As if conflict-of-interest problems and fiscal pain weren't enough, now
CalPERS faces a Securities and Exchange Commission
probe
over whether the huge fund fully disclosed the risk of pension investments and
the money it would need to cover any shortfall.
From the New York Times: "S.E.C. officials declined to confirm an investigation,
citing agency rules. But the person with knowledge
of the investigation said it
was among the agency’s top priorities. A spokeswoman for Calpers, which
is
America’s largest pension fund with assets of about $220 billion, said it had
not been contacted by the S.E.C. about its accounting
or about financial
disclosures."
“The SEC has an ongoing look at pension funds in
California” because of revelations about the use of placement
agents who
recommended investment managers, said Patricia Macht,
a spokeswoman for
Calpers.
Meanwhile, newly elected Insurance Commissioner Dave
Jones is having a busy first week in office. On Thursday,
he demanded that Blue Shield delay its proposed double-digit rate increase for two months while he studies the issue. The Chronicle's
Victoria Colliver tells the tale.
"But Jones acknowledged that he has no authority to
stop
the increases. He is limited to making sure insurers
comply with the federal
reform by spending at least 80 percent of premium dollars on medical expenses."
"I think this is business as usual in the state of
California," said Jones, who as an assemblyman proposed
unsuccessful
legislation to give the insurance commissioner power
to reject rate increases.
"We've seen 10, 20, 30, 40, 50 percent increases year over year and it
underscores why I need the authority to be able to
reject excessive premium
increases."
Here's something you may not know: If something happened to Jerry Brown right now, Abel
Maldonado would become governor. That's because Maldonado is still lieutenant governor,
pending Gavin Newsom's swearing-in. And Newsom is delaying his oath-taking, pending the outcome in San Francisco of a struggle
to pick his successor as mayor.
Say what?
From Capitol Weekly's Malcolm Maclachlan: "Of course, it’s highly unlikely that anything will happen
to Brown before Monday. The new governor is an uncommonly
vigorous 72 year-old,
a slim, hyperactive jogger with fewer wrinkles than
many people who are years
younger. Age related questions rarely came up during
the campaign, except when
Brown brought them up himself, noting that “at my age” he would free from
thinking about any future political career after the
governor’s office. And he
has no known serious health problems."
"If something did happen to Brown, Maldonado’s ascension
to the Horseshoe likely would be challenged in court
— though, looking
through the Constitution, it's not clear there is anything
that would prevent
Maldonado from taking the office."
The potential for Jerry Brown to appoint up to three members of the state Public Utilities
Commission means the governor could have a dramatic impact on consumers' pocketbooks. The LAT's Marc Lifsher
has the story.
"At least two appointments to
fill current vacancies in the five-member panel could come as early as Friday
and could start to give the PUC its most pro-consumer majority since the days
of the energy crisis a decade ago.
"A third member, Nancy Ryan, must step down Jan. 20
if her appointment last year by then- Gov. Arnold Schwarzenegger to a regular
six-year term is not confirmed by the state Senate by then.
The real news at the Capitol wasn't politics, it was
sports: The World Series trophy of the San Francisco Giants
-- Go Giants! -- was on display and lots of people streamed by to take
a peek.
From the Bee's Matt Kawahara: "The door to Room 211 in the Capitol finally opened around 10:30 a.m. Thursday, and John Zyss, 46, wide-eyed under his World Series hat, made his way inside to the sound
of applause."
"Having arrived at the Capitol at 6:30 a.m., Zyss was first in a
swelling line of people there to see the 2010 World Series trophy, the circle of flags captured
this year by his San Francisco Giants."
"It's like the Holy Grail of any trophy," said Zyss, who
lives in Sacramento. "It was the most amazing thing
I've ever seen."
And finally, we turn to our "You too, can be a TV star" file to learn about the bank robber who was recognized
on a surveillance camera -- by his wife.
"A camera snapped a clear shot of the man with a pony
tail
and scruffy beard robbing the First Bank in Bradenton
Tuesday morning. The
robber sprinted down the street clutching money in
his fists and got away
despite efforts from a K-9 unit and SWAT team."
"Manatee County Sheriff's officials got their big break
Tuesday evening when Afra Sandifar saw a news report
about the bank robbery.
She called authorities and told them her husband was
the robber."
Ahh, the joys of marriage....
