Filed under: Economy, Politics, Progressive | Tags: Alabama PACT, Alabama Prepaid College Tuition Program, PACT
I picked up these links this morning, and just didn’t have an opportunity to post them until now.
The Huntsville Times reports a very interesting statement from State Senate Majority Leader Zeb Little [emphasis added]:
State Senate Majority Leader Zeb Little of Cullman, also sitting in on the editorial board meeting, said while it is important for the Legislature to be aware of the problem, “the worst thing we could do would be to overreact and make a quick, bad law.”
Little said one solution may be to take the PACT program away from Ivey, who is a potential Republican candidate for governor in 2010, and give it to Retirement Systems of Alabama Chief Executive Dr. David Bronner.
a la Rob has some interesting thoughts on the PACT situation, along with discussion of other happenings in Mongomery today.
Forbes carried a story ahead of the board meeting by Phillip Rawls of the Associated Press. It mentions the lawsuit; but this snippet caught my eye:
But copies obtained by The Associated Press show that its assets fell from $899 million on Sept. 30, 2007, to $431 million on Feb. 28. Its future liabilities for tuition for all participants were estimated at $933 million as of Sept. 30, 2008.
Good idea to compare this information to the numbers reported at the board meeting today.
Filed under: Economy, Politics | Tags: Alabama, Alabama PACT, Alabama Prepaid Affordable Tuition Fund
Countrycat has the preliminary report from the Alabama Prepaid Affordable College Tuition board meeting in Montgomery today. A large crowd of PACT contract holders attended the meeting.
The board unanimously rejected dissolving the program. The plan is to keep the program with modifications.
“These include: close enrollment (no new contracts until current contract holders are secure); take $1.3 million from a state scholarship fund to help secure PACT (I’ll have to look up the details on this); and ask for legislative assistance with funding.”
Lt. Governor Jim Folsom Jr. stated unequivocally that PACT is going to survive, and that the legislature will fix the problem.
Callan Associates spent several hours presenting information about the state of the investments, including the annual actuarial report and auditor’s report. According to Callan, the program’s actuarial deficit is now $481.3 million. In September of last year, it was $306.2 million, up from only $19.7 million in September, 2007.
State Treasurer of Kay Ivey attempted to insist that the board be given authority to dissolve the program (currently only the Legislature has that authority). The other board members and the crowd hated that idea, but she was persistent. Video of that exchange to come.
Further details at the link; I’ll post more information as soon as it is available.
Filed under: Blogs, Economy, Politics, Progressive | Tags: Alabama, Alabama PACT, Alabama Prepaid Affordable Tuition Fund
No way to know how many people will make it, but I’m staying tuned to Left in Alabama.
A few quick links to get you through the day. Included:
Talking accountability and AIG with Dean Baker at FDL
Tammy Bruce Calls the Obamas “trash.”
Even more things that are sure to enlighten and enrage you at The Sideshow.
Bonus Youtube – ends abruptly, but oh-so-sweet while it lasts:
Filed under: Economy, Personal, Politics, Progressive | Tags: Alabama, Alabama PACT, Alabama Prepaid College Tuition Program, PACT
I want to wish everyone who is going to Montgomery good luck and a safe trip. I am grateful for the hard work everyone has done up to this point to draw attention to the PACT issues and resolve them.
Many opinions have been offered on this. I am in agreement with those who have argued:
PACT participants are contract holders, and the only acceptable outcome is for those contracts to be honored.
If anyone is able to get a first-hand account, photos, or videos from the meeting, I will be thankful for the reports. I will do what I can to attract attention to them.
I do not think it is good for anyone to have a protracted debate or a political fight about whether or not the contracts will be honored. I hope the board will clear this issue up at the meeting, and that the Legislature will follow up quickly as appropriate.
Regardless of the outcome of the board meeting, I think there is still plenty of work to do on this issue for anyone who wants to do it. I am planning to continue devoting a significant amount of my research and writing time to PACT. I will also continue to reach out to other people who are working on it.
Once we see what happens tomorrow and do what we can to shine a spotlight on the meeting itself, I’ll post my next steps in a diary here. I will update the PACT page , or add additional pages to the sidebar, and post diaries with new information at Left in Alabama as necessary.
