SEC Reaches Agreement with City on Pension Scandal
Wednesday, November 15, 2006
The settlement between the city of San Diego and the U.S. Securities and Exchange Commission over fraud charges linked to concealment of the pension fund deficit was long anticipated. It came yesterday. In brief, the city can no longer commit fraud and must hire an independent consultant approved by the SEC to oversee financial disclosures for 3 years. Was this a good agreement and what more can we expect from the pension underfunding scandal? Host Gloria Penner talks with William Aul, a securities law attorney who teaches securities regulation at Cal Western School of Law; and Bob Kittle, editor of the San Diego Union Tribune editorial board who has been writing about the case for many months.
securities law attorney, Cal Western School of Law.
, editor board editor, the San Diego Union Tribune.
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