Saturday, October 18, 2008

Expensive Developer Subsidies and Pandering

Again "w" beats me to a story I was following.
Ventura's investments in trouble
Ventura stands to lose up to $10 million of taxpayer money from soured investments in the banking industry — the only city in Ventura County facing such risks.

The meltdown on Wall Street has directly jeopardized $10 million of Ventura's $160 million investment portfolio. The money comes from various sources, including reserve funds, savings for capital projects and millions held in trust to secure loans.

City finance officials remain uncertain what they will recover from two five-year, $5 million corporate notes the city holds in Lehman Brothers Holdings Inc. and Washington Mutual, which both failed last month.

"It's impossible to know at this time," city Chief Financial Officer Jay Panzica said.

Ventura also owns $28 million of notes in other companies, including J.P. Morgan, Goldman Sachs and Morgan Stanley.

And unbelievably:
City to consider rise in retirement benefits
The upgrade allows a sworn firefighter to retire at age 55 with a pension equal to 3 percent of his or her last year's pay multiplied by years of service. If a firefighter began work at age 25 and retired at 55, that would be 3 percent times 30 years — or a lifetime pension equaling 90 percent of the final-year salary.

My brain hurts but at least I have one.


Nick from Canada said...

Murst Biotches

Rob Dawg said...

Is it true idjit boi turned off comments? Wow.

I like to think it was my CSPG analysis. 1.4¢ on close with Casey down 2.8 million cents.

He spends and invests like a municipality.

Nick from Canada said...
This comment has been removed by the author.
Nick from Canada said...

I think it was comment #22 that did it. On another note have you read the E-Scambook yet?

Lost Cause said...

Firefighters must be like NFL players, who work out all day long, and don't live very long into their 50's. The former become millionaires in their 20's, the latter in their 60's.