Crist weighs in on Stipanovich, fund mess

Gov. Charlie Crist passed up a chance Monday to endorse Coleman Stipanovich, the state's investment-fund overseer at the center of a controversy over a recent run on a local government investment pool that has forced the state to suspend fund withdrawals.

Asked how high is his confidence in Stipanovich's ability, Crist said: "How high? It's hard to say. I think he works hard. He works hard." Asked if Stipanovich's job were in jeopardy, Crist said: "I wouldn't say that."

Crist said his goal was "for the fund to be protected in a responsible way," and said he was expecting to be able to act on a series of recommendations by the Black Rock investment firm. Nearly a third of the fund's assets have vanished in recent weeks as cities, counties, school districts and special districts reacted to the downgrading of some of the fund's mortgage-backed debt by Wall Street.

Crist reiterated his view that what is "most important" is to protect the state pension fund for its beneficiaries (Stipanovich asked Crist, CFO Alex Sink and Attorney General Bill McCollum to use the pension fund as a credit backstop for the troubled Local Government Investment Pool. 

Comments

... AND WHEN SHOULD WE EXPECT THE PHOTO?

[terminator]

that's just great thinking "socialist" Charlie.

we'll use the pension fund to back up the shaky investment fund, then both can bleed red ink as the economy continues to sour. great solution there "sun tan" Gov.

Charlie sure doesn't have much experience in financial matters. He's never owned a home nor paid property taxes or property insurance. Would you trust this guy with your money?

Mac, can't you get your brother another job with Charlie's team beside investment manager?

[reader rabbit]

Coleman Stipanovich may be the last person in state government who makes good decisions based on principle against frequent political pressure to give away the store. His real contribution to our state is keeping the Florida Hurricane Cat Fund safe from politicians for all these years. It would be a shame if such a great steward of billions in capital were drummed out because of irresponsible local governments acting on ill-advised state politicians' statements. But, this is the world we live in today. Don't expect the FHCF to be there in its current form for long if you hire someone less than Coleman to manage it.

Oh, great, we have Forrest Gump as Governor.

[theloneconsumer]

ARE YOU NUTS!? Great Stewart?! It was Coleman Stipanovich, the BROTHER of Crist'd financial campaign advisor who tried to shore up ENRON's failing stock in 2000. Type in his name and read the SEC comments about the Florida problem. THEN, he cost the state of Florida OVER $300 MILLION>>

I think Jeb loved him because he invested the state employee retirement fund in BIOTECH investments for the Governor Jeb Bush. HE NEEDS TO GO.

Put someone, please give that nice man MAC a handkerchief. He will watch Crist remove Coleman, and weep. Because not even the Governor past and present can save your sorry sefl when you DONT PERFORM.

If he is related to Mac the knife, what did you expect. Scum bags...

Terminator,

Please note that Crist and Sink want to block the use of the retirement trust fund to sure up the investments of the local government investment account. It was Coleman that wanted to do this. Try reading the article.

Actually, since the SBA is committed to the position that the troubled investments are really worth their face value or at least they eventually will be worth that much, the problem is that the local government investment fund is the wrong place for a long term investment. The retirement fund on the other hand is invested for the long haul.

There is now a plan to fix the local government investment account if the SBA will accept the terms provided by the local governments. If they won't, the fund will die and taxpayers will be the losers. Wish us all luck.

[terminator]

10:29
sorry,
my bad!

Don't believe the retirement fund can be used pursuant to law...

Terminator: Do you recall Mac's statement after Gallagher was defeated by Crist? Mac expressed great satisfaction that he had helped to rid Florida government of Tom Gallagher. The reason for this animosity? Tom resisted the appointment of Mac's bro, Coleman to the SBA and never went for many of Mac's self serving schemes. Brotherly love is such a wonderful trait.