Declarations

The Blame Game

“It stretches both credibility and past experience with bridge structural failure to find causation through a single factor.”

—Minnesota State Rep. Jim Oberstar on Oct. 26 criticized the National Transportation Safety Board after a published report said investigators for the agency have determined an original design flaw is the likeliest reason for the collapse of the Interstate 35W bridge in Minneapolis. The Star Tribune reported that investigators believe the bridge’s original designers likely neglected to calculate the size of key gusset plates that eventually failed. Investigators also determined that corrosion of certain gusset plates, extreme heat and shifting piers did not contribute to the bridge’s collapse, the newspaper reported. The Star Tribune cited unnamed sources with direct knowledge of the probe.

Investment for College

“To make good on that promise, I knew we had to secure the management services of a financial institution that … had a long and distinguished track record of investment excellence.”

—Nebraska State Treasurer Shane Osborn explains the motivation for the change he made effective Nov. 1, 2008, when OFI Private Investments (OFIPI), a subsidiary of OppenheimerFunds Inc., will become the new investment manager and service provider for the State Farm College Savings Plan. The plan previously was managed by Invesco Aim Capitol Management Inc. and Invesco Aim Distributors Inc. OFIPI will act as the investment manager for the State Farm College Savings Plan, which has $120 million assets under management, said Colleen Van Dyke, vice president of Securities Products at State Farm. Under the new State Farm Plan, there will be five Enrollment-based Portfolios, tailored to the beneficiary’s college enrollment date as well as four Static Portfolios, designed to match an investor’s risk profile. Additionally, OFIPI has reduced the total expense ratio of plan portfolios by an average of 47 basis points, eliminated the annual fee, and will save the average account holder 53.6 percent in total fees.