Are you one of the Elitists?

[Jerry Pitts]

In the year 2007, the population of the State of Florida was officially counted as 18,251,243. That is quite a large group of people. In fact it is the 4th highest ranking population of the 50 State Union.

According to a letter from the State Board of Administration for the State of Florida, there is however a significantly disproportionate number of what could be called Elitists. In the letter, however, they are referred to as "beneficiaries". Who are those beneficiaries; and what are the benefits spoken of? Lets' look at the letter.

"STATE BOARD OF ADMINISTRATION
OF FLORIDA
1801 HERMITAGE BOULEVARD
TALLAHASSEE, FLORIDA 32308
(850) 488-4406
POST OFFICE BOX 13300
32317-3300
JEB BUSH
GOVERNOR
AS CHAIRMAN
TOM GALLAGHER
CHIEF FINANCIAL OFFICER
AS TREASURER
CHARLIE CRIST
ATTORNEY GENERAL
AS SECRETARY
COLEMAN STIPANOVICH
EXECUTIVE DIRECTOR

February 27, 2006

Mr. Christopher Cox
Chairman, U.S. Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-9303
Re: Section 404 Internal Control Application to Small Companies

Dear Chairman Cox:

The State Board of Administration (SBA) of Florida is writing to express our views on the recommendations of the Small Business Advisory Committee. Managed by the SBA, the Florida Retirement System (FRS) is the fourth largest public pension plan in the United States with approximately 920,000 beneficiaries and retirees, and assets totaling approximately $121 billion.

As you know, a subcommittee of the SEC Small Company Committee has recommended that the SEC and the Public Company Accounting Oversight Board (“PCAOB”) either eliminate or significantly weaken the internal control requirements of Section 404 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”). We urge the SEC not to accept the recommendation of the SEC Small Company Committee, which would effectively eliminate an important investor protection provision of the Sarbanes-Oxley Act. As a large passive investor in the U.S. equity markets, we hold ownership stakes in almost every company within the Russell 3000 stock index. The Committee’s proposal would exempt almost 1,300—or over 42 percent—of all public companies within this index. Such a large-scale exemption would have the effect of increasing the cost of capital for those companies the SEC Small Company Committee’s recommendation is intended to benefit
.
We believe Sarbanes-Oxley is working as evidenced by the high rate of errors detected in financial statements and corrected during 2004 and 2005 as companies implemented Section 404. We respectfully request that you do not adopt the recommendation of the SEC Small Company Committee. If you have any questions, please contact
Michael McCauley, Director of Investment Services & Communications, at (850) 413-1252 or me at
(850) 413-1250.

Sincerely,
Coleman Stipanovich
Executive Director
cc:
Commissioner Paul Atkins
Commissioner Roel Campos
Commissioner Cynthia Glassman
Commissioner Annette Nazareth
Ms. Ann Yerger, Executive Director, Council of Institutional Investors
Ms. Anne Simpson, Executive Director, International Corporate Governance Network
Mr. Kurt Schacht, Executive Director, CFA Centre for Financial Market Integrity"

Right there in the opening paragraph, lies the distinctive difference of whether you are a beneficiary (elitist) or you being a common chattel.

Jerry Carlos

[Jerry Pitts]

The TRUTH is made manifest when a sincere heart is put to action.

"A. Reporting Entity The State Board of Administration (Board) was established on June 21, 1928, pursuant to Chapter 14486, 1929, Laws of Florida. The Board was subsequently created as a constitutional body corporate on January 1, 1943, under the provisions of Senate Joint Resolution No. 324, 1941; approved by the electorate in November 1942. The Board is composed of the Governor, as Chairman, the State Chief Financial Officer, as Treasurer, and the State Attorney General, as Secretary, and has as its major investment responsibilities: the Florida Retirement System, the Local Government Surplus Funds Trust Fund, the debt service accounts for State bonds, the Florida Hurricane Catastrophe Trust Fund, the Lawton Chiles Endowment Fund, and managing the assets of various other Trust Funds. The Board is defined as a special-purpose unit of the State of Florida based on the criteria identified and described in GASB Statement Number 14. The definition of a special-purpose government is a government that has a separately elected governing body, is legally separate, and is fiscally independent of other state or local governments.

https://www.sbafla.com/pool/pdf/fs/2007/FSSep07.pdf

[Jerry Pitts]

48 readers of this thread (including Lawdog -- I saw his profile indicating him 'viewing' this thread) and not one person or rather man or woman has even attempted to respond. Neither negative (as in rebuttal) or in the affirmative (agreement). Thus because the readers have silently acquiesced, I have nothing left to believe except that everyone one of those 48 other readers are in agreement with the suggestive tones I have rendered in regard to the documentation.

