The Dice Got Cold. In Fact, They Turned Into Ice Cubes.
Texas Teacher Retirement fund lost $99 million dollars by investing in a Las Vegas casino owned by a Rick Perry donor and political fundraiser host.
And there were some damfools freely walking the streets who wanted to elect him President of the United States of America.
Okay, first jump over the hurdle of the Texas Teacher Retirement Fund, overseen by Perry appointees, investing in an activity that’s illegal in Texas.
But when you do clear that hurdle, you land in this mud pit.
When Gov. Rick Perry wanted to hold a fundraiser in Las Vegas last fall for his nascent presidential campaign, he reached out to Frank Fertitta III.
Fertitta was chairman and chief executive officer of Station Casinos, the largest operator of gaming halls that cater to Las Vegas residents. He and his younger brother, Lorenzo, had met Perry a few times and donated $5,000 apiece to him in 2007.
The Fertittas made their contribution shortly after the Perry-appointed board of the Teacher Retirement System of Texas approved a $100 million investment in a leveraged buyout of Station Casinos. Nearly all the money was later lost in Station’s bankruptcy.
Perry claims that the retirement fund money loss had nothing, nothing I tell you, to do with all the financial political favors the Fertitta brothers give him.
Frank Fertitta
Yep, it’s just pure damn coincidence that every time we lose money in Texas, you can trace it back to one of Perry’s donors walking away with stuffed pockets and pushing a wheelbarrow filled with Texas taxpayer cash.
The Texas teachers’ fund and other large institutional investors began to write down the value of their investments in Station.
Yet the Fertittas kept rolling. They announced a $10 billion casino development in Las Vegas, their biggest ever. With Station trying to renegotiate with its lenders, Frank Fertitta III paid $28 million for an oceanside home in Laguna Beach, Calif.
Do you think Frank Fertitta is going to let Texas teachers come retire at his $28 million beach house? Is that the plan?
I swear that Texas elected Fredo as Governor. I swear we did.
Any chance they can garnish the new casino for the loss at the old one? Bought a casino? Who in H-E-double toothpicks approved that?!?
1My life would’ve been complete if, at some point during his last ignominious debate appearance, L’il Ricky had screamed (like the doomed Fredo Corleone), “I can handle things! I’m smart! Not like everybody says… like dumb… I’m smart and I want respect!”
2I am appalled.
3Oh please, oh please, oh please don’t let the Employees Retirement System be one of those other institutional investors that did this!
4Are the Las Vegas Ferttitas related to the Galveston Ferttita?
It’s bad enough that Perry has caused a number of teachers to be fired in Texas, now he’s trying to make sure they can’t afford to retire. Only major donors matter to Perry.
5“Are the Las Vegas Ferttitas related to the Galveston Ferttita?”
Probably. Most teachers in Texas need to cash in on their “retirement” whatever is left, and apply for Social Security.
For years, I worked for UT Medical School … Houston. When I quit… I cashed in on whatever the State of Texas… offered in Teacher’s Retirement. When I was eligible… I applied for Social Security… It has been a life saver.
6Can you provide the link to part 1 of this story?
7Texas teachers have not paid into SS. They are not eligible unless they retired from a place that pays SS. and most Texas schools don’t. The Fertitta brothers are second cousins to the Galveston family.
8Sorry, Donna A, here it is.
9I found it, thanks
10Hats off to kellybee for the apt Fredo quote. Really, doesn’t most of the whiny GOTP establishment sound exactly like that?
Now if only they can figure out how to say “banana daquiri” in Spanish…
11To bad Gov. Perry isn’t a former senator from North Carolina. We might be looking at some legal action that would make some sense and do some good.
Not that I don’t think John is a dick….but come on!
12I nearly spit out a mouthfull of perfectly good beer at that line about electing Fredo for governor.
13Ok, so this is the same guy that appoints the commissioner of education…oh yeah, how’s that working?
14Perry, Romney and their like can’t wait to get their hands on privatized Social Security money. The teachers fund is peanuts to them. That is their next move when they own all branches of the government. They will have a heck of time throwing SS fund money around with their Wall Street buddies. I’ll bet the Ferttita brothers will get some of that action too….
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