I have found in my research there can be 4 or 5 different valuations in a given year for the SBCERS pension and how is one to know which is the true value? In this example I have found two reported values for our pension 06/30/2006 one at $ 1,628,958,290 and the other at $1,992,337,000.
My first source of data comes from
From the Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2006 we get
TOTAL LIABILITIES $ 334, 880,707
"Netting" in simple terms is the appearance of exchanging value for value to hide or reduce true value. Netting is a form of fraudulent accounting for Wall Street, because the Mafia would call it money laundering. So I ask is 334,880,707 a real value reducing liability as it is shown here or just an example of netting? Right before your eyes they make it appear and or disappear both at the same time. If you look closer at the 196,246,974 figure one might say that the securities lent are guaranteed why would we remove that value from having to perform and produce investment returns? The bottom line is Santa Barbara County reported it was holding $ 1,628,958,290 IN TRUST FOR PENSION BENEFITS 06/30/2006
In current form there is a lack of transparency of the Pension Plan.”
Further into the audit.
Funding Policy; “This practice distorts funding status and as we will note later makes benefit improvements appear free.”
Reports the County of Santa Barbara
Population: at 431,312 (as of June 30, 2009) yet below the report shows only
Oops somebody is not telling the truth in these next two pictures, why is there a difference in performance and value from Picture 1 to Picture 2?
|This graph shows a pension that has all 3 lines cross and grows to be 100% funded|
|This is the same exact time frame as the picture above, yet all three lines never meet. So are we to believe Picture 1 or Picture 2? Contradiction after Contradiction!|