Monday, March 23, 2009

KUSD: Marc Hujik said what????

Granted that some folks elsewhere may think us common folk in southeast Wisconsin aren't all that sophisticated but it's tough to swallow when one of our own takes that leap.

Take Kenosha school board member Mark Hujik who, as a candidate for reelection, is trying to deflect blame for the board's costly mistake in buying collateralized debt obligations -- very complicated and risky investments. Not only did the Kenosha Unified School Board buy them but borrowed the money to do so -- kind of like taking the taxpayers' credit card to finance a trip to Vegas.

To be sure the Kenosha district isn't the only one burned by this folly but pay attention to what Hujik said in the New York Times: “I’ve never read the prospectus,” said Marc Hujik, a local financial adviser and a member of the Kenosha school board who spent 13 years on Wall Street.

Folks, what does the announcer say in television ads for mutual funds and similar less risky investments: "Read the prospectus." But Hujik, who advertises his financial planning and asset management services on WLIP radio, didn't. He explained that the pitch man answered all of his questions.

Could this lapse be the reason why none other than the Kenosha Education Association didn't endorse Hujik's reelection bid?

In any event, you can get to the New York Times story by clicking here. It's good reading and, yes, some folks in Kenosha actually read more than one newspaper.

1 comment:

Anonymous said...

My seniments exactly. A financier that SHOULD have checked the prospectus and SHOULD have know what was going on. None of those board members are gettting my vote.