Breaking:”bipartisan investigation” for CO-Sen Michael Bennet’s Derivative Swap
This Friday’s New York Times investigation:
"Payback Time: Exotic Deals Put Denver Schools Deeper in Debt"
casts a laser focus on Michael Bennet’s investment into a ‘risky’ derivative swap by as Superintendent of Denver Public Schools.
Pasts attempts by the Bennet campaign to deflect questions about this investigation are now laid bare and there are guilty parties involved.
Now, Colorado Democratic Representative Mark Ferrandino, Chair of the State Budget committee is calling for a bi-partisan audit by both the Colorado State House and Senate of this investment that has already cost Denver Public Schools 25 million dollars and counting.
Listen here on local Progressive Talk show host Mario Solis-Marich’s Friday show at about 1/3rd through the podcast.
Representative Ferrandino is exactly the person to call for this investigation. In addition to his position on the Joint Budget Committee, he has served as a budget analyst for the Clinton and Bush Administrations – specifically working on the interest rate for the National Debt.
We are going to ask members of both parties and both chambers to do an audit of the investment because this has bigger implications than just DPS (Denver Public Schools), because of the recent merger of DPS and PERA (Colorado’s Public Employees Retirement Association, because if (the investment) was done wrong, this could have an impact not just on Denver, not just the kids in Denver, but the State as a whole.
One possible solution Rep. Ferrandino suggests is that Superintendent Boasberg should negotiate with JP Morgan to forgive the 81 million penalty fee for withdrawing from the investment – although that seems somewhat unlikely to happen.
There has been a concerted effort by current Superintendent, and lifelong friend of Michael Bennet, Tom Boasberg and the School Board President, Theresa Pena (and Bennet campaign treasurer) to avoid talk about this risky investment and discredit anyone who brings up auditing the investment – including the 3 out of 7 School board members who have been calling for an investigation.
But, the campaign can no longer deny these people’s claims now that it is being covered by the New York Times, the Washington Post, CNN and Markos of Daily Kos.
This "exotic deal", akin to a variable interest rate mortgage, has now cost the Denver school system $25 million more than originally planned, and getting out of the deal would cost the district another $81 million in termination fees.
But no one could’ve predicted! (That’s really Bennet’s defense.)
With an ongoing bi-partisan audit of this swap looming ahead, the Republican General Election candidate will have a hammer to wield against Michael Bennet. (the leading candidate being Ken Buck – who does not believe in abortion even in the case of incest and rape)
Ken Buck as Senator will be a disaster for Colorado.
Even worse, Colorado is one of the swing states that could decide the balance of power in the Senate. And the Republicans will most certainly take advantage of this issue and defeat Michael Bennet in the General.
For the sake of holding on this seat for Democratic party,
Democrats must call on Michael Bennet to step down from the primary.
Supporting Andrew Romanoff is not just about liking or disliking a candidate, it’s about the Democrats best chance to retain this Senate Seat.
Visit here for the complete story on the current Superintendent Tom Boasberg’s stonewalling of the investigation, conflicts of interests, paybacks from JP Morgan to Bennet’s campaign, and the collective effort of the Denver Post and Political Blog Colorado Pols to cover up this story.