MOORLACH UPDATE — STRAIGHT TALK — February 16, 2010

California State University Long Beach Professor Art Levine interviewed me in the campus studio recently.  We had a fun time discussing the economy and pension reform.

The show was released on Valentine’s Day.

You can watch or listen to the entire show by going to http://straighttalktv.com/.

Below are some selected portions of the STRAIGHT TALK website and links to the show’s three segments if you wish to see them on YouTube.

Starting this month we will be taping Straight Talk at the professional Advanced Media Production studio on the campus of California State University, Long Beach. We are excited about this new chapter in the evolution of our show. Our first guest, pictured above with host Art Levine and the Straight Talk crew, is Orange County Supervisor John Moorlach.  Appropriately enough, Moorlach is a CSULB alumnus!

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You can watch Straight Talk on Sundays and Thursdays at 1, 4 and 11pm on Beach TV Channel 95.

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Current Show – Pension Reform

Pension reform is the subject of this week’s edition of Straight Talk.  Joining host Art Levine to discuss the need for restructuring our pension system is Orange County Supervisor John Moorlach. Moorlach, the former Treasurer of Orange County, accurately warned against the improvident investment strategy of the County which led to its subsequent bankruptcy. In Moorlach’s view, the current levels of public pensions are unsustainable.

Straight Talk Part I

be taping Straight Talk at the professional Advanced Media Production studio on the campus of California State University, Long Beach. We are excited about this new chapter in the evolution of our show. Our first guest, pictured above with host Art Levine and the

Straight Talk Part II

Straight Talk Part III

FIVE-YEAR LOOK BACKS

February 16

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After having the Public Finance Advisory Committee (PFAC) rule that they were comfortable with the financing team, the Board of Supervisors did not ratify their decision.  David Reyes and Meg James of the LA Times covered the vote in Board Decides to Rethink Hiring Toll Lanes Lawyers—Bond law firm was counsel in the aborted sale of the 91 Express Lanes. Supervisors express concern about ethics.”  Here are the first two and last four paragraphs of the article:

            Troubled by ethical questions raised by a prominent law firm’s role in the failed sale of the 91 Express Lanes, Orange County supervisors on Tuesday refused to hire the firm to handle the county’s tobacco settlement money.

Instead, supervisors voted 4 to 1 to send the matter back to an advisory committee to reevaluate whether Orange County should select Orrick, Herrington & Sutcliffe of San Francisco.

At the Jan. 13 [PFAC] meeting after two hours of questioning, the committee voted to recommend that supervisors hire Salomon Smith Barney to underwrite the deal, Orrick as bond counsel and a small, Bay Area financial advisor, Sperry Capital, which was also deeply involved in the 91 Express Lanes deal.

The advisory committee disregarded the advice of Orange County Treasurer John M.W. Moorlach, who encouraged the committee to dump Orrick and Sperry Capital. Supervisors on Tuesday took no issue with Sperry or Salomon Smith Barney.

Moorlach said Tuesday that he was pleased with the supervisors’ action.

"We need to be ultra-cautious after what happened in the past in Orange County," Moorlach said. "We suffered so much. The bankruptcy was caused by poor investments and poor borrowing."

On the Sesquicentennial front, I had a letter to the editor submission that was printed in The Wall Street Journal.  The Journal did a nice piece on the 150th anniversary of California’s statehood.  The letters section was titled “Exploring California’s History,” and my letter was the first one printed.  It reflected my frustration with the lack of legislative involvement in the State’s sesquicentennial efforts (another story for another day).

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      Regarding your Jan. 5 special edition commemorating the California Sesquicentennial:

I loved it!  Your vision and creativity is greatly admired!  If only our elected officials in Sacramento had such an appreciation for California’s history.

John M. W. Moorlach, C.P.A., CFP

Treasurer-Tax Collector

Orange County

Santa Ana

[Note:  The writer is vice president of the California Sesquicentennial Foundation.]

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