What happens when your Santa Barbara County Pension fund grows over 800 million dollars in 7 years to almost 2 billion. The Board of Supervisors than claim a 17% return to the Grand Jury for 2007 in a reply statement dealing with there fears of the funds mismanagement. Than after 9 years your fund is only with 1.34 Billion and over 850 million dollars were allegedly paid to brokers?
I wonder if that is why the Board of Supervisors held closed door meetings while dealing with th Pension Fund? Is that not also a violation of the Brown Act which our Board of Supervisors are held accountable to?
I found this reply on the Internet
Re pension fund? (santa barara)
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Date: 2010-04-27, 1:28PM PDT
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I thought those funds were lost in the stock market by poor performnce., How can that be? Did you see in one year it looks like they paid 2 dollars for 1 every dollar obtained in securities. Than the CPA accounting firm from Santa Barbara never shows those funds spent as a fee, is that against the law?
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