Gov. Jerry Brown and state Treasurer John Chiang have a plan to help cover the state’s soaring pension payments: Borrow money at low-interest rates and invest it to make a profit. What could go wrong? Unfortunately, as they try to sell this scheme to the public and the state Legislature, the governor and the treasurer fail to mention the risks, or their aggressive assumptions.
Contra Costa Fire Capt. Jon Wilmot stole hundreds of items from county firehouses, everything from tools and toilet paper to binoculars and chain saws. Los Angeles County Fire Capt. Tod Hipsher while on duty ran an illegal bookmaking operation and directed the physical intimidation of clients who failed to pay their gambling debts. Wilmot and Hipsher, who worked, respectively, for 27 and more than 30 years, each pleaded guilty to felonies.
Opinion: Great deal could go wrong with Brown’s pension plan
Published: May 20, 2017
By Daniel Borenstein, Bay Area News GroupGov. Jerry Brown and state Treasurer John Chiang have a plan to help cover the state’s soaring pension payments: Borrow money at low interest rates and invest it to make a profit. What could go wrong? Lots.