Bronner closes a rare bad chapter
By Staff
Bob Ingram, Alabama Scene
MONTGOMERY-I have been a friend and admirer of Dr. David Bronner since the days when he was called a "Whiz Kid." He has now reached the age where "Wheeze Kid" might be more appropriate.
No matter, like him or not (and a lot of folks don't), Bronner has done wonders with the Retirement Systems of Alabama.
Sure, a good part of the astronomical growth in RSA assets is due to a huge increase in the number of members coupled with huge increases in their compensation on which their contributions to the system are based.
But give credit to Bronner as well for making some astute investments during his watch as CEO of the RSA.
He has also made a few bad investments, perhaps none worse than when he sank $240 million of RSA money in what proved to be a futile effort to save US Airways.
Last week that sad story came to an end. Bronner's tenure as chairman of US Airways ended and with it any hope of recovering the RSA money invested in the business.
Bronner did his best to paint the best possible picture of the loss of this money. He reminded me of the oft-told story of the little boy searching frantically through a pile of manure, confident he would find a pony.
He insisted he had no regrets about making the investment and said the contacts he made while with US Airways played a role in getting EADS North America to locate a $600 million plant in Mobile if it gets an Air Force tanker contract and those contacts could lead to future major projects in Alabama.
For the record, RSA now has $25 billion in assets and the loss of the US Airways investment poses no threat to the pension fund.
King has been asked for an advisory opinion from AU President Ed Richardson on a very volatile issue-when does Lowder's term on the AU Board expire? When the request for that opinion reached King he very swiftly returned the Lowder check.
Lowder's first term on the board expired in 1995 but when the Senate refused to confirm his successor he continued to serve. Finally in 1999 he was confirmed for a new term. The question now is when did his 12-year term begin…in '95 or '99?
Alumni critical of Lowder insist his term began in 1995 and should expire in 2007. The AU leadership says his term doesn't expire until 2011.
Sparks has announced that he will seek a second term, putting to an end rumors that he might set his sights on a higher office…governor or lieutenant governor.
Sparks left no doubt that he does indeed harbor hopes for higher state office in the future.
"If you think I'm telling you that Commissioner of Agriculture would be the last stop I would ever make, I am not saying that," Sparks said in an interview with the Birmingham News.
Meanwhile, there was more activity in yet another state race, which will be on the ballot next year. Two candidates, both Republicans, announced they would seek the office of State Auditor being vacated by Beth Chapman.
Chess Bedsole of Birmingham and Samantha (Sam) Shaw of Montgomery both announced they would seek the office. Already announced for the same office as a Republican is Tripp Skipper of Auburn.
A woman in Gurley up near Huntsville has been charged with four counts of conspiracy to commit murder. Her bond was set at $200,000.
According to court records, the woman hired a "hit man" to kill four of her neighbors–three adults and a teenager. She had already paid the man "several hundred dollars" to carry out the murders.
The man hired to do the killings told law enforcement officers of the plot after the woman threatened to kill him for not carrying out the multiple slaying.
And why did the woman want her neighbors killed? Are you ready for this? Because she suspected them of killing her cat.
