Thursday, October 25, 2007

$200 Million Later, the Fund is Bankrupt


How the $200 million transfer will affect the fund's financial condition is unknown.
The fund had $746.4 million in assets and $686.5 million in liabilities, including projected claims, as of June 30, 2006. That gave it a net worth of $59.9 million.

A report by the Legislative Audit Bureau in March found that pulling $175 million from the fund would leave it with an accounting deficit. But the report also noted that the fund's actuary has regularly lowered its estimate of future liabilities.

So our Governor and Legislature take $200 million from a fund worth $59 million.

Wish I could do that!


K. Carpenter said...

Why was the Wisconsin Medical Society offering the Governor and the DOA, $100 million from that fund, if they did not have the money?

Anonymous said...


As you have been told repeatedly. They did that in an effort to prevent a LARGER RAID and FUTURE RAIDS.

They could see the handwriting on the wall and they wanted to minimize the damage while getting changes in the law that would put it ouf reach in the future.

I don't know why this is so hard for you. Quit listening to the legislative hogwash that slops your way. At the very least, quit being a spokesperson for the hogwash

K. Carpenter said...

Well, duh? Of course they were trying to protect themselves.

That is not the question.

If they only have $59 million- why is heaven's name are they offering $100 million?

By the way, I still have not spoken to single legislator about this- although I have been accused of it on several occasions.

I don't feel the least bit sorry for the WMS climbing into bed with the governor and then complaining they got screwed. What did they expect?

K. Carpenter said...

BTW- I still don't think the raid on the fund should have been done. This money does not belong to the government- it should never have been touched.

I hope these guys are able to stop this raid and all future raids.

My point from the beginning has always been to stop the raid. However, these guys should have never faltered- they were right from the beginning. They should have stuck to their guns, instead they let the genie out of the bottle. It will be tough to put the genie back in.