Published on Washington’s Blog, by Carl Herman, July 28, 2012.
For five weeks I journalistically hammered that California’s Comprehensive Annual Financial Report CAFR reveals $600 billion in surplus taxpayer assets, and the various local government agencies’ CAFRs are data-sampled to total $8 trillion in surplus assets.
Last week, the California Parks and Recreation Department was found to be hiding $54 million in assets; more than twice their claimed $22 million budget deficit. This disclosure of fiduciary malfeasance led to the department director’s resignation, and the firing of the second-in-command.
Today, the San Jose Mercury News reports a total of $2.3 billion more was found in 500 accounts.
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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): … //
… 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?
3 reforms for US economic breakthrough: money, credit, CAFR;
22-minute interview: CA CAFR $600B ‘pension fund’ pays only $1B for pensions;
New report reveals: Somalia’s missing millions, July 26, 2012.