Jackson Jambalaya

This is bullshit. Thanks for cathing it, KF. The public wants to know exactly what was paid for.

I saw MACS commercials during Christmas. I would imagine that's what the money was for. There are two college savings plans, are there not? My 3 year old son got Christmas money and my husband saw the commercial and suggested we do that. Glad they were running as a reminder.

How much did Reeves spend, and with whom, during his 8 years pumping the programs?

Without the actual invoices there is no way to know whether the work was MACS or MPACT. The College Savings Mississippi umbrella covers both.

Pales in comparison to the money Chaney is spending w/ Davenport on an exchange that hasn't received formal approval.

And those paid show up.

What time is the PC? I sent MPACT a nice sized check a couple weeks ago; interested to hear what is said.

Hey 11:23 a.m., when Reeves would advertise the program, MPACT was operational. That's the difference.

All KF presents as evidence is a contract. Without details on the specifics of the actual spend there is no connection at all that the spend was on MPACT.

Right 12:07 PM. Reeves was advertising a program that was f'ing underwater and he didn't do diddly squat to fix it.

I just heard the Treasurer on Supertalk. I guess since they hate Reeves, she is Davenports next horse. Good luck, the truth is slow but it's coming out on this lady. New office space, increased salaries for staff, new furniture. Exactly what she did at her previous job. Why does this keep happening??

12:36 and Reeves put himself on the front of every print ad and in every video. He used the programs for campaigning. Now that they are being audited he is getting nervous. At least someone had the guts to evaluate the program and protect the taxpayers of MS before it went bust and we were stuck with that. I wonder what else Reeves has hidden over at Treasury.

I think Lee Yancey warned everyone before the run off.
But that was just to harsh.

I'm a state legislator, The Treasurer told us she would NOT announce any news on MPACT until she talked to us. She lied.

Reeves spent millions out of MPACT promoting his face across the state for his political aspirations. Maybe if he would have stayed focused a little more on the actual program itself then it wouldn't be in the mess it's in now. Some watchdog he was. At least we can all read between the lines on this. Fitch, through all of this, has not said one harsh word against Reeves and has never pointed blame.

1:33, that may be the most naive statement I have ever read on JJ. Do you think she would?? Wow! You must work in the Treasury. I think the people involved here are now posting.

I'm a state legislator, ...

Sure you are and I'm Donna Ladd.

Shuddup bitch.

Ooh ooh. I wanna be Nancy Loone!!!

Check out the contract for Marl Kirkpatrick for $75,000.00 - paid $9,000 so far out of Fund # 3171 (MPACT)- MACS Fund # is 3183. There is a difference - ask DFA. MPACT funds are Trust Funds - only to be used for MPACT - seems like some MPACT parents have a basis for a fiduciary lawsuit against someone if funds were spent on MACS???? FOLLOW THE MONEY!

1:27, Lee also suggested buying more fixed income with the fund. That's a genius idea: buy bonds at a premium and get a low yield to increase yields for a fixed investment fund. What a moron!

1:27, Lee also suggested buying more fixed income. What a genius idea: buy bonds at a premium in order to increase the yields for a fixed income fund. We're better off not having that moron as our treasurer!

I guess a JPS graduate is in charge of the MPACT website. It states:

"The Mississippi Prepaid Affordable College Tuition Plan is undergoing an actuarial audit. Enrollment is differed until further notice. Please check back for updates."

Um, I do believe they mean it's deferred.

Differed....deferred....disbarred....

Dis week bout over............sigh.

What we need now is for Kangarootie to weigh in on PERS.

Responding to 1:27: I never suggested that PERS invest in fixed income. Perhaps you are referring to my article written several months ago on another blog. I suggest you get your facts straight. http://mississippipep.wordpress.com/2012/09/20/shifting-pers-investment-strategy-can-help-slay-the-unfunded-liability-dragon/

Lee Yancey

Fitch is wants so badly to be in the game but she is a marginalized player with no clout.

He's so cool but he ain't too fancy ...

Boom! Yancy just punked you know-it-all's.

