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UPDATE: McCollum helps debunk Scott ads blasting Sink and pension fund

by Dara Kam | September 29th, 2010

UPDATE: GOP officials appear to be linking Attorney General Bill McCollum to billions of dollars in losses – on paper – to the state pension fund during the 2008 financial meltdown.

McCollum has steadfastly refused to join other GOP elected officials in their support for Rick Scott, who defeated the attorney general in the August GOP governor’s race primary.

The Republican Party of Florida paid for a series of ads attacking Chief Financial Officer Alex Sink, the Democrat nominee for governor, for her role in the pension fund losses.

“Under current oversight, the fund has lost billions upon billions – and now Alex Sink is actually running ads on her questionable record overseeing SBA,” RPOF spokesman Dan Conston said in an e-mail in response to a reaction to McCollum’s pointed questioning yesterday to refute recent reports that the State Board of Administration made risky investments that endangered the pension fund.

Attorney General Bill McCollum may have finally put to rest speculation that he may eventually endorse Rick Scott in the governor’s race in the spirit of party unity.

Instead, he helped Scott’s opponent Chief Financial Officer Alex Sink, the Democrat candidate for governor, debunk ads bashing Sink for her role in the state pension fund’s loss of billions of dollars in value during the financial meltdown in 2008.

McCollum, who lost the GOP primary bid in a brutal battle against Scott last month, sits with Sink and Gov. Charlie Crist on the board of trustees that governs the State Board of Administration, which handles the pension fund and other investments.

In a public meeting yesterday, McCollum repeatedly asked SBA chief Ash Williams about reports that the pension fund is troubled and that the SBA made risky investments.

Williams assured the trustees the $119 billion fund is sound.

“The SBA is stronger and different then it was only two years ago,” Williams said.

He also refuted allegations that the investments were risky.

“The truth is they are performing,” McCollum said. “They are assets that pay back.”

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13 Responses to “UPDATE: McCollum helps debunk Scott ads blasting Sink and pension fund”

  1. BocaBubba Says:

    Another Charlie Crist Turncoat career politician.

    What’s next he becomes a Democrat ?

  2. Some guy reading Says:

    What’s more important honesty or partisanship? Someone’s been drinking the “fair and balanced” koolaid.

  3. Mike Says:

    Republicans supporting Rick Scott are a mystery to me.
    I thought morality and ethics were very important to them.
    It could be that Rick Scott became the CEO of the largest Hospital chain in the USA and remain naive.
    But I doubt it.
    So Republicans faced with this knowledge, Rick Scott was a naive CEO or he oversaw the largest known systematic looting and theft of Taxpayer money this nation has ever seen, chose him to be their Gubernatorial candidate over a career politician.
    Was this some acknowledgement that the biggest thief in the nation is more moral and ethical than a life long Republican politician.
    I want to hear what you folks think.

  4. sue Says:

    BocaBubba is at it again. Showing he is more for party than truth! Not surprised, we all know about them Bubbas. Personally I am sick of the lies that have taken over the FL election. It all stinks – like a Bubba. We need truth in advertising.

  5. sid dinerstein Says:

    The pension trustees, Crist, McCollum and Sink gave $6 BILLION to the HEDGE FUNDS to manage this summer.
    You decide.


  6. Sam Says:

    Come on, anyone with half a brain, knowns that the state pension fund lost money during the recession/2008 global downturn for the same reason every other pension fund, 401k, investment lost money during the same time.

    Are voters so stupid that they would blame Sink? The fact is this was a global economy downturn everyone lost money.

  7. McCollum: Sore Loser or CYA Says:

    I just wonder if McCollum is a sore loser or if he’s just trying to cover his own “assets” for his role overseeing the SBA. Maybe he doesn’t want to get dirty on this….

  8. RPOF spokesperson is dumb Says:

    So, the first ad was shown to contain false and misleading information when quoting $24 billion in losses. In another response, the hacks at RPOF change it to $65 billion and reference the shoddy reporting by the St Pete Times.

    Wake up folks. It is a campaign and he who is most animated may win… Because the electorate is just as gullible as the republican party hacks. Kinda like Sid’s commentabove. Did you listen to tye trustee meeting yesterday and the detailed explanation? Thought not.

  9. Rick Scott is a threat to the Tallahassee culture of corruption Says:

    One only has to look at the organization concocted by the Obama administration upon such short notice to realize the culture of corruption was already long in place! Thirty years of wheeling and dealing by McCollum has bought a lot of friends and connections! McCollum, Sink and Crists abuse of the SBA funds by literally giving their New York city friends $250 MILLION DOLLARS of our state retirement funds to invest in PETER COOPER VILLAGE which was summarily lost to bankruptcy is a crime! Then Crist signed Senate Bill 2310 allowing him. McCollum and Sink to get their greedy little paws on millions more for risky investments for their political cronies and Sink’s connections with Bank of America! How dare an organization of such multitude of ongoing corruption call a businessman a fraud with all the skeleton’s the corrupt career politicians have in their closets! Now McCollum knows the truth is going to come out about all of these crooked deals he, Crist and Sink have been involved in so he jumps in to defend her investments! What the taxpayers of Florida need and deserve is a massive FBI investigation of Tallahassee and its ongoing corruption beginning at the time Jeb Bush become governor up to the present and they all know Rick Scott will be standing at the governor’s mansion with the invitation to the feds in his hand! I guess this means Rick Scott is a threat to law enforcement!

  10. ELC Says:

    The only thing I am looking forward to
    come Nov 2nd, is the chance to write in
    a person for Governor. When you have the
    choice of the EVIL ONE(Alex Sink)and
    VOLDEMORT(Rick Scott)I feel anyone but those two will be fine. Rick Scott looks
    just as scary as the character in the Harry Potter movies”Voldemort.”Come to think of it-he looks scarier if possible. Alex Sink is just plain dishonest and what she, McCollum and
    Choo Choo Charlie(Crist)did to people’s
    pensions-well they don’t deserve my vote.As a HAPPY INDEPENDENT-the best I
    can do is write in a name better than
    those two losers. As for Senate-Choo Choo Charlie can kiss my ***, Marco gets my vote.

  11. Miracle Says:

    Again, I am pleasantly amazed! McCollum is doing the right thing by standing with Sink against the ridiculous claims of the Repubilcan party who is choosing to back candidates who are out to push Florida back into the ice-ages!!

  12. Michael E. Arth Says:

    At least commenter #9 has a clue. Bill McCollum has come to Alex Sink’s defense because the two of them, together with Charlie Crist, in their role as trustees of the Florida State Board of Administration, ignored audits and other professional advice and made risky investments. The story was barely covered in the mainstream press (except for here: ) One may assume that the story was ignored because it implicated both Dems and Republicans alike. That is why I wrote in August that Sink was praying for McCollum to win, so that Scott wouldn’t spill the beans. (
    This is also part of the reason Sink and McCollum refused to debate me. Scott won’t debate me either, because he, like Sink, are incapable of discussing the real issues that could transform Florida. Michael E. Arth for governor (

  13. Bloggy Bayou Says:

    What Would Joe Friday Do? Answer: Arrest “THE Florida Cabal”


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