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I like how KUSD keeps reiterating that no one was concerned before. Clyde Allen wanted more information, along with others, because few understood these investments. I'd like to hear the Village Boards response to the report after their finance guys presentation. So what do they think since they asked for this review? Let's get it out on the table.
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I think the Village Board got their job "done" with regard to the CDO when the school commission requested an independent inquiry. What more can they do? There isn't any reason for KUSD to do anything in response, so requests for further action aren't going to help...just make the Village seem whiny in the media.
Nonetheless, I don't understand Marc Hujik's comment:
Hujik said he would "absolutely not" support an audit of the district's investment.
In denouncing the Pleasant Prairie study, Hujik said the board is paying the interest on the $9.5 million from a separate, general fund and it shouldn't be included in the equation.
WHAT???? KUSD is paying interest, but because it's from a different fund, it shouldn't be included??? Why can't anyone from KUSD just say the investment stinks to date, and may improve. Plain and simple.
Why so defensive if you have nothing to hide?
Exactly.
The funniest thing is Hujik, Fountain, and Olson going with the opinion of Baird saying the investment is ok). The guy who sold the investment (David Noack) was hired by Baird from Stifel Nicolaus after the transactions occurred.
UM, can you say CONFLICT OF INTEREST?
Maybe a request for a State's Attorney Office review or a State Board of Education review should be considered.
Good Luck on that too. The investment vehicle was made legislatively legal 3+ years ago. Suitability could be called to light, the problem is the investors (KUSD and the other districts) are still touting it's viability. You might change the legislation, but I doubt seriously you'd do much more than that. It would stop this from happening in the future, but I'd assume the DPI and State legislation have hopefully gotten wind of this already.
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