City Pension Boards Being Wooed for Big Returns By Developers Who Get Tax Money for Their Projeccts

So say you work for a city and are set up with one of their pension plans.  Unlike much of the over fee'ed slow growing funds that many of us get, this is supposedly a super earner.

But some of those super earnings depend on taxpayer dollars to create the high earnings.

And they want special favors from the city.

And you are part of that group of city officials that has to decide whether or how much to toss tax payer dollars the way of that business.

And then what if the same businesses actually solicit your pension funds' dollars by boasting about their prowess in using taxpayer dollars to make big profits.

Pretty sick, right?

But think of this.  What if the two cities found at fault have Democratic mayors with good chances to head towards the state capital in 2010, and no apparent effort is made to see if the same thing happens in the numerous cities in the state that are run by Republicans.  

Now, you wonder if someone from the local GOP chapter actually had a hand in helping to create the report. 

Anyway, see the LA Times report "Firm boasts about 'mining' tax dollars to make big profits ". 

We can only wish it were a little more balanced.  It would have made a better report.

tags: pension funds  los angeles  san francisco  developers  tax incentives  

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