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Let’s Not Politicize It?

The Miami Herald reports on another example of unreality: Proposal to expand oversight of Florida’s pension fund is blocked

Sink said having only three elected officials oversee Florida’s pension fund is inadequate — a flaw she said was exposed in the 2007 pension fund “crisis” that led to a temporary freeze on withdrawals from a local government investment pool and resignation of the fund’s executive director.

She proposed expanding the board overseeing the $120 billion fund to include an expert in investments as well as a representative of the more than 1 million beneficiaries, mostly retired employees of state and local government, that rely on the fund’s solvency for a secure retirement.

Tom Gallagher, Sink’s predecessor as CFO and a 2006 Republican candidate for governor, appeared at the meeting in the unusual role of a citizen offering testimony. He vehemently opposed Sink’s proposal, saying it would politicize pension fund decisions.

“You shouldn’t be looking for someone else to blame things on,” Gallagher said. “The three of you should take the responsibility you took when you were elected.”

So, adding two people, one with expertise in the matter, and another who is directly concerned with the results, to the decision making process is “politicizing”, whereas, investing billions with an investment company whose CEO is the cousin of a governor from your party, a firm which then hired that governor when he left office, is a reasonable non-political practice?

Gallagher was one of the three people who made the decisions that resulted in the 2007 meltdown because of the investments through Lehman Brothers. He has a lot of damn gall to show up and comment on efforts to clean up the mess he helped to create. I must have missed the deep personal apology Mr. Gallagher made when he took responsibility for what happened 😈

December 9, 2009   2 Comments