Scott Minerd On California Bankruptcy, Insolvency & Where To From Here... Full Disclosure Video® (11 min)
Los Angeles, CA. According to public finance expert B. Scott Minerd, California is not yet insolvent but it could be soon. In an eleven minute Full Disclosure Network® video news blog he addresses the issues of how California got to the brink of financial disaster and offers suggestions as to how the once golden state could return to a prosperous and stable economy.
View the video here: http://www.fulldisclosure.net/Blogs/72.php
CHIEF INVESTMENT OFFICER
Scott Minerd is Chief Investment Officer of Guggenheim Partners, a diversified financial services firm with more than $100 billion in assets under supervision. Previously he was a managing director for Morgan Stanley and later Credit Suisse, where he oversaw fixed income credit trading in the United States, Europe and Asia.
INSOLVENCY, PUBLIC PENSIONS & POST RETIREMENT BENEFITS
In the video Scott Minerd describes the most serious threat to California solvency, at both the state and municipal level, is the massive unfunded pensions and post retirement health care benefits promised to public employees in union contracts.
MUNICIPAL BONDS vs RESERVED SURPLUSES
Pointing out that California public officials have missed opportunities to reserve past surpluses, Scott Minerd describes public debt instruments known as “Certificates of Participation” (non-voter approved COP Bonds) and Revenue Anticipation Notes (RAN) as tactics that can result in squandering of public assets to cover massive deficits while the economy is stagnate. He urges public entitites to protect surpluses when they ocurr, for use in an economic down-turn.
HOUR INTERVEIW FEATURED ON CABLE & INTERNET
The entire one-hour interview with Scott Minerd is to be featured on the Full Disclosure Network® website as well as on community television channels throughout California and in cities in Minnesota, Wisconsin, New York, Massachusetts, Pennsylvania,Texas and Washington D.C.
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