Author Topic: Estimate $8 trillion surplus taxpayer assets - Carl Herman - Cafr  (Read 1930 times)

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Offline TahoeBlue

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Estimate $8 trillion surplus taxpayer assets - Carl Herman - Cafr
« on: September 05, 2012, 02:20:48 pm »
The Truth Behind Pensions with Carl Herman
Infowars Nighly News host Aaron Dykes speaks with blogger Carl Herman June 28, 2012
CAFR summary: why can't a $600B ‘fund’ fund $27B pension, $16B budget deficit?
June 18, 2012
By: Carl Herman

Let’s summarize what we’ve documented so far about the data of California’s 2011 Comprehensive Annual Financial Report (CAFR) and what it means for the state’s 12 million households (22-minute television interview of my explanation here):

•Officials and corporate media never remind taxpayers, but California holds $600 billion in taxpayer cash and investments ($50,000 non-disclosed assets per household).

California’s ~14,000 various government entities’ CAFRs have a sampled-data total estimate of $8 trillion in surplus taxpayer assets ($650,000 non-disclosed assets per household). For examples, page 63 of L.A. County’s 2011 CAFR shows $66 billion in cash and investments; page 58 of the City of L.A. CAFR shows $38 billion.

The state’s $600 billion cash and investment fund is explained as designated for funding state pensions. The CAFR data show the opposite: $27 billion in pension cost receives only $1 billion income from $600 billion in withheld taxpayer assets.

•Californians are taxed $19 billion to pay for pensions (95% of the public cost) while also losing $50,000 in assets the state withholds in cash and investments.

 •The $600 billion fund in cash and investments contributed 4% of the state’s $27 billion pension costs, but since 2008 has been “managed” to cost taxpayers more than the net income it produces, in 2011 provided over twice the net income to its investment "managers" than to California's pensions, and the massive $68 billion increase in "fair value" of stock ownership did not translate to significant pension funding.

 •Governor Brown is silent about the $600 billion in surplus cash and investments, claiming the $16 billion budget deficit can only be addressed by austerity - massive funding cuts to our essential infrastructure ($16 billion is a 2.8% divestment of the fund).
So the natural question is if the state’s withholding of $600 billion in our cash and investments does not fund pensions, address a budget deficit, or prevent devastation to infrastructure, how can we best restructure the purpose and use of OUR MONEY for optimal public benefits?

I see three obvious solutions.
I asked this of my two state representatives, Senator Carol Liu and Assemblymember Anthony Portantino. Carol and her consultant, Robert Oakes, has not yet answered this question. Anthony responded, but failed to address the question.
I’m also addressing law enforcement whether such non-disclosure of withheld taxpayer cash and assets by public officials is a crime while they tell us the only option is our austerity.
I’ll write with updated status of Senator Liu, Assemblymember Portantino, and law enforcement agencies.
Remember, this is a case study where I’m investing my time to explore and document this issue in the public interest. You are welcome to do the same :)
CA Finance Director: “No hidden money;” CA CAFR: $600 billion in ‘hidden’ money
Posted on August 8, 2012 by Carl Herman

California’s Finance Director, Ana Matosantos, criminally lies when she claims the $54 million “found” in the Parks and Recreation Department books is an “anomaly,” “there are no other hidden pots of money.”
Ms. Matosantos’ lie can be verified within minutes for anyone who cares to look: California’s Comprehensive Annual Financial Report (CAFR) shows $600 billion in surplus taxpayer assets exactly like the “hidden” $54 million.
Ms. Matosantos’ statement is an “emperor has no clothes” obvious crime, of course. This implicates political “leadership” of both parties because they know what their own financial report contains. Both parties choose to lie to the public at the magnitude of 35 times the budget deficit claimed to “force” austerity with no other options. Moreover, it is implausible that corporate media is unaware of what independent media has broadcast and documented for years with these colossal CAFR surplus accounts.
Every lie from the US 1% helps the 99% recognize their position: oligarchs concentrated in government and key corporate cartels (including media) use the public as 21st Century serfs.
The cartels loot trillions every year in ever-more apparent crimes centered in so-called “banking” and the rigged-casinos of Wall Street, government illegally attacks ever-more nations to lord over natural and human resources, and cartel media distract and lie to protect these crimes.
The 1% psychopathic crimes annually kill millions, harm billions, and transfer trillions of the 99%’s hard-earned wealth to themselves.
In contrast, obvious solutions in monetary and credit reform, with consideration of CAFR-revealed taxpayer assets can immediately provide full-employment, renewed infrastructure, and overall falling prices.
The 99% have a choice:
 ■complacent serfdom under constant attack of lies, debt, and death,
 ■or assertion of “emperor has no clothes” obvious facts, lawful arrests, and policies for 100% of Earth’s inhabitants’ success.
What do you choose, and what will you think, say, and do to help earn your choice?
CA CAFR $600 billion ‘case study’ final status with state reps, local media, law enforcement
Posted on July 26, 2012 by Carl Herman

This is the final status I see with a case study to communicate California’s $600 billion in surplus assets as documented in the state’s Comprehensive Annual Financial Report (CAFR) to my two state representatives, local media, law enforcement, and local community groups (school district and board, school financial support, Republican/Democratic clubs, city officials). The e-mail I sent to these local groups is the status:

LCF school funding and CA CAFR $600 billion surplus final status
Dear friends and community members,
I alerted you to information important to LCF’s volunteerism and donations to what should be basic education funding. The funding isn’t delivered from state-level claims of “budget deficits” that the financial information clearly refutes.
After five weeks of work with our two state representatives to have them affirm $600 billion in surplus taxpayer assets as revealed in California’s CAFR (Comprehensive Annual Financial Report), here’re the outcomes:

 1.I worked with Senator Liu’s consultant, Robert Oakes, and Assemblymember Portantino’s Chief of Staff, Trent Hager, to make sure both legislators were fully aware of the documented $600 billion (remember, the state claims austerity from a $16 billion budget deficit). Both chose “no comment” after five weeks of evasive acts.

