LOS ANGELES – In response to a request by Senator Kevin de Leòn (D-Los Angeles), an audit was released today by California State Auditor Elaine Howle on the City of Vernon’s finances The audit is one item in a series of reforms and investigations requested by the Senator last year. An earlier call for a transparent hiring process for a new City Attorney by the Senator and John Van de Kamp is nearly complete. The new City Attorney is expected to work through many of the audit’s findings. In response to the audit, the Senator issued the following statement:
“The State Auditor’s report clearly identifies that the City of Vernon’s finances are in poor shape. I am grateful the County of Los Angeles was not forced to inherit this mess. While we’ve made significant strides toward reforming Vernon, this audit raises significant questions as to the behavior of past city officials.”
Rep. Chu’s Resolution Echoes CA’s ’09 ACR Apologizing for Decades of Discrimination
SACRAMENTO, CA – Through the passage of Assembly Concurrent Resolution 42 (ACR 42) in 2009, California was the first in the nation to express regret for our nation’s passage of the Chinese Exclusion Act and other horrendous forms of discrimination suffered by Chinese Americans. ACR 42 was co-authored by Senator Kevin de Leòn (D-Los Angeles) and Assemblymember Paul Fong (D-Cupertino), who today applauded Representative Judy Chu’s resolution passed yesterday by Congress officially apologizing on behalf of the United States.
“It was important then that we acknowledged California’s troubled past of ethnic and racial discrimination,” said De Leòn. “I am pleased to see Congress following suit. Our resolution sought closure for a community that has contributed significantly to the cultural fabric and great diversity of our state.”
California State Senator Kevin de León invites you to attend the Home Expo and Housing Fair
Featuring FREE Homebuyer and Resources Workshops
Saturday, June 23, 2012
10 a.m. ~ 3 p.m.
Roosevelt High School
456 South Mathews St., Los Angeles
Free parking available on 6th street and Mott Street
***Past loan assistance recipients are available for preview-event interviews in front of their new homes or via phone.
CONTACT: Communications Director, Gregory Hayes, (916) 812-3122, greg.hayes @ sen.ca.gov
*** MEDIA ADVISORY***
Los Angelenos to be Awarded California Dream
$1.5 MILLION FOR FIRST TIME HOMEBUYERS
Home Expo and Housing Fair
Los Angeles – At a free Home and Housing Expo, community leaders will mark the fourth time the Montebello Housing Development Corporation (MHDC), a local HUD certified agency and a National Council of La Raza (NCLR) affiliate, is the recipient of a substantial grant to help with down-payment assistance for hardworking families.
“A permanent home providing a firm footing in life is now possible for hundreds of low-income to modest-income working families who will qualify for $1.5 Million in available dollars from the State Department of Housing and Community Development,” said Senator Kevin de León (D-Los Angeles).
CEO to testify before Congress
Los Angeles, CA – JPMorgan Chase received billions of dollars in bailout money and now is trying to kill valuable construction jobs in California according to a letter released today from Senator Kevin de León (D-Los Angeles) to JPMorgan Chase’s Chairman and Chief Executive Officer James Dimon.
The letter requests that Dimon intervene to stop JPMorgan Chase’s Century City Asset Management Office from opposing the proposed Century City Center project, a $350 million investment in Los Angeles which will create 4,600 jobs during construction and 1,470 jobs at completion. The annual revenues of the Center are projected at $4.3 million to the City. The construction trades in the area are suffering from 40-60% unemployment rates and could desperately use these jobs.
New Study Reinforces Need for SB1234
Highlights Retirement Plan Shutout of Lower-Income Earners
SACRAMENTO, CA – Wall Street has basically ignored millions of Californians when it comes to engaging them in retirement planning, according to a study released today by the UC Berkeley Labor Center, emphasizing the need for Senate Bill 1234 (SB 1234) – the California Secure Choice Retirement Savings Trust – introduced by Senator Kevin de Leòn (D-Los Angeles) and co-authored by California Senate President Pro Tempore Darrell Steinberg (D-Sacramento).
The study found that 6.3 million Californians, mostly lower and middle-income workers, have no access to a retirement plan at work. Seventy-five percent of workers make less than about $46,000 a year.
“SB 1234 addresses this population by providing them a portable and reliable retirement plan that will serve as a modest supplement to Social Security,” said Senator De Leòn. “If we don’t offer this, most of these people will retire into poverty putting a further strain on our already scarce public resources.”
LOS ANGELES – In response to action taken by the California Public Employees Retirement System (CalPERS) after an audit found significant pension overpayments to former high-level Vernon officials, Senator Kevin de Leòn (D-Los Angeles) today submitted a letter to the state’s Attorney General requesting an investigation into the findings of that audit to ascertain whether criminal or other sanctions are warranted against those former and current public officials.
Two grossly overpaid former officials with the City of Vernon learned that their pensions were being drastically cut thanks to the results of that audit, which was released today after having been requested by Senator De León, who has been leading the charge for change in the city that has become synonymous with corruption.
The audit found that Vernon improperly boosted the retirement benefits of nearly two dozen top employees. In particular, the audit zeroed in on the poster boy of pension abuse, Bruce Malkenhorst Sr., who receives the biggest pension in the state at $545,000 per year, and Eric Fresch. Malkenhorst will see his pension reduced to a still astounding $115,000 per year and Fresch will have his eliminated entirely.
"For decades, these grifters scammed the system, and today the system finally struck back," said Senator De León. "It isn't enough that they forfeit their ill-gotten gains," he said. "They must be punished to deter other scam artists from ripping off taxpayers in the future."
Bill Helps Address Forgotten Masses Left Behind in Retirement Planning
Five nationally-recognized retirement savings experts are available for interviews.
SACRAMENTO, CA – Addressing the looming “retirement tsunami” represented by the massive shortfall spending in most people’s retirement, today the California State Senate passed Senate Bill 1234 (SB1234) the California Secure Choice Retirement Savings Act creating a reliable, affordable, and completely portable retirement savings plan for the seven million private sector workers without access to a workplace retirement plan.
“California threatens to become home to a sea of discarded seniors unless we wake up and address the looming retirement tsunami,” said Senator De León referencing the $600 billion personal retirement savings deficit in the state. This bill empowers people to take personal responsibility for their own retirement without a cost to taxpayers helping us avoid potentially catastrophic conditions in California.”