Thursday, September 20, 2012

CFA Chris Tobe Comments on Kentucky's Retirement System and the Need for RFP's (requests for proposals) I was emailed the following post, link and comment from CFA Chris Tobe (i think CFA stands for Chartered Financial Analyst). He also sent it to the LawReader, and I assume it was tendered to me for publication here. Lawreader got it first, and I am sharing it with you now. Government is looking for funds. I was told by my father that the penny you save is more valuable than the penny you earn. See, Op-Ed: What is being done to recover some of the money leaks at the Metropolitan Sewer District? from January 20, 2012 of the Kentucky Law Review and CJ News: "Bud Schardein departs from MSD" and what about that sweetheart of a trust?. And most will remember my posts years ago warning of the financial toll to be paid for funding the Senior Status Judges' Program and the Court House Building Bonanza. Well, to rephrase Sen. Everett Dirksen's remarks about spending - a few thousand here and a few hundred thousand or even a million dollars there, and before you know it you are talking some serious money. Per Mr. Tobe, that could be as high as $85 million per year! No RFP’s for Kentucky Pensions- all back room deals. by Chris Tobe, CFA I estimate that over $65 million to as high as $85 million a year is paid out in fees in non-bid contracts by the pension systems in Kentucky. While the 2012 placement agent bill was an extremely watered down version from that of 2011, it is currently unenforceable because there is no documentation from an RFP to check. Because of total lack of oversight the $13 billion Kentucky Retirement System (KRS) have been able to bypass many of the competitive bidding practices typically used by other parts of state government. The...
Courier-Journal: "New Kentucky bar counsel once complained of changes brought by women lawyers" Read this story, and you say to yourself. Why? With the profession getting hits for actions of prior bar counsel and Kentucky Bar Association officers, why? With over 40 candidates vying for this position, is this the best we got seeking this position? Why? With over 17,000 lawyers in the state, is this the best we have to be in charge of our ethical standards? Why? I do not know which is the most egregious conclusion: A. He said it. B. The KBA hired him knowing he said it. C. The President of the KBA "found it didn't amount to anything." D. None of the other 40 seeking the job were better qualified. E. All of the above. Mr. Glover might be a fine attorney and a fine human being today, but our bar counsel should be made of cleaner stuff and be beyond suspicion. Now what? It's the KBA, an organization in and of itself. Required and regulated by the Kentucky Supreme Court and membership by all lawyers is mandatory. Maybe, I should be quiet? Why? Why not!! New Kentucky bar counsel once complained of changes brought by women lawyers Kentucky’s new chief bar counsel, who will oversee discipline of the state’s 17,164 attorneys, once blamed problems in the legal profession on the influx of women lawyers. A 1994 column Thomas “Tommy” Glover wrote as president of the Fayette County Bar Association in its newsletter, appeared to bemoan the changes brought by more women practicing law. Glover noted in the column that the percentage of women lawyers had risen dramatically since he entered the profession in 1975 and that for a number of attorneys “the new order is disturbing.” The column goes on to say that “women speak the law unlike men do. Not better, different.” Glover also said...

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