Illinois' Bright Start college fund loses $85 million, buys hybrid for treasurer

[Dave_Berry]

<p>“College program tapped to buy vehicle for treasurer, his staff . . . While parents come to grips with major investment losses in a college savings program, public records show that Illinois Treasurer Alexi Giannoulias’ office spent Bright Start proceeds to buy a $26,000 SUV he uses as his state car.”</p>

<p>[Illinois</a>’ Bright Start college fund loses $85 million, buys hybrid for treasurer – chicagotribune.com](<a href=“http://www.chicagotribune.com/news/local/chi-bright-start-car-04-may04,0,4422159.story]Illinois”>http://www.chicagotribune.com/news/local/chi-bright-start-car-04-may04,0,4422159.story)</p>

[Midwest_Dad]

<p>If you are from Illinois (as I am) this is not news, only business as usual.</p>

[marite]

<p>At first I thought the hybrid cost all of the $85 millions!</p>

<p>A lot of state investment plans have lost a lot of money, just like individual investments.</p>

[mdoc]

<p>This is the state with cars driving around bearing bumper stickers that read “our Governors make our license plates.” Totally business as usual.</p>

[NJres]

<p>This type of shabby journalism drives me nuts! I think the issue is using proceeds from the college fund to buy the state treasurer’s car. Who cares what kind of car (hybrid) was purchased? Does it really matter if the car cost $22k or $27k? Maybe if >$75k was spent on a car you would have a story. And the article mentions the fund lost $85mm, a completely meaningless number out of context. Was it a $100mm fund? That is a horrific loss! Was it a $1billion fund? Good job Mr. Treasurer! Who writes these articles???</p>

[geek_mom]

<p>Well… at least the car they bought was environmentally correct. :rolleyes:</p>

[xiggi]

<p>

This type of shabby journalism drives me nuts! I think the issue is using proceeds from the college fund to buy the state treasurer’s car. Who cares what kind of car (hybrid) was purchased? Does it really matter if the car cost $22k or $27k? Maybe if >$75k was spent on a car you would have a story. And the article mentions the fund lost $85mm, a completely meaningless number out of context. Was it a $100mm fund? That is a horrific loss! Was it a $1billion fund? Good job Mr. Treasurer! Who writes these articles???

</p>

<p>The article states that it was a 2 Billion fund and that the car was purchased from the fee income paid to manage the fund. </p>

<p>I think the shoddy journalists should spent more time investigating the recent White House millionaires who plundered Chicago and Illinois under the business-as-usual concept. Who knows, being shoddy might actually reveal the truth … by accident.</p>