Showing posts with label pension. Show all posts
Showing posts with label pension. Show all posts
Saturday, October 20, 2012
Carl DeMaio and taxpayer dollars
Carl DeMaio is hilarious when he demands that Filner not accept his government pension. DeMaio made his millions off the government, pulling in big bucks for giving training to government workers.
How about DeMaio promise to turn over to the City of San Diego pension fund the interest from his investments of all those tax dollars?
Saturday, July 23, 2011
$1.8 Billion Loss Spooks Pension Board
Some board members were miffed that they weren't told about the loss. The U-T paraphrases a pension consultant as saying it "conducts extensive reviews of the investment managers it recommends but routinely excludes some details from their reports to clients."
$1.8 Billion Loss Spooks Pension Board
The board that oversees the county employee pension system declined to invest $100 million with a fund run by a trader [Boaz Weinstein] who lost $1.8 billion in controversial investments three years ago, the U-T reports. According to HFMWeek, a magazine for hedge fund managers, the firm targets net returns of approximately 15%.
Some board members were miffed that they weren't told about the loss. The U-T paraphrases a pension consultant as saying it "conducts extensive reviews of the investment managers it recommends but routinely excludes some details from their reports to clients."
Media stories about the trader and his epic 2008 problems are among the first hits on a Google search of his name.
$1.8 Billion Loss Spooks Pension Board
The board that oversees the county employee pension system declined to invest $100 million with a fund run by a trader [Boaz Weinstein] who lost $1.8 billion in controversial investments three years ago, the U-T reports. According to HFMWeek, a magazine for hedge fund managers, the firm targets net returns of approximately 15%.
Some board members were miffed that they weren't told about the loss. The U-T paraphrases a pension consultant as saying it "conducts extensive reviews of the investment managers it recommends but routinely excludes some details from their reports to clients."
Media stories about the trader and his epic 2008 problems are among the first hits on a Google search of his name.
Tuesday, December 21, 2010
San Diego firefighter wins $424,000 from city in court
San Diego firefighter wins $424,000 from city in court
He claimed retaliation for exposing wrongdoing in San Diego fire department
By Craig Gustafson
December 20, 2010
San Diego firefighter Paul Vandeveld on the job during the 2007 Witch Creek Fire.
A jury has awarded $424,000 to a San Diego firefighter who said he was suspended and denied a promotion in retaliation for blowing the whistle on wrongdoing in the city’s fire department.
Paul Vandeveld, 44, of El Cajon, has worked in the department since 1990 but his career stalled four years ago after he tried to stop his fellow firefighters from harassing a colleague and aided then-City Attorney Michael Aguirre with his investigation into the city’s pension scandal.
He was suspended without pay for 96 hours for sending an e-mail to higher-ups about the harassment and was denied a promotion several times despite being on the department’s “next in line” list to become a captain.
Overview
Background: Paul Vandeveld, a San Diego firefighter, filed a whistle-blower lawsuit against the city in 2008 for suspending him and denying him a promotion in retaliation for helping a city attorney investigation into pension issues.
What’s changing: A jury awarded $424,000 to Vandeveld in a verdict Thursday, a majority of the sum represents what he would have made had he received a promotion to captain.
Future: The city is considering an appeal. Vandeveld, a 20-year department veteran, has asked to have the suspension removed from his record so he’ll be eligible for promotions in the future.
The 12-member jury’s unanimous decision called for Vandeveld to receive the difference between what he would have made as a captain versus his current salary as a fire engineer. The jury also awarded him $60,000 in punitive damages and the lost pay from his suspension.
Vandeveld burst into tears when the verdict was announced Thursday in Superior Court, said his attorney Steven Shewry.
“He’s been under exceedingly high levels of stress and humiliation since people started getting named captain ahead of him,” Shewry said. “It’s been pretty tough on him. He’s not an emotional guy but you can see that it’s not all that pleasant every day for a guy who always wanted to be a firefighter.”
The circumstances that led to Vandeveld’s lawsuit began in 2006 when Aguirre interviewed the firefighter as part of an investigation into so-called pension spiking, a practice in which employees are promoted to higher ranks or positions shortly before retirement allowing them to collect larger pensions once they leave.
Shortly thereafter, Vandeveld tried to intercede on behalf of a fire captain who many in the department believed had leaked to a reporter that a battalion chief had been arrested for drunken driving. In his lawsuit, Vandeveld said some firefighters physically assaulted the captain and spray-painted “rat” on his fire helmet...
He claimed retaliation for exposing wrongdoing in San Diego fire department
By Craig Gustafson
December 20, 2010
San Diego firefighter Paul Vandeveld on the job during the 2007 Witch Creek Fire.
A jury has awarded $424,000 to a San Diego firefighter who said he was suspended and denied a promotion in retaliation for blowing the whistle on wrongdoing in the city’s fire department.
Paul Vandeveld, 44, of El Cajon, has worked in the department since 1990 but his career stalled four years ago after he tried to stop his fellow firefighters from harassing a colleague and aided then-City Attorney Michael Aguirre with his investigation into the city’s pension scandal.
He was suspended without pay for 96 hours for sending an e-mail to higher-ups about the harassment and was denied a promotion several times despite being on the department’s “next in line” list to become a captain.
Overview
Background: Paul Vandeveld, a San Diego firefighter, filed a whistle-blower lawsuit against the city in 2008 for suspending him and denying him a promotion in retaliation for helping a city attorney investigation into pension issues.
What’s changing: A jury awarded $424,000 to Vandeveld in a verdict Thursday, a majority of the sum represents what he would have made had he received a promotion to captain.
Future: The city is considering an appeal. Vandeveld, a 20-year department veteran, has asked to have the suspension removed from his record so he’ll be eligible for promotions in the future.
The 12-member jury’s unanimous decision called for Vandeveld to receive the difference between what he would have made as a captain versus his current salary as a fire engineer. The jury also awarded him $60,000 in punitive damages and the lost pay from his suspension.
Vandeveld burst into tears when the verdict was announced Thursday in Superior Court, said his attorney Steven Shewry.
“He’s been under exceedingly high levels of stress and humiliation since people started getting named captain ahead of him,” Shewry said. “It’s been pretty tough on him. He’s not an emotional guy but you can see that it’s not all that pleasant every day for a guy who always wanted to be a firefighter.”
The circumstances that led to Vandeveld’s lawsuit began in 2006 when Aguirre interviewed the firefighter as part of an investigation into so-called pension spiking, a practice in which employees are promoted to higher ranks or positions shortly before retirement allowing them to collect larger pensions once they leave.
Shortly thereafter, Vandeveld tried to intercede on behalf of a fire captain who many in the department believed had leaked to a reporter that a battalion chief had been arrested for drunken driving. In his lawsuit, Vandeveld said some firefighters physically assaulted the captain and spray-painted “rat” on his fire helmet...
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