Wednesday, 01 April 2015 16:14
Treasurer Kennedy says Jindal's tobacco scheme is no April's Fool Joke
 
Kennedy-interview2by Treasurer John Kennedy
The Division of Administration wants to circumvent state law and the competitive bid process by calling a meeting next week to hand pick financial advisers and other professionals for a $750 million transaction, according to State Treasurer John Kennedy. 
"We're about to plunder our last savings account by selling the remaining portion of the tobacco settlement and spending the money. Even worse, we're going to ignore state law and steer millions of dollars in fees to a group of people handpicked by the Division of Administration," said Treasurer Kennedy. "I wish this was an April Fool's Day joke, but it's not."
La. R.S. 39:99.12 calls for the State Bond Commission to initiate the sale of the state's remaining tobacco settlement revenue stream. The settlement stems from tobacco companies' settlement of lawsuits over states' smoking-related health care costs.

Instead of following state law, the Division of Administration is moving forward with hiring advisers next week to seal the deal through a hastily called meeting of the Tobacco Settlement Financing Corporation. The corporation's members are appointed by the governor, who made key appointments the Friday night before aTuesday vote on the first process in the settlement sale. The hiring also is being done without following the competitive bid process that ensures taxpayers receive the lowest price for services.

"We're about to spend millions of dollars without seeing if we can get these services cheaper," said Treasurer Kennedy. "Is it any wonder that we have budget problems?"

Media Sources

BayoubuzzSteve

Website: www.bayoubuzz.com
Login to post comments
Powered By JFBConnect
  • Cat Fights on the Hot Cement Confederate New Orleans statues
  • Ex-Saints, Bears, Bills, NFL Exec, Jim W. Miller discusses NFL Draft tomorrow
  • Trump's new plan; Curtains on tax returns release; 40% say Trump-Russia; Probing Obama admin
  • Watch Louisiana Governor Edwards talk about CAT Tax failure

catRarely, have I seen few issues that have generated as much raw heat, tension, and passion than the confederate monuments controversy. 

Just as existed during the real civil war, where brothers battled brothers, social media is the battleground, particularly Facebook, pitting friend against friend.

On one side of the tense divide, there are those who are protecting the New Orleans civil war era monuments.  Burnt in effigy, forever, is the symbol of Mayor Mitch Landrieu for up-ending what the monument protectors consider to be the loving civil society of New Orleans.

Lately, events have turned somewhat militaristic.

Some protectors of the confederate monuments have been staying vigilant, in person and online, even surveilling during the wee hours of the morning, waiting for the next Mayor Landrieu attack. On Sunday morning, with protections of snipers, masked workers and a dumbstruck audience, the worst of all of the monuments was cut and carried., the Liberty Monument. 

Read More

miller nfl live2 5It’s D-Day or Draft Day tomorrow in the NFL.

More specifically, Thursday represents the first day of the NFL draft 2017.

Read More

 

trump curtainsThe major President Trump news of the day focuses upon taxes, not only the tax cuts he is proposing but his own taxes, which he obviously, refuses to unveil.

 

Read More

edwards play money 1

At a press conference today, Louisiana Governor John Bel Edwards said the CAT Tax did not pass the House Ways and Means Committee.  The Governor, in addressing the media said that "the fate of that bill was decided long before we unveiled it".

Read More

latter-blum2

Sen. Appel talks budget, economy

TRUMP TALK

Dead Pelican

Optimized-DeadPelican2 1 1