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Article: SEC settles with the city over pension scandal, but fixes will be hard to make if attitudes aren't changed.(EDITOR'S NOTEBOOK)(securities and exchange commission)
- Article from:
- San Diego Business Journal
- Article date:
- November 20, 2006
- Author:
CopyrightCOPYRIGHT 2006 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Lies deceive, and absolute lies deceive absolutely, to rephrase a familiar quote from Lord Acton.
For the past few years, officials have said the $1.43 billion pension scandal was over blown. That it was never as serious as critics or the media made it out to be.
Well that glossing over of the facts--that the scandal was overblown--went by the boards last week after the Securities and Exchange Commission ruled in its cease-and-desist order that the city was guilty of securities fraud in hiding liabilities to investors on a series of municipal bond sales.
The SEC report flatly stated "certain city officials knew or were reckless in not knowing ...