State Receivership to Save California Public Pensions?: Full Disclosure Network® Report

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Jul 26, 2010, 06:10 ET

WASHINGTON, July 26 /PRNewswire-USNewswire/ -- As the Public Pension Crisis in California heightens and municipal governments are bracing for the possibility of insolvency, the Full Disclosure Network® presents a special Video News Blog featuring Orange County Supervisor John Moorlach. He is one of the few elected officials in the State with a financial background as a former Certified Public Accountant. While serving on the Orange County Board of Supervisors, Moorlach has been very vocal about the excessive influence of public safety unions using their political clout with campaign contributions electing politicians who supported their retroactive pension benefits that now threaten a County on verge of a second bankruptcy. Watch here: http://www.fulldisclosure.net/Blogs/87.php

State Receivership Commission?

In this (8 min) video news blog, Moorlach describes how the public employee unions are threatening the entire state and the only way out would be to place the State of California into a receivership commission. He hopes that Governor Schwarzenegger will appoint a "Receivership Board" that will take the checkbook away from the state legislators who cannot balance the books. And he suggests the same should be done in the federal government.

Retroactive Raise in Benefits Challenged In Court

In the meantime, at the urging of Supervisor Moorlach, the County has filed a lawsuit to roll back the retroactive pension benefits given to the public safety unions. Moorlach predicts dire circumstances if something is not done and suggests that elected officials are part of the problem when they accept campaign contributions from the public employee unions.

Cable TV Series on Public Pension Crisis:

This is part of an ongoing Full Disclosure Network® cable series that began in 2006 and covering the developing fiscal crisis and proposed solutions to deal with the unfunded public pensions and retirement benefits in the State of California.

Related Video Links To:

The 2007 Full Disclosure Network preview of the interview with B. Scott Minerd of Guggenheim Partners and exclusive 2006 interview with L A Controller Laura Chick who warned of the public pension threat.