3:26 - I suspect you are probably right, but it COULD just be a one letter typo that wouldn't get picked up by a spell-checker program because both words are spelled correctly, albeit used incorrectly here.

Deferred vs differed. Hmm.

Why would you spend program money with a marketing firm when you are not marketing for new contracts?

It makes no sense.

EXACTLY THE SAME THING THAT DELBERT HOSEMAN DOES, PAYING OF EXPOSURE AND HIS NEXT CAMPAIGN AND SELF PROMOTION AT THE EXPENSE OF TAXPAYERS.

The College Savings Board of Directors has a legal & fiduciary responsibility to the MPACT Contract owners as to how the money from the Trust Fund is spent. Should they not be held accountable for each dollar that is misspent on advertising a program that is not taking applications? I think that PEER needs to see if MPACT Trust dollars have gone to other programs such as MACS or to help fund some of Fitch's cronies (aka Phil's) The College Savings Board of Directors should be asking questions of Fitch (they may have to repay this money) - such as why Frontier and Kirkpatrick continue to draw funds on their contracts when MPACT is dead in the water so to speak. MPACT is no longer taking applications, so there should be no spending, other than the maintaining of what assets are left. Has anybody asked former Treasurer Marhshall Bennett what he thinks should have been done? Someone needs to repay the money that has been misspent - in the end, the College Savings Board of Directors have that fiduciary responsibility! Let's hear from them - who are they? Kingfish, can we get a list so they can be contacted?

Should they not be held accountable for each dollar that is misspent on advertising a program that is not taking applications?

Pull your head out and then get the invoices. There is no proof that the money was spent on MPACT.

When they spend money out of the MPACT Fund, the Department of Finance and Administration is responsible to verify that the invoices are for MPACT and MPACT only. Let's see the invoices from Frontier and Kirkpatrick. They could also be held accountable if they gave bogus invoices. As a MPACT contract owner (I have 2 - one for my daughter and one for my son), I want the money to be used for MPACT and MPACT ONLY! I don't want taxpayers (ME INCLUDED) to have to dig deeper into their pockets just because some politicians have pissed away the money for commercials for other programs such as MACS (which i don't have one - there are several other 529 savings plans that are much better - much better, greater yields - ask your financial advisors)!

I'm going to start calling my Representative and Senator - I urge every MPACT owner to do the same - soemthing needs to be done this session to protect MPACT owners from Fitch!

Does this mean Hayes has been kicked to the curb?

Well January 12, 2013 9:49 AM if you are a contract holder and a taxpayer then you should be damn pissed off that Reeves did NOTHING over 8 YEARS of DECLINING performance other than look away and run radio/TV commercials on YOUR DIME to garner name recognition in advance of his run for Lite Gov.

Fitch is addressing the issues that Reeves didn't fix.

Hey 10:16, I don't think he got kicked to the curb, I think he ran out the door full speed when he realized what a joke he had put in office. IMHO.

Impact is not a stand alone program; It is backed by the full faith and credit of the State of Miss. If the fund is mismanaged, the State if legally required to pay out the money when due..

Try this one on for size you republicans! Your Treasurer decides to promote a program (MACS 529) with taxpayer (I presume OR subsidized at least) money that is in direct competition with anyone out there in the private sector selling 529 plans. Nothing like republicans promoting the private sector!!

10:44 -
When Reeves ran for Treasurer, MPACT was 72% funded.
When Reeves left that office, MPACT was 84% funded.

He IMPROVED the position of the fund in his 8 years substantially.

you may dislike him and goodness knows it's more exciting to watch paint dry than be around him, but he's really the only capable person in state government today if you consider yourself a conservative.

Was Hayes not instrumental in her election?

MACS is not subsidized numbskull.

Ok 11:45, you seem like a smart guy. Do you think it's ok for the state to be in that business?? BTW, you work at MACS?

It look like MACS is subsidized by MPACT - TRUST FUND money - ask any disbarred attorney - BTW, isn't Lynn Fitch an attorney? Wonder if she has ever been in a courtroom?
Come on Dent, where are you? You've got one hell of a candidate!

