Sound Politics: "An accuracy rate that any bank would envy"

May 28, 2008

"An accuracy rate that any bank would envy"

King County must take "rapid and forceful action" to bring its troubled $4.5 billion investment pool up to industry standards, an advisory panel will tell the Metropolitan King County Council today.
[snip]

The panel, in a written report it will summarize today, paints a picture of an operation hobbled by a lack of the technology and in-house expertise common to private investment firms. The investment officer and his staff spend hours each day manually preparing spreadsheets and reports "rather than analyzing the market and portfolio," panelists reported.

Unlike a private company that can report yields to investors on a daily basis, the King County Investment Pool can provide that information only at month's end.

Live voting for it before he voted against it: a gift in the form of a statement that just keeps on giving.

Posted by Eric Earling at May 28, 2008 09:55 PM | Email This

Comments

1. hire Chelsea

Posted by: jimmie-howya-doin on May 29, 2008 06:06 AM

2. Why the hell don't the pinheads hire a professional firm. I guess the Union wage thing gets in the way.

Posted by: Dave Peterson on May 29, 2008 07:48 AM

3. typo in the last line?

Posted by: Andy on May 29, 2008 08:49 AM

4. I hope that sooner rather than later a majority of King county voters will realize the extent of Sim's lack of competence. Under his "leadership" tens or even hundreds of millions dollars have been squandered.

Posted by: Paddy on May 29, 2008 10:04 AM

5. My wife runs a bank - I think she'd fire this bunch of losers out of hand....

Posted by: John Galt on May 29, 2008 10:46 AM

6. Would someone start a blog list of this guy's screw it's hard to keep up with them:

Bright water

Jail deaths, Federal investigation in county jail

Harborview financial mess

Coroner selling body parts (and then leaving town suddenly)

the coming (growing) problems with pension fund

Demanding the top two floors of the new county building

Election (fraud) mess

I am certain there must be more "problems" but the papers and media only mention them once and then drop them. This guy is one big zero even in this town.

Posted by: Nick on May 29, 2008 11:14 AM

7.
These guys sound like some late night hucksters for retires as in "past performance may not be indicative of..."

They say "since 1995...there's been a steady, consistent rate of return, 5 percent a year".

Since 1995?! Dude, if they weren't getting at least 40% from '95 to '99 on their billions, then they must have been spending it at Emerald Downs on a businessday afternoon!

Posted by: John Bailo on May 29, 2008 04:44 PM

8. Nick, if you only knew how much this zero has cost king county.
And he is running again.
Yep he backed the wrong candidate, HC, so now we'uns are stuck with this loozer again.
If only there was a viable candidate to run against him, we could start listing all his failures and his one success, which I can not rememeber at this point?

Posted by: tg on May 30, 2008 10:32 AM