CA CAFR: local paper editors meet; publish 3rd letter to inform, request official responses

La Canada Valley Sun editors Carol Cormaci and Bill Kisliuk met with me at their request to see and understand California’s Comprehensive Annual Financial Report (CAFR) data for themselves. They supported this published letter.

Our other local paper, The Outlook, previously published two letters to inform and request our California legislators, Senator Carol Liu and Assemblymember Anthony Portantino, to affirm the state’s $600 billion in surplus taxpayer assets and make recommendations in light of a $16 billion budget deficit “forcing” austerity.

Now in the 5th week of receiving CAFR data:

  • Portantino’s Chief of Staff promised at least preliminary public response by July 10;
  • since I discovered Liu’s consultant passed this issue to a college intern that he’s since claimed has been ill and out of the office, I’ve given him until July 13 to have at least a preliminary statement. Failure to do so will result in my writing our local papers and asking community members to join me in requesting Senator Liu’s official response.
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  • jo6pac

    Or my dog ate my home work, my state at work;) I want to say thank you to those papers for taking up the quest of some F(*&^%$ answers from those that work for the people and not the narrow interest groups. Wishful thinking on my part.

    • Carl Herman

      Feel free to copy and use any material to make similar requests to your own public officials 🙂

      The local angle might be necessary if enough people who live nearby refuse the officials’ BS excuses.

      • jo6pac

        Thanks I’ll give the small local this and see what happens.

        • Carl Herman

          Cool, jo6pac. Let us know what happens. I can’t think of any concerns that haven’t been addressed, especially when the action I suggest is merely to communicate the data and open it to public and professional consideration of our options.

  • Tony

    More in the news on CAFR’s. This would be a great topic to collaborate on as far and wide as possible with the alternative media. I see it building up steam and it seems the country is ready for this topic as a point of action.

    Thank you for covering.


    • Carl Herman

      Cool; thank you, Tony. I just put my resources onto the Thrive site 🙂

  • jack guerra

    Hi Carl, Great work hat you are doing! I’m from Michigan, and would like to persue informing my state rep. (thats a farmer by trade, and another great guy)about this theft, thatsbeen on going for most of my life.

    Can you give me any hints on where to start? And which areas of the cafr are best?

    thanks for all your help,

    • Carl Herman

      Thanks, jack. I suggest using Clint Richardson’s work as a model for the most comprehensive look:

      If that’s too much, then I suggest looking at the investments (usually labeled fiduciary). For example, I’m using just three pages to communicate: the page that lists state debt and its annual cost, the investment page, and two pages that list how much the investments return to pension costs. That data gives me $460 billion in investments, $164 billion in state debt with $6 billion annual cost, and pension costs of $27 billion (of that, investments return $10 billion, but have $3 billion in expense and then I subtract the $6 billion debt interest cost because the state chooses to invest $92 billion in other government debt to earn interest; meaning $460 billion of investments return just $1 billion of net income toward pensions).

      Your CAFR is here:

      Take the most recent one and just jump in.

  • Beau Deters

    File a lawsuit for breach of fiduciary responsibilities.

    You would have standing as a CA Taxpayer & resident and it would force the issue into courts and for a judge to issue an order for the release of these funds under fiduciary law which is not negotiable or mis-interpretable. In addition a nice class action status filed against every city, county and the state actors themselves could re-coup millions in punitive damages.

    All governments are trusts and government by trust law. All public employees are trustees of that trust and their conduct is strictly regulated by fiduciary law.

    Bring up breach of fiduciary responsibilities in reference to failure to pay the city, county’s, and state’s bills the next time you meet with the public trustee and watch their faces go white.

    They have no defense and the public record would allow for a summary judgment in this matter.

    • Carl Herman

      Interesting; thank you, Beau. I’m not sure if my “hobby time” can be invested in that way. But maybe. Law enforcement chose to take no criminal pursuit.

  • petar

    Hi Carl,

    I also had the privilege to get in touch with Clint Richardson, who has explained the CAFR’S for:

    City of Milwaukee;


    State of Wisconsin;

    All the best

    • Carl Herman

      Great! Wisconsin activists could certainly use CAFR data to help their state.

  • gozounlimited

    The only way to survive in a post-Keynesian limit world, in which everyone is bankrupt, is to dig a deeper hole and get as much of whatever bailout money is available first.

    Cash Strapped California Votes For $68 Billion Monorail To Get Federal Bailout

    At the end of the day, who cares: by the time the next bailout installment is needed, the EFSF/ESM will be fully operational and Germany (whose citizens will be “mandated” to retire not sooner than Yoda) can just step in and save California as well.

    read more:

    • Carl Herman

      Well, yeah, unless we can win with credit reform, monetary reform, and CAFR reconsideration 🙂

  • NO Names Please! I have to work for a corporation and they dont have to follow the Bill of Rights

    I have know of this for years! Our governments have been turned into for profit corporations. Fed state and local! They are not government of for by the people, they are Mussolini’s definition of fascism. Corporate person hood granted by the corrupted courts. A budget is just that a budget! The annual financial report is the true accounting. Not just California, the governments small and large have assets and own businesses that rake in billions.

    This is not new! So ask your self if this is the first time you have heard of this. How come I did not know? Because there is know one but you to watch and guard you liberty, job and your money. We have relied on the board room to occupy the seats of our “public servants”. These guys are not public servants they are capitalists they know how to make money not govern by consent of a free people.

    They badly insult us all every day and we accept it. We now even call our selves by the name they gave us. “Consumer” = “useless feeder”. consumer implies that is all your good for, you contribute nothing like they the job creators do, you just consume resources that they want for their kids. They are “leveling the playing field” and your not allowed on it.

    We need to understand the idea of government is all that can protect us from CORPORATIONS! Corporations have made no declaration to us like our government did in the now useless Bill of Rights. We have to remove corporations from government, pass laws forbidding corporate person hood. Make corporations accountable to us the American people.

    The only reason we allow a corporate charter is NOT that investors make money it must benefit “all” of us, to grant the investor the protected status of a corporation. Rich and poor alike must benefit. The rich gets a dividend the poor gets jobs and we all get the products.

    The only market an American corporation need to be interested in is the American market. The only employee is an American employee. International marketing is ok if approved by us the government.

    I would have NEVER let the PC out of the country unless it was sealed in epoxy! I would have sold it to all but we would be the only global supplier. Only Americans would be making chips only Americans would profit from this technology we invented! Let them build their own if they can figure it out BUT NO! we gave it all away because of the greed of a few.

    I’m all for trade but again it must benefit all of us, not just the investor. Its not trade or trading to move a factory to save on labor costs it treason and the corporate protections should be removed and investors held liable for those actions!

    God I really PRAY that we as Americans wake up to what is being done to us the last 40 years not by government that’s just the tool taken from us, but by Global no national loyalty (by Law only profit motive) corporations of the world! Standard of living…. well they have been telling you, they are leveling the playing field….

  • Tyree McMann

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