Santa Barbara County Pension Fund Corruption. Over 800 Million paid in broker fees

Hello Mr. xxxxx,

My name is Larry Mendoza and I keep a blog

www.santabarbaracriminalcourtcorruption.blogspot.com

I have already seen your you tube posting about Dan the Man in regards to the D.A. race.

I have issues with the Santa Barbara County pension fund and how there was a real lack of actual Fund Data. I kept wonder what the original investment mount was in order to allow a 421 million dollar loss in just 6 months as documented by our Grand Jury and there report from 2009.

So I went to the County site below and tried to understand the "Pension Math" used and track the alleged loss. Well if I am reading these reports correctly it was not the market that is the issue. No it is the fees paid brokers that are truly at the heart of the problem.

2004- 92 million dollars

2005 - 126 million dollars

2006-137 million dollars

2007 -216 million dollars

2008- 210 million dollars

2009 - 121 million dollars

this comes out to almost 850,000 million dollars in fees and the fund bottomed out to a value of 1.34 Billion from a one time high of 1.9 Billion dollars.



Now I was working on the thought that our Pension fund had invested in toxic COD's with out purchasing CDS for protection. I was working on this big theory and truth be told its all about commission.



County employees were required to take two week unpaid work furloughs to save our county ten million dollars in employee salaries.We as taxpayers foot the bill going and coming. I will be posting my concerns on my blog but thought I should share them with you. Please get back to me with your thoughts.



Regards











Larry Mendoza





Pension Fund Data Web Site for Santa Barbara County

http://www.countyofsb.org/sbcers/default.aspx?id=19040&ekmensel=e2f22c9a_608_622_btnlink

http://www.countyofsb.org/uploadedFiles/sbcers/ActuarialValuation20090630.pdf

http://www.countyofsb.org/sbcers/fnp/2007FinalValuation.pdf









Below was web sites I visited for data. You might notice there is a ton of current activity story wise, just none printed locally.

http://www.allianceresourceconsulting.com/Profiles/460.pdf

http://www.hfmweek.com/news/526392/santa-barbara-pension-looks-to-replace-arden.thtml
Santa Barbara pension looks to replace Arden
The $1.7bn Santa Barbara County Employees’ Retirement System (SBCERS) has terminated its only hedge fund manager, Arden Asset Management, but will look to replace the investment this summer.

Money Management Letter

http://www.moneymanagementletter.com/Search.aspx?SearchStr=Santa%20Barbara%20County%20Employees%20Retirement%20System

http://www.ipe.com/realestate/santa-barbara-county-opens-separate-account-search_34572.php

Santa Barbara County opens separate account search
1 April 2010 17:04:
UNITED STATES - Santa Barbara County Employees Retirement System has approved a Request for Information to hire a discretionary separate account real estate manager.
http://www.independent.com/news/2009/mar/12/county-budget-bloodbath/
Sounds like bankruptcy is in the county's future. Seriously. Under Chapter 9 of the Federal Bankruptcy Act a local government can declare bankruptcy, void all of its contracts including pension obligations, and start fresh. No government has been so lavish with pension and benefits than our local pols. Easy for them: buy off the unions, get votes, get termed out, and leave the taxpayers to deal with the problems. So my vote is for bankruptcy, the recall of all Supes, and a new election to replace them with leaders and problems solvers.
Read this letter is she really serious?
http://www.sec.gov/rules/proposed/s70306/s70306-574.pdf
http://www.sbcgj.org/2009/responses/SBCERS_Response.pdf
Below is a partial response to the Grand Jury report from 2009.
In there response the B.O.S. claims a17.2% return and yet the Pension fund reflects 143 million dollar loss

Pension association

http://www.sacrs.org/mc/page.do?sitePageId=20260&orgId=slgs

Pension Watch

http://pensiontsunami.com/blog/?p=85

Read the numbers in this story

http://www.kcoy.com/Global/story.asp?S=12192053

Is it 2 Billion as listed below or 1.2 Billion on the next page?

http://www.accessmylibrary.com/article-1G1-137823402/deadline-participant-sues-avon.html

Santa Barbara Hires for Int'l Equity.

Magazine article from: Investment Management Weekly Sorondo, Marc October 24, 2005 700+ words ...2 billion Santa Barbara County Employees' Retirement System (SBCERS) has hired New Star Asset Management to manage an active international...Street Global Advisors, but Peters said that New Star was selected because of its investment style