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David Hoffman hits Giannoulias on "Bright Start" college savings plan

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Below, Hoffman release.....

January 10, 2010
Bright Start Victim Speaks Out in New Hoffman Ad
Bright Start Victim Speaks Out in New Hoffman Ad

Chicago, January 10, 2010 - Ellen Mrazek, one of the thousands of Illinois parents who suffered extensive losses as a result of Alexi Giannoulias' mismanagement of the Bright Start College Savings Fund, joined David Hoffman today at a press conference to discuss Hoffman's new TV ad "Promises", which begins running tomorrow in Chicago. In the ad, Mrazek discusses her reaction to Giannoulias' misleading Bright Start campaign ad.

"Ellen is outraged that Alexi Giannoulias could mismanage these funds, mislead families about the extent of their losses, and then run television ads touting Bright Start as a great achievement," said Hoffman. "I share her outrage."

Like parents across Illinois, Mrazek invested in the fund promoted by the Treasurer as a "savings" program. The fund turned out to have been heavily invested in mortgage-backed securities and other risky investment vehicles. As has been widely reported in the press, Giannoulias was aware of the problems with the fund for at least seven months before he finally stopped putting the college savings of thousands of Illinois families' money into it.

In the ad, Mrazek says, "I was so surprised he would use running Bright Start as an actual credential."

Giannoulias has never accepted any responsibility for mismanaging the fund and costing those families millions of dollars they entrusted him to protect.

"This is about trust," said Hoffman. "Alexi Giannoulias deceived families about the nature of this investment, deceived them about how much was lost and how much he'd recover, and now he's trying to deceive them with his campaign ads. It is time to set the record straight."

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on January 10, 2010 1:49 PM.

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