Perry Asking Teacher's Retirement Fund to Invest... in HIS Technology Fund companiesSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Perry Asking Teacher's Retirement Fund to Invest... in HIS Technology Fund companies
 


17 November 2006 at 9:12:52 AM
salon

Somehow, I question whether Perry, who has a poor track record of actually giving a hoot whether funds are available for teachers, is looking out for THEIR interests. Seems to me more that he's looking around for a pot of money to put into this technology fund and bingo! There's retirement money for teachers! woo-hoo! Question: When he says he ASKS them to invest, who exactly does he ASK? Is he going to poll all the teachers and make sure it's fine and dandy with them? Or ask someone in charge, like Bill Cerveha was.

Got to wondering who was going to decide where these retirement technology funds go? Oh. Perry appointed an advisory board. 

  • David Nance, Introgen Group, Texas Biomedical Development Partners
  • Pike Powers of Austin, Fulbright and Jaworski
  • Alan Abbott of El Paso, Sunland Optical
  • Dr. C Thomas Caskey, Cogene Biotech
  • Walter Ulrich of Pearland, Mincron
  • Phillip Drayer of Dallas, Kalydus Asset Advisors
  • Clyde Higgins of Fort Worth, Tech Fort worth
  • Dr Johannes Stork , VP, CTO of TI
  • Bernard Paulsen of Corpus Christi, Corpus Christi Bancshares
  • Bill Sproull of Richardson, Richardson Chamber of Commerce
  • David Spenser of San Antonio, OnBoard Software
  • Cesar Maldonado of Harlingen, MBM Engineering Group, Inc
  • Pamela Eibeck of Lubbock, Dean of Engineering at Texas Tech
  • Grant Billingley of Midland, Mgr of PR for Wagner and Brown
  • Bill Morrow of San Marcos, CEO of Grande
  • Lynda De La Vina of San Antonio, Dean of UTSA college of Business
  • Sada Cumber of Austin, Chairman of SozoTek

Here's now the DMN presented this: Perry Asks teacher pension to aid start-ups. But Trustees balk at his idea for $600 million investment in tech fund.

Many of  the start-up companies have little or no revenue and uncertain prospects, but Mr. Perry and other backers of the tech fund say the state money is needed to boost Texas companies in industries of the future, such as medical devices and nanotechnology.

Greg Poole, a teacher fund trustee and a school superintendent in Mont Belvieu, said focusing on investments in Texas start-ups seems "completely arbitrary" considering that the fund invests globally with the goal of producing the best returns.

"At the very least, this sends up some yellow flags," he told the Austin American-Statesman. "Are we getting pitched this first and foremost because it will increase returns, or is it because it's limited" to Texas companies?

The $100 billion teacher fund has a $13 billion shortfall and hasn't increased benefits for retirees since 2001.

And again, why was that? Because of James Leininger's company that lost a lawsuit and lost stock worth.


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