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Chassan's Blog

by chassan from Houston

Last Post 3 hours Ago


WHERE YOUR MONEY IS GOING
Jul 22, 2008 | 9:32 PM
Category: News
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YOU PAY THE BILL, WHAT'S DONE WITH THE MONEY
 
If you received a bill for $263,974.75 for the services listed below, what kind of business would you be in? Stock Broker? Corporate CEO? A wealthy power broker and investor? A rich movie star? A rich network news anchor?
 
New York Stock Exchange, $4,692.50
NYSE Market Inc., $469.25
American Stock Exchange, $1,970.83
Bloomberg Finance LP $139,308.20
Bloomberg LP 47,525.63
Dow Jones Company Inc. $6,300
Dow Jones Company Inc. $18,125
Moody's Investors Service $45,583.34
 
The answer would be none of the possibilities I listed at the top.
 
Actually, the answer in this case is the taxpayer-financed Texas Education Agency (TEA), which paid the more than $263,000 bill this year for the assorted financial services listed above.


 
Hmm, why does the TEA need to spend all that taxpayer money on those financial services?

Okay, let me be fair. TEA spent the money to guide its efforts in managing the $25.3 billion Texas Permanent School Fund, which helps  provide money for school districts.

The Texas Education Agency, in contrast, reports that it spent $5,520 on marker pens and pencils this year.
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Member Comments Total Comments: 2
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PBMom read my blog view my photos
Jul 22, 2008 | 10:49 PM

It had to pay eight different agencies to manage its money specific to one source of funding? I just don't understand that.
chassan read my blog view my photos
Jul 23, 2008 | 7:28 AM

It paid that money for information about stocks and securities, as part of its responsibility for managing the Texas Permanent School Fund, which is a portfolio of stocks and securities.
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chassan

I love reading books, seeing movies, staying up with current events, running and watching what I eat most of the time--got to stay healthy. I blog here in my spare time, mostly late at night and in the early morning hours.

Member Since: 3/24/2007


 

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