did was allow the state to spend more on other things and not to address the true fiscal issues."

###

Read the full story at http://www.prweb.com/releases/PUBLIC_PENSION_CRISIS/TICKING_TIME_BOMB/prweb2464164.htm.


'/>"/>
Source: PRWeb
Copyright©2009 Vocus, Inc.
All rights reserved  

Related medicine news :

1. Senseless Budget Cuts Will Gut Californias Cost Efficient Home Care Program and Force Seniors and People with Disabilities Out of Their Homes and into Institutions
2. Nearly 1 million Californians seek medical care in Mexico annually
3. Abel Law Offices Introduces Free Web Resource for California Employers Navigating Workplace Laws
4. Hard Times for Nursing Hires Doesnt Signal End to Shortage According to California Institute for Nursing & Health Care
5. Southern California-Based Shangri La Tea Company Captures Four International Awards at the 2009 World Tea Expo
6. Governor Eliminates Californias Poison Control Service
7. While Most Blue Cross and Blue Shield-Branded MCOs are Losing Members, Blue Shield of California Bucks the Trend
8. California Medical Association Joins MedicAlert Foundation to Offer Medical Identification for Members and Patients
9. Statement by Blue Shield of California CEO Bruce Bodaken Regarding White House Health Reform Announcement
10. Obama Administration Rules Against Californias Proposed Wage Cuts to Homecare Workers
11. As the Weather Warms Up Rattlesnakes Come Out to Enjoy the Sun Just as Californians Do
Post Your Comments:
*Name:
*Comment:
*Email:
Related Image:
California Public Pension Crisis: The Ticking Time Bomb, a Full Disclosure Network Cable TV Series
(Date:5/5/2016)... ... May 05, 2016 , ... ... (LAIs), today announced a development collaboration with the Australian critical medicine company, ... such as schizophrenia. , LAI medicines can offer improved therapeutic benefits over oral ...
(Date:5/5/2016)... ... ... Einstein Medical is proud to announce that it has created ... at the 2016 ASCRS/ASOA Symposium and Congress, which takes place in New Orleans, LA ... Surgery and the American Society of Ophthalmic Administrations will be held at the Ernest ...
(Date:5/5/2016)... ... ... from Friday, May 6 - Sunday, May 8, fifteen elite athletes from Team Semper ... Mountain Bike Camp, hosted in conjunction with WTB and Cannondale in ... who’ll share pro tips with the injured veterans as they rip down some of the ...
(Date:5/5/2016)... Francisco, CA (PRWEB) , ... ... ... intensive lectures and hands-on exercises, the Wharton Seminars for Business Journalists ... a better understanding of key business and economic issues.  This one-day program ...
(Date:5/5/2016)... ... ... Derrin Doty Group has unveiled the latest charity campaign in their ongoing community ... The insurance provider’s caring team has been so moved by the sudden death of ... the flu, that they have decided to extend their original campaign. Compassionate community members ...
Breaking Medicine News(10 mins):
(Date:5/3/2016)... , May 4, 2016 ... 154 pages, profiling 09 key companies and supported ... professional and in-depth study on the current state ... overview of the industry including definitions, classifications, applications ... analysis is provided for the international market including ...
(Date:5/3/2016)... Germany , May 3, 2016  Axiogenesis has acquired a major investment from Sino-German High-Tech Fund to further ...    Photo - http://photos.prnewswire.com/prnh/20160503/362921 ... ... ... ...
(Date:5/3/2016)... 3, 2016   BIOTRONIK , a leader ... Food and Drug Administration (FDA) approval of Iperia ... heart failure patients with access to diagnostic magnetic ... remote monitoring with daily automatic transmission and closed ... in response to physiological demands. ...
Breaking Medicine Technology: