Comments on Advance Indiana™: Regulators Worried About Teachers Trust Fund But Not Your Tax Dollars

AI said, "They're all out for themselves. Taxpayer...

2009-05-16T06:31:00.000-05:00

AI said,
"They're all out for themselves. Taxpayers are being screwed from D.C. to the local level by these self-serving bastards."
Amen, Amen, Amen

Guy, Your recollection of his question is spot on....

2009-05-15T17:55:00.000-05:00

Guy, Your recollection of his question is spot on. "Clueless" was the word that came to mind when I heard his question. What qualified Atterholt to be Insurance Commissioner? He worked as a staffer in Dan Burton's office, served as a state representative and became a lobbyist for AT&T when he lost his House seat. Word is that he's now in line to become the new Utility Commissioner in the Daniels' administration. These choices to run our government in this manner across the board are destroying this country. Daniels is the best example. He worked in the Reagan Administration, went to work for Eli Lilly as a high-paid executive/influence peddler, made over $50 million, becomes governor and appoints people of like-mind to run state government. They're all out for themselves. Taxpayers are being screwed from D.C. to the local level by these self-serving bastards. I'm sorry to say it, but it is too late to save us. The die has been cast. The USA as we know it is on its way down faster than anyone could have imagined.

You are exactly right, we worry about ISTA but not...

2009-05-15T17:29:00.000-05:00

You are exactly right, we worry about ISTA but not the water company or the CIB.

If you review IC 36-1-3-8 it specifically states the penalties for improper investing of funds. So the question is were these investments authorized by statute and is the CIB and Waterworks subject to audit by the State Board of Accounts?

-----------------------------

INVESTMENTS NOT AUTHORIZED BY STATUTE
Pursuant to IC 36-1-3-8, a unit may only invest funds as expressly provided in the statutes.
Investments should only be made in accordance with statute. Expenses related to any unauthorized
investments may be the personal obligation of the responsible official or employee.
Losses related to investments and investment procedures which are not authorized by statute may be
the personal obligation of the responsible official or employee.

As I recall Atterholt was the one questioning the ...

2009-05-15T17:19:00.000-05:00

As I recall Atterholt was the one questioning the attorney at the meeting on why there couldn't more be more then 15 percent of variable rate bonds floated on the loan. He even asked if the board could change it in the future to the upside of 15 percent. I still wonder what in the world he was thinking? I still feel 15 percent is still way to much when rule of thumb is no more then 10 percent. Let it be said there is no free lunch and rules of accounting don't change through the years just the silly ways people come up with to bypass common sense. Jim didn't impress me at all at the meeting.

We need state tax credits for installing rain barr...

2009-05-15T09:01:00.000-05:00

We need state tax credits for installing rain barrels.

Jim, Why no call for an investigation? It is the d...

2009-05-14T23:13:00.000-05:00

Jim, Why no call for an investigation? It is the downgrading of the companies that insured those deals that contributed to the interest rates skyrocketing from 3.5% to over 9%. How can those companies get by making all of that money insuring deals that they in no way could possibly cover if the water company defaulted? You're the Insurance Commissioner and Todd Rokita is the Securities Commissioenr. I watched the meeting. You didn't ask a single question about why or how these bond deals were entered into. You didn't ask who recommended the deals? You didn't ask who benefitted from the prepayment penalties. You only asked a question about the policy the board adopted going forward to limit the percentage of debt in variable rate bonds. As I recall, you asked an Ice Miller bond lawyer, who was involved in the original transaction and she told you she was a bond lawyer and not a financial advisor. Given how much money her law firm made off of the original transactions, I thought you let her off pretty easy.

I did more than "blink an eye". I was just appoin...

2009-05-14T21:42:00.000-05:00

I did more than "blink an eye". I was just appointed to the Board of Waterworks this past January. This massive and risky shift to variable rate bonds occurred long before I got here. We were just trying to fix the mess. Would you have preferred we do nothing? I also took steps to ensure the Board does not go down this road again. Please check the records of the past Board meeting.