In these days of main stream media being more timid than sheep shear, it is a welcomed respite to see multiple journalist’s exposing a potential Domesday for Policemen/ Fireman in Tampa, Florida. As is currently being done by several Florida media outlets and Forbes’s Contributor Edward Ted Siedle — in his recent online item;

Before we go into case specifics about why the Tampa Policemen’s/ Firemen’s Pensions Funds may be in peril (for those who care) — let’s first take a look at the extremely impressive pedigree of Ted Siedle. where he’s been called

the Sam Spade of Money Management, “the Financial Watchdog” and the Pension Detective.

I was born Edward Ahmed Hamilton Siedle in Trinidad, British West Indies and grew up in Trinidad, Venezuela, Panama, Peru, England, Uganda, Egypt and the U.S. I am a former SEC attorney, former Legal Counsel and Director of Compliance to Putnam Investments. For over 20 years, I owned securities trading and investment banking firms. My firm, Benchmark Financial Services, Inc. and I have pioneered over $1 trillion in forensic investigations of the money management industry. I am a founder of the Whistleblower Forensic Opportunity Trust. I am nationally recognized as an authority on pensions and investment management matters, having testified before the Senate Banking Committee regarding the mutual fund scandals and as an expert in various Madoff and other litigations. I am an active member of the Florida Bar.

This history clearly notes that Mr. Siedle is an expert in both pension fund protocols/ law;

It appears that this case has been going on for a little while. As noted by Managing Editor (Leanna Orr) of Chief Investment Officer magazine, it the story The Riddle of Tampa Bay there’s this looming statements that begs questions

So why don’t they act like it.

emphasis and liberty of claim to — are mine

In exploring the issues that loom large, there’s a question of prudence that continued to come to the fore. An examiner of sorts was brought to a little town northeast of Tampa called Lady Lake, Florida. In that community, the Public Pension meetng at the Town Hall was commencing, as an adviser (David West) simply stated the obvious — that;

Bowen, Hanes “do not appear to be keeping up with other managers’ industry standards, trading procedures, and compliance procedures,” West said.

When the flow of the Town Hall meeting continued to delve into more prudent questioning, the attorney and representatives of the pension group made an ultimatum threat that;

“If the board chooses to go the multi-manager route with Bogdahn Group quarterbacking the plan, then Bowen, Hanes will resign.”

Properly, the Town fired the parties and engaged 2 new money managers for the public pension — going forward.

Tampa Policemen & Firemen 4 Alarmer

Two years ago, Ted Siedle wrote the Blog article Red Flags Abound at $1.6 Billion City of Tamp Firefighters and Police Pension . It was written to address the red flags arising due to improper methods of secure protocols. In dealing with retirees monies (such as Social Security and Pension Funds) — we need the most open of books (and looks) — and the most prudent of safety/ diversification practices known to financial brains/ computers as contemporary.

Ted pointed out in his Red Flags article — that;

I have two words of advice for firefighters and cops who participate in the City of Tampa Firefighters and Police Pension: Watch Out. While I cannot say for certain that your pension’s assets are being mishandled without further investigation, there are ample “red flags” present and I believe an independent forensic review should be undertaken of the fund.

Based upon the documents that I have reviewed, in my opinion, it is impossible for participants in the fund to assess the integrity of the plan’s investments or the plan’s ability to pay benefits. The financial statements of the municipal pension available on its website say as much:

“Management has elected to omit substantially all of the disclsoures required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Tampa Firefighters & Police Officers Pension Fund’s statements of net assets available for benefits, and the related statements of changes in net assets available for benefits. Accordingly the financial statements are not designed for those who are not informed about such matters (emphasis added).”

Words such as Management has elected to omit — when dealing with monies not belonging to them — are FLAMING Red Flags. Imagine if you didn’t get your Social Security and/or pension check tomorrow and management stated it didn’t have to tell you why the money wasn’t coming, when (or if) it would ever come again — or Where it Went.

Properly, Mr. Siedle is crying foul and begging that attention be brought.

As is pointed out by the Forbes story of Siedle, Mr. McDaniels states in his opening Letter From the Editor ( I apologize for the wound up format of that link — it’s not mine — and it’s haughty too much) — as Editor-in-Chief of the Investment magazine, Mr. McDaniels states that;

“I can tell you without an iota of doubt that the structure of the Tampa Fire & Police’s retirement investments is unwise,” he bluntly opines. “There’s innovation—and then there’s whatever this is.”

Whatever it is — It Ain’t Kosher — when national accounting firms are playing merry-go-round concerning audits of a Pension fund of any size. Much less one above $1 Billion.

Both McDaniels and Ted Siedle are in agree that the outing of the worries is THE most important story of their writings. It concerns the future health and welfare of people who put their lives on the line for the safety of its citizens. The last thing they should have to do is deal with innovation of their necessary retirement funds that includes a new protocol of

You Don’t Need to Know!

Can you see where this is going, if Mitt Twits and other corporate raiders get a hold of our Social Security?