Monday, April 02, 2012

Governing by Google Alert

The federal whistleblower in Kentucky's ongoing pension investment placement agent scandal learned earlier today from an email Google Alert that Governor Steve Beshear prefers covering up the issue rather than dealing with it.

Chris Tobe, the whistleblower, had to read on the internet today that he has been replaced on the Board of Trustees of the Kentucky Retirement Systems.

Several other members of the Board have been subpoenaed recently to testify to the Securities and Exchange Commission in their ongoing investigation of the placement agent scandal.

Tobe says the state pension system will run out of money in about three years, necessitating annual payments of $600 million dollars to be made from other revenue sources.

The legislature failed to draw any attention to this situation by allowing scandal-enabling legislation (HB 300) to fly past them last week. The deafening media silence on this issue would not be happening if a Republican were Governor. This fact makes it all the more troubling that no Frankfort Republican could be bothered to speak out on this at all.