Friday, August 13, 2010

SBCERS Corruption, fraud and altered charts by our Santa Barbara Grand Jury. Double click on any picture you wish to enlarge.

Figure 1How can 1 tell that 180 million dollars was removed from the fund on 06/99? In fact sine NONE of the Audits document the removal of funds how can we ever learn of the total value of funds removed over the funds life time? As we can all see it was a commonly practiced abuse by our elected officials?

The 1st chart confirms my previous posting that the SBCERS Pension Fund was fully funded in year ending 07. The area between the two values reflects what we are lead to believe is unfunded liability!

Chart II Why is the green Actuarial value so much lower in this chart than in chart I from the grand jury’s report? Chart II also shows 4 years of no growth yet the green mark does not seem to reflect the funds poor performance. Regardless of who’s chart you use they are simply being used as props to cheat all of us and strain the services that the funds should be used on.
How can one tell if this reflects pension fund market value or smoothing value in regards to funding ratio? An once again we already know that the fund reached 100% funded ratio in 07.

This picture Chart 1 was taken from the 08 Grand Jury report and is perpetrating fraud to our county residents. Compare this chart to chart II that I provided last week. They are supposedly representing the same time frame and value, but are they? If you review these two charts closely you will see that in chart I the fund value drops below the first value marked 1.00 however chart II has a higher value starting point. Either way in both charts they show a pension fund that s value has dropped below 1998 in 2003. We do know from the Santa Barbara County Auditors ‘White Paper” Robert Geis explains how the pension fund had a 180 million dollar surplus removed in 12/99.