A few years ago, the Governor appointed me to the Virginia Public Building Authority. Technically, the job is to issue all bonds authorized by the legislature to construct public buildings. Practically, the job is to make sure the investment community doesn't take advantage of the state bureaucracy.
Today, I was in Richmond attending the meeting to approve $398.5 million in new bonds, including $100 million to re-finance existing higher-rate bonds. It was a tedious meeting, full of mind-numbing details.
Of course, I know it is fashionable during these times to hate the government and to ridicule the lazy people who work there. Yet, that is certainly inconsistent with my observations. I'm finding people who are as knowledgeable and sophisticated as any I've met in the trading rooms of money-center banks or broker-dealers.
Yes, they seem less harried, less aggressive, and less hungry than those on Wall Street. But, they also seem more motivated by doing the right thing, not just working their compensation plan like they do on Wall Street. I think the state of Virginia should actually be proud of them!
The bad news is that I was elected Vice-Chairman of the Board today . . . proving once again that no good deed goes un-punished!
Today, I was in Richmond attending the meeting to approve $398.5 million in new bonds, including $100 million to re-finance existing higher-rate bonds. It was a tedious meeting, full of mind-numbing details.
Of course, I know it is fashionable during these times to hate the government and to ridicule the lazy people who work there. Yet, that is certainly inconsistent with my observations. I'm finding people who are as knowledgeable and sophisticated as any I've met in the trading rooms of money-center banks or broker-dealers.
Yes, they seem less harried, less aggressive, and less hungry than those on Wall Street. But, they also seem more motivated by doing the right thing, not just working their compensation plan like they do on Wall Street. I think the state of Virginia should actually be proud of them!
The bad news is that I was elected Vice-Chairman of the Board today . . . proving once again that no good deed goes un-punished!
