Arkansas treasurer accused of taking cash from broker
LITTLE ROCK, Ark. – An affidavit filed Monday in federal court alleges that Arkansas Treasurer Martha Shoffner repeatedly took cash payments, sometimes rolled up and hidden inside a pie box, from a broker who invested state money.$36,000 in total. A career - a reputation - forever tarnished for the price of a new car. She was barred from running for treasurer again because of term limits, so she won't have to face the voters again - not that she could get elected dogcatcher after this. For $36K. I suspect that's not even a year's pay for the state treasurer - and the bribes were spaced out over 3 years, some $12K/year, allegedly to help her pay her rent. Now, the LA Treasurer position makes about $55K a year - at least in 2010, the last time figures were disclosed. Given that she had a state car and driver, it's hard to swallow that she was having trouble making ends meet on $4500/month.
The affidavit claims that Shoffner accepted multiple payments of $6,000 cash. The affidavit from FBI Special Agent Richard McLain said the broker has been granted immunity in exchange for his or her cooperation. According to the affidavit, Shoffner accepted at least $36,000.
What's worse is that it sure looks like she was selling existing bonds early - literally robbing the state of money - so that she could arrange for more state transfers through the broker who was giving her money under the table. In order to line her own nest, she deliberately sold out the state that elected her and the people whose trust she did not deserve. She's looking at a possible 20+ years in jail over this. I hope, for the sake of the people in Arkansas, that she gets the full sentence possible. Maybe it'll send a message to the next treasurer not to sell out the people's trust for a few measly bucks.
And again, while I'm dreaming, I'd like to see .22LR back on the shelves...
That is all.
Another dispatch from...
(image courtesy of Robb Allen)