Jerry Brown pulled a fast one

Now it appears that Brown successfully lobbied for California to get $6 billion in cash and siphon off a total of $18 billion from the $25 billion mortgage settlement with the five largest U.S. banks, who were accused of fraud in the handling of foreclosures and loan modifications.

But as Franklin Center Vice President and CalWatchDog.com Contributing Editor Steven Greenhut asks in a deliciously sarcastic article, “Why should a taxpayer in Houston or Wichita bail out irresponsible California homeowners, banks and the state’s public employees’ retirement fund?” Greenhut highlights that the mortgage settlement money is really just another accounting entry because the real source of cash to fund the “Left Coast” is “implicitly via Federal Reserve/Government coffers Call Watch

Nice work Jerry, more power to you.
What about this gem:

According to the Los Angeles Times, a 17-month investigation recently found that some of that bad advice came from Federico Buenrostro Jr., the former chief executive of the $250 billion California public employee pension fund. It seems that he and a couple of his pension board buddies were recently accused of pressuring subordinates to invest billions of dollars of pension money with politically connected firms and strong-armed for a $4 million in fee to be paid to consultant Alfred J.R. Villalobos, who later hired Buenrostro.

If you are a California teacher and you let this happen, then you are to frickigng dumb to teach our kids. We are better off with on line education.