Evan McLaughlin writes in Voice of San Diego Internet newspaper that Arthur Levitt agrees with those of us who think that powerful people were completely let off the hook during "investigations" of San Diego's pension mess.
Our own district attorney, Bonnie Dumanis, indicted employees, but not a single official. This is even worse than Enron. The most powerful people at Enron were brought to justice. But San Diego's D.A. protects Republican officials with an unwavering determination, while indicting Democrats for taking two hours off of work.
Evan McLaughlin reports:
Arthur Levitt, former head of the Securities and Exchange Commission and leader of the Kroll consultants that investigated City Hall, told an audience in New York yesterday that the SEC should've stepped up its enforcement in San Diego.
Levitt told the New York Private Equity Conference he is frustrated the SEC never charged individual officials who were at the center of San Diego's troubles.
"Here was one of the nation’s most beautiful, wealthiest cities with a strong regional economy, and it was on the brink of bankruptcy thanks to a group of political leaders more interested in looking out for themselves in the short term than the fiscal health of their city in the long term.
"And let me add that while the SEC took action against the faceless entity of the city, I am disappointed that they failed to bring a single action -- or hold accountable -- those individuals responsible for the San Diego pension crisis. Individuals were behind this debacle -- and individuals must be held responsible."
Wednesday, October 31 07