The meme "culture of corruption" is very clearly tied to Republicans in power, and it is apparent in Texas as well. This story describes the $1.5 million loss of money from the Texas Employee Retirement System, caused by a 41% drop in stock price of KCI.
- The Texas ERS purchased 80,000 shares of KCI under the direction of ERS boardmember Bill Ceverha.
- Bill Ceverha was appointed to the ERS board by Texas Speaker of the House, Tom Craddick.
- Independently Bill Ceverha was found to have illegally funneled money to Republican candidates as Treasurer of Tom Delay's Texans for a Republican Majority.
- But by then he had left his mark on the Texas ERS, which still held 80,000 shares of KCI.
- KCI is owned by Republican multimillionaire James Leininger, one of the largest donors to Republicans in Texas.
- The Republicans have yet again demonstrated their penchant for playing financial circle-jerk with other people's money, and the taxpayer is typically the victim.
I guess I understand why this GOP congresswoman, Oklahoma state Senator Nancy Riley, has switched parties to join the Democrats.
"The treatment I received in the last legislative session was abhorrent," she said, adding that her focus in the Senate has been "on families, children and the average Oklahoman."Let's hope that the Democrats can regain control at the national level this fall from the frat boys that are drunk with power and pissing all over our country. Democrats have also shown a history of abusing power, but the left won't tolerate it. Conservatives however have done very little to put the brakes on this administration. Democrats, despite their flaws, are our only hope for saving our constitution and our country.
"I was totally disregarded," Riley said. "The moderate Republican no longer has a voice."
She said her shabby treatment was in part because she is a woman. "We're supposed to be the cheerleaders and not be serious-minded," Riley said. "A pat on the head and a roll of the eyes is basically what I've gotten over the last four years."
Update: A fun bit of schadenfreude from PinkDome.