Baltimore County missing $21 million in pension fund scandal

[buzzthefuzz]

http://dundalk.patch.com/articles/co...secret-meeting

Oops, $21 mil lost by way of a of an investment into sub-prime mortgages. Another scandal in Baltimore County.

When they meet in secret you can bet there's something up and it ain't the stock market.

The county charter requires fiduciary responsibility and the retirement board must approve these types of decisions. If one person made this investment I would advise hiring a good lawyer.

Think of what the Merrill Lynch broker made on this deal? Their fees range between 3% to 5 1/4% = $600,000 to $1 million in fees.

All together that's two oops'.

[Mitchum]

It's not a scandal.

It's just a person that thinks he wronged by the County flinging Monkey Poo.

In the current election year we have seen a bunch of this crap. People linking to BS Sites and claiming that it is true.

Bryan Sears and Buzz Beeler = Dumb and Dumber

[octoburn]

The article gave the reason they met "in secret" ~ it was to discuss the strategy of how the county would proceed regarding the possible lawsuit against the firm to recover those funds. So of course the met "in secret."

Would you think it better that they openly discuss and develop their plans for a possible lawsuit to recover the funds, or maybe even invite Merrill Lynch representatives to sit in? How wise would that be?

[crabsnbeer]

Brian Sears = Someone those in power dont like asking questions.

They like a tame media like the Baltimore Sun.

[buzzthefuzz]

It's not a scandal.

It's just a person that thinks he wronged by the County flinging Monkey Poo.

In the current election year we have seen a bunch of this crap. People linking to BS Sites and claiming that it is true.

Bryan Sears and Buzz Beeler = Dumb and Dumber

Hey Mitch, don't let your intelligence leak all over the floor. If you took the time to think (which might be a challenge) before you spew, you might want to read the Sun as well.

Allison is one of their best reporters so I would guess since you claim to know it all on this one and the rest of us are clueless.

Why don't you tell Alison her story is BS like you say. I love it when people like you mouth off without doing your homework. But then again I can't stop you form making a fool of yourself.

http://www.baltimoresun.com/news/bre...,1060174.story

[Just Pondering]

Article says: ..."The law firm would be paid more than 33 percent plus expenses, if the county wins its case, ..."

It's always bothered me how lawyers get away with charging a percentage fee on top of their "expenses". I'm sure the itemized list of expenses reads as long and bad as a hospital bill.

Fraud followed by highway robbery! You gotta love our "service" economy.

[buzzthefuzz]

Article says: ..."The law firm would be paid more than 33 percent plus expenses, if the county wins its case, ..."

It's always bothered me how lawyers get away with charging a percentage fee on top of their "expenses". I'm sure the itemized list of expenses reads as long and bad as a hospital bill.

Fraud followed by highway robbery! You gotta love our "service" economy.

Think of the money paid to the broker in this deal. It could have ranged anywhere from $600,000 to $1 million. Not in the same category as the attorney fees but they all add up.

I wonder if Mitch listened to WBAL Radio this morning and Bryan's report on this issue.

Radio 11 doesn't hire dummies. Those are generally left to those who can't read.

[yuca]

Hey Mitch, don't let your intelligence leak all over the floor. If you took the time to think (which might be a challenge) before you spew, you might want to read the Sun as well.

Mitch is wrong yet again? Wow, that's a shocker.

[buzzthefuzz]

Mitch is wrong yet again? Wow, that's a shocker.

He does that all the time. He's too busy taking a shot at me and pulls the trigger before reading a clip.

[ckferg]

Charles County was involved in a lawsuit like this in the mid 90's that involved investments in derivatives.
http://articles.baltimoresun.com/199...unty-officials

I'm not sure if Baltimore County has done a cost/benefit analysis of doing this on a contingency basis or if they've even listened to what other firms are willing to do. The Sun article says they were approached by the firm, not vice versa. It would seem odd to sign on under these circumstances without seeing what their other options are. Hopefully the County officials aren't talked into making a bad deal.

[buzzthefuzz]

Buzz and Bryan. A bromance made in Heaven.

Interesting, when I mentioned Patch you never heard of it. It took you a week to figure out how to find a blog and now you're an expert on county government.

Twenty one million, no big deal for people like you. Accountability, you never heard of the word. Pay your water bill lately?

From what I see, others on this site comment your opinion doesn't hold much water.

Ever here of a charter? Do you know what the word means? Do you know what the word research means?

Who is responsible for county government, you know the guy who the people voted for to the run the county?

If you can find it, which I doubt, read the charter as it pertains to the management of pension funds.

You take issue with various threads but your problem is, you don't comprehend the topic of the thread.