 2.The local papers: The Outlook printed two letters, and The Valley Sun printed one. I met with The Valley Sun’s editors Carol Cormaci and Bill Kisiluk at their request so they were confident the letter reported objective data. Both publications chose to not print a concluding letter reporting that their two LCF-resident state representatives had no comment in light of these colossal funds and LCF heroic volunteerism and fundraising to support our schools. My argument that our reps’ “no comment” couldn’t stand public scrutiny with their reporting didn’t win their support to print such a letter.

 3.The Los Angeles Times was one of many major publications reporting on CA Parks and Recreation Department’s Director resigning and their #2 being fired over $54 million discovered in exactly the same kind of account the CA CAFR documents. In this case, their department also claimed austerity from a $22 million budget deficit. I’m following-up with several reporters of this story to alert them to the larger $600 billion story.

 4.Law enforcement reported to me that verbal fraud about need for austerity is not a crime unless I can prove funds were stolen. This seems to be a specious excuse for not taking on powerful political forces, but I chose to not pursue this avenue.
While what you do is only and always up to you, I invite your contact with our state reps and/or leverage with our local press to support exactly the disclosure of surplus assets from the CA Parks Dept. This can, and should, lead to abundant funding for our schools and infrastructure.
As I’ve stated, as an LCF native, I’m happy to help you understand the objective data. My meeting with Carol and Bill at The Valley Sun required just 20 minutes and three pages of the CAFR. This has been a local “case study” I’ve documented, with resulting reposts going to over ten million US readers (as best I can estimate from the data).
If it helps, colleagues and I have only received professional agreement that the figures we point to on official financial documents are indeed there, we’ve received no refutations to our claims of surplus assets, and this seems as an “emperor has no clothes” obvious situation to all I know who’ve looked into this issue.
Let me know if I can be of service.


BREAKING NEWS: California State CAFR looked at; Fraud identified; Heads Roll
 by Walter Burien - CAFR1
First Domino to fall:

It appears someone did a little digging into the CA State CAFR report.
It is not said in the Los Angeles Times News Article but it would be my estimate that the funds identified were sitting in a designated advance liability account. Now it is time to turn the same rocks over for all cities; county; state; enterprise; school district; and state university accounts.
For the CA State Parks it was 54-million. Collectively for all local government operations (tens of thousands of operations) it is a few trillion.
Every one of these stash accounts is signed off on by the city; county; or state attorney.. The true fraud begins there, and usually the same is checked off on by a local judge.  (Again; Emphasis added) Attorneys running the show, the employee(s) following their instructions but then the employee getting the axe as the scape goat.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Estimate of $8 trillion in surplus taxpayer assets - Carl Herman - Cafr
« Reply #1 on: February 24, 2018, 02:45:04 pm »
"CalPERS Is Near Insolvency; It Needs A Bailout Soon" - Former Board Member Makes Stunning Admission

by Tyler Durden
Sat, 02/24/2018 - 14:13

Two weeks ago, in the aftermath of the February 5 volocaust, we quoted David Hunt, CEO of $1.2 trillion asset manager PGIM, who said ignore the volatility spike, the real financial timebomb was and remains public pensions: "if you were going to look for what’s the possible real crack in the financial architecture for the next crisis, rather than looking in the rearview mirror, pension funds would be on our list."

In a brief discussion wondering what municipalities and states will do when local tax revenues decline and unemployment worsens, Hunt said "we're worried about those pension obligations.”

He is hardly alone: having reported over and over and over (and over, and over) again that public pensions are in deep trouble, two days ago none other than Steve Westly, former California controller and Calpers board member - manager of the largest public pension fund in the US, made a stunning admission, confirming everything:

    "The pension crisis is inching closer by the day. CalPERS just voted to increase the amount cities must pay to the agency. Cities point to possible insolvency if payments keep rising but CalPERS is near insolvency itself. It may be reform or bailout soon."


 NugginFuts Duc888 Sat, 02/24/2018 - 14:23 Permalink
Time to organize some informational meetings for current and future CalPERS recipients:
"Cannibalism: The Path to a Balanced Budget"

Sudden Debt JimmyJones Sat, 02/24/2018 - 15:13 Permalink
I think they should start drilling near yellowstone and that little issue will solve itself.

I''ve also heard that Americans hate pensions and that they all want to work untill they drop dead from a heart attack when they're 50 years old because the elevator to the first floor didn't work.

 valerie24 chubbar Sat, 02/24/2018 - 15:36 Permalink

Being a former Californian and watching fireman get $200K retirements, 5th grade teachers making $90K a year, Sheriff's retiring with $250K pensions, City Managers retiring with $400-$800K pensions.

All the while with the best healthcare. Unsustainable? Nah, it's all good.

They'll keep attempting to fleece the taxpayers until there's no more blood left in the turnip.

Let Silicon Valley pay - dumbasses
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5