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The Mechanics
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IL-SEN Sun Jan 17 2010

Giannoulias Releases Bright Start Documents

Treasurer Alexi Giannoulias has agreed to release documents pertaining to the Bright Start program that lost enormous sums of money due to investments in risky funds. Narrative politics aside, this is good. Whether or not Giannoulias should have released the information earlier, the documents are now public and that's a good thing. Via Greg Hinz at Crain's.

In an abrupt change of position, state Treasurer Alexi Giannoulias says he will quickly make available documents about how he reached a deal with Oppenheimer Funds to partially recoup huge losses suffered by Illinois families in his Bright Start college savings program.

Citing the advise of his lawyers, Mr. Giannouilas had refused to release the documents now to one of his opponents in the Feb. 2 Democratic primary for the U.S. Senate, David Hoffman. Mr. Giannoulias had said he legally couldn't turn over the documents until the settlement deal with Oppenheimer closes in late March -- well after the primary election.

A lot has been made of Bright Start and its losses, so getting a clear answer on what took place serves all parties. Good for the Treasurer for releasing the information. Just goes to show that that whole thing about sunlight and disinfectant holds.

 
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Mechanics is the politics section of Gapers Block, reflecting the diversity of viewpoints and beliefs of Chicagoans and Illinoisans. More...
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