Just passin' through. Watchin' all the goobs at the Neshoba County Fair wishin' they had a nametag somebody recognized. Never saw so danged much jealousy. Well, there was this one time at the Coonhunters shindig......

Where did I write MPACT paid Frontier for advertising MPACT? I just said the MPACT Board approved an advertising contract with Frontier and she signed it.

I saw Hayes mentioned a few times, but could not find where he was mentioned the first time. Post above sounds like a response.

That is really crap KF @ 3:37 PM. Did you read your own work?

Your headline certainly alludes that Frontier got paid for advertising MPACT post program suspension.

No doubt the headline is what tripped up your comprehension challenged readers and you believe your own flawed work.

This sentence from your post is also incorrect as MPACT, the program, is NOT the contracting entity.

The contract states MPACT can pay Frontier up to $175,000 a year for advertising services for a term of one year.

It is questionable whether or not you truly understand the differences between the programs.

If the money was paid from the MPACT Fund #, I would assume that it would be a legitimate MPACT expense? What would one think????
Surely, it wasn't to make a commercial for MACS. Let's see the paperwork!

It is not just Fitch who is spending money like it is growing on trees. All the Republicans are listen to all the advertisements on the radio and tv. The speaker has spent several thousand dollars redecorating his office. I am a Republican but not like most that are in state office. I thought Republicans were suppose to be more accountable of the tax payers money. I am ashamed of my party right now in Mississippi. I am afraid the state will not be in better financial status in 3 years. Some legislators better speak up this year and cut some of this wasteful spending out. Heck we got state agencies hiring lobbyist like crazy. Must have money to waste for sure.

Fitch even had one of her fundraisers solicit lobbyists for office furniture and then she made the follow up calls. Gunn's new office. Pickering driving a state car home every day. Geez. And don't get me started on the Lisa Shoemakers of the world. This whole thing is out of control.

Oh, and don't forget the joke of Joe Nosef's state party. Broke and their building is falling in. Nice

Bottom line here folks is that MPACT has only returned 4.8% per year since 2001, after the DOW has now gone darn near to 14,000 twice since then. Tate Reeves ran the treasurers office and the program, guy could not manage a darn convienance store, and now thinks he is a charter schools expert and education expert, he ain't, ain't much of anything except another white Republican that told Haley "my pardoned guys are now shootin folks dead" Barbour that he loved him!!!

From the cotton fields in Madison county to the Ivory Halls of Washington, politicians are as popular as communism, watergate, cock roaches, lice, root canals, colonoscopies, traffic jams and genghis kan, and politicians are considered less trustworthy than prostitutes. My apologies to the "professional" working women. Politicians are not prostitutes or workers, they are in fact pimps.
"George Washington, Zero Hedge"

Sounds like this has become a broader subject. Back to the Fitch original issue, Hayes is a good man and wants the best for Mississippi, as he has for decades. It has to be disconcerting when the candidate becomes the office holder, and rarely goes into the office, focuses on parking spaces, office space, new state paid vehicles for her bureaucrats, and new furniture instead of getting a handle on the investment funds she is responsible for. Here a year after taking office she doesn't have a clue, let's the staffers run the office while she is out on a permanent campaign, and turns the MPACT program over to two "consultants" that have very little qualification. Watch her at PERS meetings. She doesn't have any idea about the performance, risk profile, diversification, or anything related to the investment side. Its not of interest to her.

Office holders don't have to be experts at everything, but they need to figure out who to trust and who will help them get the job done. The talent is out there, but it isn't in delegating to bureaucrats who think the most important thing is getting themselves a state vehicle and new office furniture.

At a cocktail party over Christmas I heard someone ask Hayes about all these issues relating to Fitch. It sure looked and sounded like he was more frustrated than the questioner. Sounds like Hayes has presented several good options for Fitch to get involved, and she doesn't follow through. Apparently doesn't even return the phone calls and texts of some of her best contributors. She will self destruct.

Yancy? Is that you?

Dent is just as bad as Fitch - He couldn't get wlected dog catcher, so he ran Lynn Fitch for Treasurer! If I'm not mistaken, Hayes Dent has never been evective in anything he has ever done - his current clients better wake up and take notice - before it's too late for their current legislatve agenda - Fitch sure won't help their cause!