There it is folk; staring you in the face, the reason behind ever increasing legislation, increased taxes, more formidable police powers; their need to maintain the status quo and keeping us slaves as mindless slaves. Slaves unable to speak up in defiance of such happenings. They take the proceeds of our sweat and blood and turn it into a nice little nest egg for themselves. All the while smirking and laughing at the slaves as we go about our daily duties of serving the Master of secular law. Though we are on a slave ship, I somehow get the feeling that this ships name is NOT the Good Ship LollyPop. Welcome aboard Mates.

Jerry Carlos

[Lawdog]

You forgot the possibility that no one else found what you posted interesting enough to respond.

It happens...I posted something on quatloos a couple of days ago. Over 140 views so far, no comments.

[Jerry Pitts]

Originally Posted by Lawdog

You forgot the possibility that no one else found what you posted interesting enough to respond.

It happens...I posted something on quatloos a couple of days ago. Over 140 views so far, no comments.

I do believe the word is "apathy". And that goes along with the expression "as long as it is not in my backyard, then I don't care". Another expression suitable to this type scenario is "forewarned is forearmed". It has been put before them.

Jerry Carlos

[rottweiler]

Surplus funds? That must be the State of Florida CAFR. The stocks share value is determined by the price paid, not the current value, so the net assets are magnitudes greater than is what is being reported.

[Jerry Pitts]

Originally Posted by rottweiler

That must be the State of Florida CAFR. The stocks shares value is determined by the price paid, not the current value.

Actually, looking at the letter, it is dated 2006. The current value is 184 billion. See www.sbafla.com look immediately to the right hand side of the page at the top for their official notice of todays standing.

Jerry Carlos

[rottweiler]

I suspect it is actually in the trillions. If they bought a share of stock for $5 and it is now worth $200 it is still reported as $5.

I am independent, not a beneficiary or chattel, so it is not really my business except to see what they are up to.

Originally Posted by Jerry Pitts

Actually, looking at the letter, it is dated 2006. The current value is 184 billion. See www.sbafla.com look immediately to the right hand side of the page at the top for their official notice of todays standing.

Jerry Carlos

[netwrkranger]

Elite -

(also spelled Élite) is taken originally from the Latin, eligere, "to elect". In sociology as in general usage, the élite is a relatively small dominant group within a large society, which enjoys a privileged status envied by individuals of lower social status.
The position of an elite at the top of the social strata almost invariably puts it in a position of leadership and often subjects the holders of elite status to pressure to maintain their position as part of the elite. However, in spite of the pressures, the existence of the elite social stratum is usually unchanged.

Elites are educated to govern. While common public education is often designed to educate the general population to produce knowledgeable and skilled citizens, the elite approach to education is often presented at a more intellectual and demanding level, and is geared to produce leaders of a sort. It can be idealized as an education geared to producing an individual capable of thinking at an intellectual level more advanced than the general population, consisting of diverse philosophical ideals and theories in order to enable the elite to logically evaluate situations.

There you have it. You are trained to be a cog while the elite are trained to rule. Those paragraphs are pulled directly from wikipedia. So much for public school!!

- netwrkranger

[Jerry Pitts]

Originally Posted by netwrkranger

Elite -

(also spelled Élite) is taken originally from the Latin, eligere, "to elect". In sociology as in general usage, the élite is a relatively small dominant group within a large society, which enjoys a privileged status envied by individuals of lower social status.
The position of an elite at the top of the social strata almost invariably puts it in a position of leadership and often subjects the holders of elite status to pressure to maintain their position as part of the elite. However, in spite of the pressures, the existence of the elite social stratum is usually unchanged.

Elites are educated to govern. While common public education is often designed to educate the general population to produce knowledgeable and skilled citizens, the elite approach to education is often presented at a more intellectual and demanding level, and is geared to produce leaders of a sort. It can be idealized as an education geared to producing an individual capable of thinking at an intellectual level more advanced than the general population, consisting of diverse philosophical ideals and theories in order to enable the elite to logically evaluate situations.

There you have it. You are trained to be a cog while the elite are trained to rule. Those paragraphs are pulled directly from wikipedia. So much for public school!!

- netwrkranger

Thanks Ranger. Both enlightening and appreciated. It adds to the idea of how words used can sometimes cause things to be inverted from what they should be (at least according to the Constitution). IF the sovereignty of this Nation is resting upon the People, then it would infer that the People are the leaders (governors) and that the state agents are the servants, thus their label as (public servants). Interesting and complex set of word associations that must be dealt with.

Jerry Carlos