Monday, October 5, 2009

Something rotten in the State of Denmark?

I am not talking about the IOC decision to award the 2016 games to Rio.

How stupid is this?

Why are we paying more for a firm when the original firm put in a bid which was less than half of the original bid of the company that ultimately wound up with the work?

The board member failed to report a meeting with the company which won the bid.

Something is rotten in the State of Denmark, or at least it has the appearance thereof.

Ed board in dispute over adviser
By Gary Scharrer - Express-News

AUSTIN — After a majority of her colleagues on the State Board of Education voted in July to sack their investment counselor in favor of another firm at a much higher bid, Patricia Hardy said she smelled “a rat.”

The Fort Worth Republican couldn't elaborate because of confidentiality concerns, but documents recently obtained under the state's Public Information Act reveal that staff members of the Permanent School Fund, which is managed by the SBOE, had raised concerns that board member Rick Agosto, D-San Antonio, may have violated the board's ethics code.

The first-term board member, who is in the investments marketing business, did not disclose a business meeting he had with officials from New England Pension Consultants (NEPC), the company who ended up getting the new contract to provide the board with investment advice.

Agosto — who was out sick the day the board voted to hire NEPC — said he violated no rules.

The rest of the story: