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Article: SEC charges point up power of labor at city hall.(EDITOR'S NOTEBOOK)(United States. Securities and Exchange Commission)(Editorial)
- Article from:
- San Diego Business Journal
- Article date:
- April 14, 2008
- Author:
CopyrightCOPYRIGHT 2008 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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Now that the SEC has charged five former city of San Diego officials, including the former city manager and former auditor, with fraud in connection with the city's pension scandal, the next chapter in the ongoing saga opens.
The Washington watchdog agency says the five pushed through increases in pension and health care benefits well-aware the money was not there to pay for such largess. The officials then failed to disclose that fact to Wall Street, which made their actions even more reprehensible. (The SEC said the officials acted "recklessly," an understatement if there ever was one.)
The news once again points up the questionable relationship that ...