"Something wicked this way comes!" Reminds me of Clint Eastwood. So mischievous.

You all (southern slang in me)...have heard of Facebook? Right? Of course. And you all know that Facebook stock hasn't been doing too well. But did you know taxpayers just lost a bunch of dough courtesy of Janet Cowell, NC's Treasurer? Yes, Janet may have had a little help from a well-known individual from NC.

From the N&O:

North Carolina retirees lost at least $4.1 million on Facebook, state discloses

http://www.newsobserver.com/2012/08/18/2275711/north-carolina-retirees-lost-at.html

North Carolina’s retirement system has seen the value of its Facebook investment plummet at least $4.1 million, according to newly filed legal documents.

The state’s retirement system last week joined a class action lawsuit against the social networking site and its underwriters, including Morgan Stanley and Goldman Sachs, that alleges the companies misrepresented Facebook’s initial public stock offer earlier this year. The original lawsuit was filed in May.
But the full extent of North Carolina’s exposure to the company’s dwindling stock value only became clear in court documents filed Aug. 9 in a New York federal court. The state disclosed the loss as it fights to be named among the lead plaintiffs in the case.

This is serious dough. Now we can't blame her for investing in what should have been a blockbuster. But it is the taxpayers' money and she needs to be held accountable. But why Facebook? Is there more to the story? Funny you ask.

Seems Mr. Erskine Bowles, aka ex-President of UNC System, aka "Going to bring sense back to spending in Government" with Alan Simpson, and aka...Facebook board member held a fundraiser for Janet's reelection campaign. Hmmmm. And in a nice gesture, as the sole responsible party for state retiree investments, sorta, kinda, ....repaid Ersk with investing in Facebook. Investing YOUR tax dollars, that is, in Facebook. Now who can say "conflict of interest" 3 times without breathing? Why isn't anyone shouting this stuff to high heaven?

The DailyHaymaker has some good articles that back this up.

Facebook’s woes may blow back on NC treasurer, become election issue

http://dailyhaymaker.com/?p=3975

Excerpt: “So, Mr. Bowles hosts a fundraiser for Janet Cowell. Ms. Cowell turns around and — as the sole decision maker for the state retirement fund – invests a load of taxpayer money in the Facebook IPO. Mr. Bowles sits on the Facebook board AND is part of the firm underwriting the Facebook IPO. So, he stands to gain on TWO fronts.

According to media reports, North Carolina’s taxpayers and state government employees lost over $4 million on the Facebook deal. It’s pretty clear, when you look at the details of this deal, that some politically-connected people made some big money on this deal at the expense of North Carolina’s taxpayers. This stinks to high heaven.”

Janet Cowell & Erskine Bowles: Quid Pro Quo on Facebook fiasco?

http://dailyhaymaker.com/?p=3989

Excerpt: "This sordid affair underscores the need for North Carolina to convert to a 401(k) style retirement plan for state employees and teachers. This removes the conflicts of interests and taxpayer risk for losses and instead enables workers to control their own retirement."

Excellent point, Haymaker! It's time to remove the bureaucrat's sticky hands and put the ownership back into the hands of the ones affected. Where will the $4.3 million to replace the loss come from? Three guesses and the first two don't count. But if you see Erskine bowling, tell him he shouldn't "aiming for strikes" with NC taxpayer money.