I’m back to my 8-5 life now. That means back to blogging mainly in the evenings. I won’t be able to respond to communication or turn out posts as quickly as I have been for the last 10 days or so, but I am still paying attention to this. Still willing to devote a large part of my blogging time to it. Still trying to answer many of the questions we’ve raised.
I am hoping for a large crowd and a good decision at the meeting.
Cross-Posted at Left in Alabama
Filed under: Economy, Politics | Tags: Alabama, Alabama PACT, Banksters, Corporatism, Jamie Dimon
Jamie Dimon can’t understand why so many people hate corporate America.
That would be the same Jamie Dimon that some other geniuses who probably also don’t understand the hatred of corporate America are floating as a replacement for Geithner at Treasury.
Dimon is also two-time winner of the Corrente Bankster of the Day award, btw.
Real life stuff to deal with now. And anxiously awaiting news of the Alabama PACT board meeting tomorrow. If you are planning to go, you’ll want to read this discussion of some important open meetings issues.
Filed under: Community, Economy, Politics, Progressive | Tags: activism, Alabama, Alabama PACT, Alabama Prepaid College Tuition Program, PACT
Much better and more complete contact information than I’ve got, including phone numbers for most board members, is here.
And check out this phone list, too. Looks like state legislators to me.
You’ve got one day — TODAY! to call or e-mail these people and tell them to to hold up their end of the deal.
So. If you’re concerned about what’s going to happen on Tuesday, better get it done.
Filed under: Economy, Politics, Progressive | Tags: Alabama, Alabama PACT, Alabama Prepaid Affordable Tuition Fund, PACT
Sending letters is a good idea. I think calls, e-mails, and faxes are, too.
So here is some information I rounded up in case anyone would like to use it. A few words of advice:
1. Be polite, but be firm and to-the-point.
2. Let your officials know that you expect them to find a way to honor all PACT contracts.
3. If you think some of these people have been doing a good job on this issue, let them know you apprecate it. But be sure and get #2 across.
I pulled this information from official websites.
State Treasurer Kay Ivey
Telephone: (334) 242-7500
Fax: (334) 242-7592
Email: alatreas@treasury.alabama.gov
Lt. Governor Jim Folsom, Jr.
Phone: (334) 242-7900
Fax: (334) 242-4661
Contact page with staff information and e-mail form.
More numbers and e-mail for board members and state officials.
It’s a good idea to contact your state Representative and state Senator as well. Use this zip code finder if you are not sure who represents you in Montgomery.
E-mail address from the official PACT website:
alapact@treasury.alabama.gov
Want better coverage of this issue?
Here are some newsroom contacts:
And again, if you’ve seen people doing some good work already, let them know it!
If you have contact information for other officials or news organizations, leave it in a comment and I will post it as soon as I find it.
You have one day before the board meets to make your voice heard!
I looked for ways to contact Dr. Fitch and Mr. Byrne, but the best I can do in that department is point you to the contact pages for the Alabama Commission on Higher Education and the Alabama College System. - see that “more numbers for board members” link above for Dr. Fitch’s and Mr. Byrne’s phone numbers.
Filed under: Politics, Progressive | Tags: Alabama, Alabama PACT, Alabama Prepaid College Tuition Program, PACT
I posted the numbered comments on Facebook last week, and promised do do a better job elaborating in it. I’ll go point-by-point and provide specific links to explain them. I am happy someone asked for this, and I should have done it sooner.
Here’s what we’ve accomplished so far.
1. Done a better job covering the meeting in-depth than any news organization, either inside our outside the state, and posted several videos from the meeting.
Meeting coverage part1, part2, part3, part 4 and part 5. There’s more than 15 minutes of video scattered through those five posts. You can go straight to youtube for the video if you’d like to use it. Critique of the way the meeting was handled. Plus, I’ve posted a other things that used the material in these posts and linked to them.
Combine all this with items in #2 below, and I don’t see how any news organization has produced more or better coverage of this issue.
2. Analyzed the investment strategy to see what the problem is.
Basic analysis. Elaboration and some other issues.