I'm sorry I didn't vote for Lee - if only he didn't have Lisa shoemaker working for him. He would have gotten a whole lot more votes! I hear that she's at the Capitol working the Legislature. Hope she doesn't roll over on them!

At least Tate was watching out for the taxpayer"s dollars. Tate didn't try to rent an entire floor for the Treasury! Kingfish needs to repost Fitch's LBO hearinf - the one where she had the white glasses on! Let's see what Buch Clark does about her new digs on 12th floor Woolfolk! She'll run to Daddy - I don't like what they are doing to me - throw them money so they go away!

Did not vote for Yancey, but now I wish I would have. I remember him making an issue of Fitch and her, lets say big (square foot) plans for the treasury. I remember her response was along the lines of, "I can't believe you are saying this to a lady!" He did lay out some pretty heavy accusations concerning her taste in furniture and maybe it was a precursor to what we were in for.

Sorry Lee, you look like you had some substance to your argument.

Sounds a lot like Fitch is more interested in the trappings of the office than in actually serving the office. All I have heard written about the Treasurer are the ridiculous return of people's own money, as though that's a big favor being done, and shutting down the MPAC program, while hiring a couple of yahoos that look like the RE/MAX "team". What a joke. An attorney from a family with business success should be able to bring knowledge and some structure not only to the Treasury portfolios but also in her role on PERS. If she has commented intelligently on that board, it hasn't been publicized.

8:48 why dont you ask Yancey or Lucien Smith if Dent is effective?

touche'. I was thinking the same thing. Results speak louder than words. If Hayes is luke warm or not involved for the re-election, it will be a good signal for all of us to vote elsewhere.

Damn, the Reeves minions are very, very worried.

The more y'all drink, the better this gets.

Would get even better if you'd respond to (anon @ January 12, 2013 5:40 PM), KF.

DENT STILL COUNTING HIS TOBACCO MONEY?

Ok, like a very responsible Lee Yancey, I put my name on comments when someone gets something completely wrong. If Mr. 7:23, you're referring to an entry in the book describing payments made from Dickie Scruggs to various folk...and there was one entry to an H. Dent for 600-700k (as I recall), let me assure you it wasn't. I'm guessing it was to a distant relative by the name of Harry Dent in South Carolina or perhaps his son, of the same name, who's a finance writer. If you are referring to my firm's representation of the cigar industry, I'm guilty as charged...I have smoked cigars since before they become trendy and am delighted to represent the industry, we don't advertise to kids and provide the state with a nice stream of revenue. I'm sure you can find that out if you look a little.

I would call you all a bunch of whiny old ladies but that's an insult to whiny old ladies everywhere. This kind of fuss over eleven grand? Apparently, Fitch-bitching and Tate-hating have become more than just hobbies to some of you. Bill Billingsley

Touched on a nerve here KF. Who is Frontier? And why is Lee showing up? I'm very confused.

Don't expect anyone here to fill you in 11:32. It is your own responsibility to come up to speed.

Can not comment on many of the items brought up above, so will not attempt to. The following is solely to offer a counterpoint on points on which this writer has personal knowledge.

On the point of modernizing the Treasury and its information systems, Treasurer Fitch has proactively indicated the need and has taken steps to upgrade the tools at her disposal, which will not only give Mississippi systems that are on par with systems in place in jurisdictions such as Pennsylvania, North Carolina, Georgia and California, but also will do so at no increase in cost to MS taxpayers. If implemented there should be a notable enhancement during the remaining three years of her first term.

It should also be noted that Hayes Dent played an active role in identifying those resources for the Treasurer, after the election, after his compensated role concluded.

From the "for what its worth" department.

So Hayes offered his "expertise" after his compensated role was concluded! BULLSHIT! Dent has always been involved with Fitch so he could run the Treasury! Hide behind a skirt (can you imagine Hayes in a skirt)and back a few dollars on the side. The truth will come out about both Fitch and Dent - you can count on it!

