no third solution

Blogging about liberty, anarchy, economics and politics

Junk Bonds & Junkets

May 3rd, 2007

+++ I fixed the links +++

The two have a common thread here in Michigan…

If it’s not bad enough that the Michigan state pension fund is dominated by junk bonds, (Ford, General Motors), now the State intends to spend (by my estimate) close to $3000 per person, to send a delegation of 80 people to fucking Hawaii for a week – while simultaneously pressing for a new business tax to replace the repealed SBT, cutting services and laying off police officers, cutting school funding – the list goes on… And now they’re spending a quarter of a million dollars on a week-long junket to Hawaii.

Many attendees are rarely, if ever present at pension meetings – this is troubling, but not as Oakland County Commissioner Mike Rogers, who opted out of the trip, but laments that, “This was the first opportunity for me to get training, and I better know something when we’re dealing with more than $1 billion in investments…”

How can Rogers go on record with this and not immediately be asked to resign from this position I am at a loss for words. No amount of “F-bombs” can describe how furious this makes me – how dumbfounded I am. “Better know something”? You’re goddamn right you “better know something”!

Apparently, a representative’s fiduciary responsibility does not actually include fiduciary responsibility, else the State would’ve hired a professional fund manager.

Democracy is so great.

no third solution

Blogging about liberty, anarchy, economics and politics