Excellent series making a valiant effort to investigate how the money was managed. Now into its seventh installment. Just scroll down to part one and read them all in chronological order. Or follow these links:
My PACTs and Their Fictions
Part 3: Clueless Kay. And the Caymans
Part 4: DIY Investigative Journalism
Part 5 : Hitting Bedrock, or Why This Isn’t an Investment Plan
Part 6: What $3,926,219 Buys These Days
3. Covered the possible effect on the governor’s race.
Here, and it’s been an off-and-on topic of discussion practically any time we’ve mentioned Ivey, Folsom, or Davis.
4. Proposed solutions, and stated unequivocally that people who paid into PACT must get what they have paid for.
I was a bit hasty with that first part and worded it poorly. We had a discussion aimed at proposing solutions, and apologies if that was misleading. I was in a hurry when I posted it at Facebook. I have been in a hurry for three weeks now. There is plenty of evidence in the comments threads over at Left in Alabama that we are very concerned about finding a solution.
Unequivocal statement in boldface. I consider the first blockquote here to be unequivocal as well. I blockquoted it as a way of endorsing it. And plenty more of that in the comments threads and in the other stuff we’ve written over the past 3 weeks.
5. Attracted a lot of attention, including from some people in D.C. and other parts of the country.
I think it is fair to call this a lot of attention.
Filed under: Economy, Politics, Progressive | Tags: Alabama, Alabama PACT, Alabama Prepaid College Tuition Program, PACT
I’ve tried very hard up to this point to stick to writing about the program and leave individuals out of it until we can find more evidnce. But Kay Ivey made public statements yesterday, and I think that makes this fair game.
Alabama State Treasurer Kay Ivey spoke to some Republicans in Huntsville yesterday and she said some things that I find interesting about Alabama’s Pre-Paid College Tuition Program.
The most interesting is this quote Mooncat highlights as part of a very helpful post on open meetings ahead of Tuesday’s board meeting.
Ivey told the breakfast audience at Trinity United Methodist Church that she has “been hunkered down” with the board and financial risk experts to find solutions to shore up the program for the short term.
“Hunkering down” is not the best choice of words here, and I think it is indicative of the accountability and transparency problems we’re having on virtually every other political and economic issue.
The Huntsville Times has so much more.
Ivey indicated that the board is going to announce a decision on Tuesday.
Ivey said after speaking to the Madison County Republican Men’s Club Saturday morning that the board that oversees the program will adopt a solution at its Tuesday meeting in Montgomery.
After she discussed PACT, she made a statement about how she will handle the issue if she runs for governor:
“I’m going to stay on the facts,” she said. “I’ve spent my time trying to find solutions, not making political hay.”
I do not find that very helpful. And I do hope someone will find a way to get her talking about specifics, like why more than 70 percent of the money was invested in the stock market when more than 70 percent of PACT’s obligations are short-term . At the very least, there’s a level of stupidity at work there that demands an explanation.
Then she floated some campaign speech.
“We could have a governor who knows state finances and budgets when they arrive,” she said, referring to herself.
Ivey said the state needs to continue the progress it has made under Republican Gov. Bob Riley, who can’t seek a third term.
She said she is the only candidate with experience working with the Alabama Development Office.
Yeah. Given the fact that she’s been, you know, the State Treasurer during this economic meltdown, that’s just what the State of Alabama needs from its next governor.
I think Ivey has some explaining to, and she’s not the only one. I just wonder if anyone is going to be successful in asking the right questions.
Cross-posted at Correntewire
Filed under: Politics, Progressive | Tags: activism, Alabama PACT, Alabama Prepaid College Tuition Program, PACT
To download the PACT letter from the Operation Keep the PACT document archive:
1. Click the link below.
2. You should receive a prompt that will allow you to open the document with Word or save it to your computer for later use.
Click here to download.
This works for me.
Let me know if you have trouble.
Filed under: music, Personal, Politics, Progressive, wake up | Tags: Bruce Springsteen, Woody Guthrie
This one song has as much to do with my politics as any other single thing I can think of. Everyone’s done it, of course. When I was 13 or 14 I saved for months for my first boxed set – Bruce and the E-Street Band Live, 1975-85. It includes a track of this song.
The speech on the album is different than the one here. It begins by noting that this is an angry song and an answer to “God Bless America.” It ends with the line:
“Blind faith in your leaders, or in anything, will get you killed.”
