• Registered: 10-18-2009
  • Posts: 6

Topic: PACT is now dead.

The action today kills the PACT unless there is judicial intervention requiring payment.  There will be no voluntary legislative funding.  This is all a joke, and the insiders know it.

If this was a normal situation involving a non-profit corporation, the insurance carriers for all of the fiduciaries would be kicking in to help offset the losses caused by the mismanagement.

The majority of the resopnsibility here falls on Ms. Ivey. She was in charge when the critical decisions were made and maintained that resulted in an entirely inappropriate risk profile for this fund, and failed to seek a fix before the crash.

  • Registered: 03-28-2009
  • Posts: 257

Re: PACT is now dead.

One of our Madison Co. emailers, in the banking business,  wrote the following:

"I still can't believe that the Pact Board investment policy did not include a  50% downturn in the market.  All  fund mgr's always have a "doomsday" scenario built in to their investment strategy.  Furthermore, their incompetence was shown when they got out of the stock market with the Dow Jones hit the 6,600 mark.   What a bunch of idiots.  Who sells when the market is low?    Everyone knew the market would recover at least 25%."

  • DMG
  • Member
  • Offline
  • Registered: 03-29-2009
  • Posts: 14

Re: PACT is now dead.

"interested parent"  PLEASE don't give up hope!  First and foremost, Kay Ivey is not the only one responsible.....you need to include Lucy Baxley and the current and previous PACT Board members.

Baxley changed or allowed to be changed the wording in the contracts....albeit, "will provide" means the same as "guarantee"....but that one change gives non-thinkers the fodder in their attempts to separate the pre-95 and post-95 contracts.

Each PACT Board member has a responsibility to work with the colleges and universities as well as the legislators with a goal of insuring the program remains on sound financial footing......to date, there appear to have been NONE that fulfilled this requirement of their appointed position.

I don't know who your "insiders" are.....but they are either wrong or simply unaware of the facts surrounding our misfortune.

Again.....We all PRE-PAID for four years of college......this IS a legal and binding contract...... ALL PACT contracts must be honored.

Help us all......contact your legislators.  FREQUENTLY!

Last edited by DMG (01-09-2010 11:20:42 am)

  • From: Lanett, Alabama
  • Registered: 03-27-2009
  • Posts: 122

Re: PACT is now dead.

I'm with you DMG...nothing has changed about our contracts...not one thing...we continue to expect that all contracts will be honored!

All with all the wind that blows our way....it was not one person that made the mistakes...there are plenty to go around.

There is but one bottom line: All contracts honored!...and yes my politician friends...this year is an election year!

GET BEHIND SAVING PACT OR GET OUT OF OUR WAY!

Einstein once said, 'The definition of insanity is doing the same thing over and over again and expecting different results.'

tenrocdoc's Website

  • sandy
  • New member
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  • Registered: 01-16-2010
  • Posts: 1

Re: PACT is now dead.

Interested Parent - PACT is by no means dead.  We have only begun the work of insuring that our contracts are honored.  And I fully believe they will be.  Just this week in the "JereBeasleyReport", Mr. Beasley talks about George Wallace Jr. and states:

"he helped create the program, and he believes the state should honor the PACT contracts with Alabama families and so do I."

Mr. Beasley is one of the most successful litigators of all trims, with the best track record of verdicts of any lawyer in America. 

Do I think Mr. Beasley would take up our cause if it comes to litigation?  Oh, yes!!!  Do I think he would win.....not a doubt in my mind he would. 

Hopefully our legislators will do the right thing....but if not we still have other options and avenues to pursue for children.