Khavari has more great ideas!
MIAMI, Jan. 11 /PRNewswire/ — Noted economist Farid Khavari, a Democratic
candidate for Florida governor, has gained national attention for his plan to
create a state-owned bank in Florida. Today he responded to Chief Financial
Officer Alex Sink’s recent call for additional oversight of the State Board of
Administration (SBA). Sink is also a Democratic candidate for governor.
“The simplest way to eliminate dubious investing by the State Board of
Administration is to shine light on every deal. Simply post all documents
relating to every transaction on a website. For each deal, show who is selling
it, how many other deals they have sold the SBA, what fees the seller is
earning, who is buying, who approves it, how many other deals they have done
with this seller, and so on, together with a summary of the amount invested
and the terms.
“Now who would buy a bunch of derivatives from a company in the Cayman Islands
for $650 million, where over half of the money was lost? Who would ignore
pages and pages of warnings and buy junk ever again, when people could see
what is going on? Thousands of ordinary people with common sense would keep an
eye on the SBA for you, all for free,” Khavari said.
Read the entire article here.