HUGE impression on my young mind. This track is better, because it includes the all-important last verse. The one that’s so often left out.
Woody Guthrie himself, and one of my favorite images of all time, h/t to Melange, from a nice Guthrie bio:
The music is important.
Filed under: Economy, Politics, Progressive | Tags: activism, Alabama, Alabama PACT, Alabama Pre-Paid Affordable Tuition Fund, PACT
Today I found comment to an earlier post from a member of this Facebook group that is worth sharing:
We feel we need to work together- get numbers- and take this to Montgomery!
I know BrokeSnake is thinking along the same lines. We’ve had a bit of discussion about this, and it’s one of the things that motivated him to set up Operation Keep the PACT. He’s been all over this issue, and has even corresponded with some state legislators about it and posted about it at The Snake Pit.
One of the reasons I’ve given PACT my exclusive attention over the last couple of weeks is that I was hoping to shed enough light on it to help people who are thinking along these lines find one another and get together. I’ve done my best to provide useful information for people who want to take this issue to Montgomery, and as long as I see people struggling with it, I will keep doing what I can to bring attention to their efforts.
There is another Facebook group, too. By my count, almost 100 people have joined these two groups since I first started paying attention to them on Thursday.
Patti Lambert, an admin for the larger Facebook group, has written a letter that she is urging people to send to PACT board members.
I had a little trouble downloading it from the Facebook file share, so I re-typed it. I’ve tried to copy it verbatim. Aside from the break between the first and second paragraphs, which I added to make the letter easier to read in online formats, any deviation from the original is unintentional.
Ms. Lambert is suggesting that people send the letter by mail. I would suggest e-mailing and faxing it as well, if the contact information to do so can be located ahead of Tuesday’s meeting. Board members are listed below the text of the letter. I’m working on another post, which I should have up later this evening or in the morning at the latest.
Letter Text:
<Insert Sender’s Name & Mailing Address Here>
<Copy and Paste Contact Info From the List Below Here>
Re: Alabama PACT Program
<Insert Board Member Name Here>
This signed letter is submitted to your attention to ensure that you are aware of the concern of PACT contract owners and program supporters. With the current detriment surrounding the Alabama PACT program, this letter is here extended to urge the board to find a solution to this issue and keep the program intact and available to future generations.
As stated in the March 6, 2009 Press Release, “The PACT Program is an important element in providing an educated workforce. Let us all – those who benefit, those who provide, those who manage, and those who legislate – work as partners to develop a solution that is best for Alabama.” We agree completely with this statement and urge the board to not allow the financial mistakes of the past cause a detriment to the future of our state! We are here showing our support of the correction and maintenance of the Alabama Prepaid Affordable College Tuition program.
It is understood that there is a great measure of correction currently needed: However, please recognize that contracts have been reviewed and attorneys consulted to ensure that this matter is properly addressed and the rights of all contracted parties are maintained.
Thank you for your review of this letter and recognition of the requirement and desire for remedial action to be made by the Treasury to correct the current standing of the PACT program.
Sign it and send it to the Board Members!
Honorable Kay Ivey, Chairman
State Treasurer
State Capitol S-106
Montgomery, AL 36130
Mr. Willie Huff, Vice Chairman
111 19th Street North
Suite 200
Birmingham, AL 35203
Mr. Bradley Byrne
Chancellor
Alabama College System
401 Adams Avenue Suite 290
Montgomery, AL 36104
Dr. Gregory Fitch
Executive Director
Commission on Higher Education
100 North Union Street Suite 782
Montgomery, AL 36104
Honorable Jim Folsom, Jr.
Lt. Governor
11 South Union Street Suite 725
Montgomery, AL 36104
Dr. Harold J. McGee
P.O. Box 897
Jacksonville, AL 36265
Mr. Tom Broughton
President, CEO, ServisFirst
330 Cahaba Road, Suite 105
Birmingham, AL 35223
Mr. Russell Buffkin
P.O. Box 2767
Mobile, AL 36652
Mr. Ricky Jones
Vice President
Andalusia Distributing Co.
P.O. Box 51
Andalusia, AL 36420
Mr. W. Daniel Hughes, Jr.
105 Tallapoosa Street, Suite 300
Montgomery, AL 36104
Cross-Posted at Left in Alabama
