Posted on 06/17/2005 10:04:57 PM PDT by NormsRevenge
SAN DIEGO (AP) - Administrators for San Diego's scandal-plagued retirement system faced renewed calls Friday to relinquish documents sought by federal prosecutors.
Michael Young, an attorney for consultants hired to speed completion of a long-overdue audit, urged the pension board to turn over documents sought by the U.S. Justice Department and the Securities and Exchange Commission.
"Where improprieties have surfaced, it is a fiduciary's responsibility to get to the bottom it, to see that wrongdoing is exposed," Young said during a sometimes testy exchange that lasted more than an hour.
The city's outside auditor, KPMG LLP, will not bless the city's 2003 belated audit unless the San Diego City Employees' Retirement System's board gives in, Young said.
The 13-member board appeared divided on the city's latest overture.
Trustee Mark Sullivan said some of his colleagues worried that federal authorities were on a "fishing trip." Lawrence Grissom, the pension fund administrator, said critics might use the documents for unfair attacks on retirement system officials.
"I now see Sen. Joe McCarthy risen from the grave and walking among us," he said.
Trustee Bill Lopez said he would vote to release the documents because he wanted the city to regain its ability to sell bonds.
The pension board has come under fire from members of the City Council and candidates in the city's July 26 mayoral election who say its refusal to share documents is preventing the nation's seventh-largest city from fixing its financial mess.
The city's pension shortfall has swelled to $1.37 billion, largely a result of decisions in 1996 and 2002 that allowed San Diego to escape payments to the retirement fund and - at the same time - enhance benefits. The Justice Department and SEC have been investigating the pension fund since February 2004.
"I now see Sen. Joe McCarthy risen from the grave and walking among us," he said.
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Oh, for criminy sake. Release the info already, dope.
"...unfair attacks on retirement system officials."
Also known as felony charges !
"Oh please don't make us open our books, we want to still be able to sell bonds". Who would even think of buying them from you after this is in the news. Maybe Enron.
Throw 'em both out on their keisters! What a bunch of hooey!
jail, jail and more jail.
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