All caps...nice 12:55, very nice. One more truth squad alert...I'm in no way involved in the day to day "goings on" at the State Treasury. It's probably difficult for you to comprehend 12:55 but I have always and will always subscribe to the, "thou shalt not speak ill of another Republican"...when I have a problem with any of our R elected officials, I typically go to them directly. Like everyone, I presume, who cares enough to follow this stuff, as long as these guys (and girls) are doing 70-80% of what suits me...that's OK by me. It's the ones that are with you 10-20% of the time you watch carefully. Since it's wildly obvious you dislike me and have no clue to what's going on around here, I'd suggest you google TR's "In the Arena" and try and live by it. One last, humble request...I'm not involved here, let's stay on point and let me go.

Hayes- Let's just say that when you ran for Congress, I supported you - even help give a fundraiser at my neighbor's home. I know that you are an R, But things have changed - I try not to speak ill of fellow Republicans, but when you have D's that come over and try to act like they have been R's all along, I cannot and will not support them without a little apprehension. Mr. Billy Mounger taught me that and it's pretty goor theory! I have been a lifelong R and have fought in the trenches all the way back to Rubel Phillips, Gill, etal.

Wow. Guess you consider yourself some type of anonymous GOP Superman.

Point very well made 2:41...and thanks! That is one of the downsides to being in the majority. We do have people running R that know if they can slip by in a primary, they'll win the General...at least in MS for now. All R's should be on the watch for these folk.

No - just have been in the trenches for the R's a long time! What about you - when was the last time you wrote a check to the Party? When was the last time you served on the County & State Executive Committee? I've been there with so many other good peolpe - that are sick and tired of having to fight this day after day. If we don't do something with the "Teapart Mentality", our Party is going to be hurt, not only in the pocketbook, but also at the polls!

Has anyone been called by Sara Williams to buy office furniture for Madame Treasuerer? I was asked to purchase a $2k armoir, and while Sara was on the line invited me to a lunch at Char with Fitch for a $5k donation.

Wonder if any of those contacted for the donations for the furniture do any business with the Treasury? Will the furniture become the property of the State? If not, will Fitch pay income taxes on it? Will the furniture be on inventory? When is the $5,000 luncheon?

Got news for you 3:37. Your Democrat-Lite version of the GOP can't win elections any more. Romney was the GOP establishment candidate. So long for the good old days all you want but blaming the Tea Party only addresses the symptoms and not the GOP illness. And you ... well you look to be terminal.

When will the annual report for the Treasury be released? I've looked on-line, but can't find it? Aren't all State Agencies supposed to send theie annual report to the Legislature every year?

looking for "there" annual report? nice grammar 515. proof the education system needs help.

No Sherlock, I mean shakespeare - instead of hitting the r key which is next to the e key, I hit the e key, thereby meaning to spell their instead of there. I can assure you I know the difference in the meaning of each word!

6:13 has an inferiority complex. Just ignore the spelling Nazis numbskull.

Well, the webmaster is getting closer. Change "differed" to "deffered". Maybe the next change will be correct to "deferred".

On the website January 14:

"The Mississippi Prepaid Affordable College Tuition Plan is undergoing an actuarial audit. Enrollment is deffered until further notice. Please check back for updates."

I would like someone to show me where I have advocated ripping up "the contract". I haven't really issued any opinion on what to do about PERS. Nice try. What I get tired of is both left and right yapping about PERS when frankly, most of them don't known what the hell they are talking about or have a clue as they don't keep up with PERS, go to the board meetings, or read anything substantive about PERS. What I have attempted to do is improve the level of education on the true state of PERS and give readers an idea what goes on at that agency.

As for my comment about MPACT, I generally do not comment on contracts unless I have actually looked at them and such is the case here. I simply relayed what was said at the press conference.

What I have attempted to do is improve the level of education on the true state of PERS and give readers an idea what goes on at that agency.

And you have done that exceedingly well. The best journalistic effort in all of Mississippi. BAR NONE. And I for one Thank You!

Had high hopes for Gunn. He's a fraud trying to live off the government like all the rest.