We first introduced readers to the Dallas Police and Fire Pension (DPFP) crisis last summer in a post entitled "Dallas Cops' Pension Fund Nears Insolvency In Wake Of Shady Real Estate Deals, FBI Raid." For those who have managed to avoid this particular storyline for the past 15 months, here is a brief recap of how it all started from our original post on the topic:
Dallas Mayor Mike Rawlings has finally reached his maximum willingness to throw taxpayer dollars at the Dallas Police and Fire Pension (DPFP) system and has pulled is support for a bill that, if it passes, will undoubtedly prove to be yet another futile effort to save the system from insolvency. Despite support for the original legislation introduced by Dan Flynn, chair of the pensions committee in the Texas House of Representatives, Rawlings apparently took issue with a last minute addition to the bill that would have taxpayers fund the pensions of "phantom employees" based on a t
In the first bit of good news to surface for the Dallas Police and Fire Pension (DPFP) in quite some time, the Dallas News is reporting the pension board has "won" a $2 million settlement against their former real estate fund advisor, CDK Realty Advisors. Of course, the settlement falls slightly short of the $320mm in losses allegedly caused by CDK, but a win's a win, right?
Meanwhile, city officials who complain they had little control over the fund’s activities but are now being forced to find a way to bail it out, had mixed reactions to the settlement.
For the past several months we've warned that the taxpayers of the City of Dallas, despite all of the tough talk coming out of their elected city council members, would ultimately be forced to bail out the failing Dallas Police and Fire Pension (DPFP) system. And just last night the DPFP board voted 9-0 to approve a plan that would do just that.
Submitted by Michael Shedlock via MishTalk.com,
In the wake of the near collapse of the Dallas police and fire pension fund, a Dallas News editorial says Former Police, Fire Pension Managers Should Face Criminal Investigation.
Mayor Mike Rawlings is right to ask for a state criminal investigation into shady practices by the Dallas Police and Fire Pension System’s prior management.