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Mar 25, 2009
Pssssst...wanna join PACT?
So the PACT folks are officially seeking taxpayer assistance, and have decided not to accept any new enrollments. New enrollments? Are they saying there are people who are still trying to enroll, despite all of the stories on and off line about the program's crash and burn??? Heck, I say take their money...run it like a Ponzi Scheme in which new money is used to pay the original investors. And let me say again: Where is the taxpayer relief for the rest of us who may not have a PACT account, but who followed the advice of all the experts and put money into IRA and 401k accounts? Is it because the State Treasurer keeps crying about "the children"? Is that why those investors are going to get a break at taxpayer expense?
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Please sir, may I have some more?
ReplyDeletePoor & mismanagement by Kay Ivey - Alabama's next Republican wanna' be governor.
Is this really the fiscal mismanger we want to run the state... into the ground?
It's already pret'near close to it!
Only one problem... Alabama's current Republican governor didn't oversee his underlings, including Ivey.
From my perspective, it sounds more like fraud on a scale only somewhat smaller than AIG.
I remember seeing and hearing Ivey proclaim loud and long the "benefits" of Alabama's Prepaid Affordable College Tuition Plan many times on For The Record.
She and their documents essentially said start investing now, and tuition would be GUARANTEED at the current rate at the time of investment.
However, it certainly appears that she put all of PACTs eggs in one basket.
Do her or others' actions constitute fraud?
Hello?
Alice Martin's office? (can we really trust her?)
You must be an absolute moron. If you have a contract with your investment managers guaranteeing you some investment result, then your comparison would be valid. The PACT is a contract, not an investment. I have a contract in hand from 1994.
ReplyDeleteThose of us who read the PACT and saw clearly that it was 'uninsured' by the State of Alabama or any other insuring agency, are NOT the morons! While I will not resort to name-calling, those who entered into a 'Contract' with a non-insured Trust Entity can take their 'Contract' to court and get a judgement against the Entity with whom they have a 'Contract', but not the good people of the State of Alabama.
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