Oklahoma State Regents say more funding needed to provide quality education

It is time people learned why we are having revenue shortfalls.

The tax commission has been misreporting our tax revenue by under reporting how much some companies and wealthy individuals are getting in tax credits. Tony Mastin, head of the Oklahoma Tax Commission, is operating a massive fraud allowing some corporations and wealthy individuals $100s million per year in unearned tax credits. Mastin is hiding this fraud the exact same way Bernie Madoff was scamming his victims. Falsifying tax commission reports.

Example, Mastin listed on Open Books the tax commission allowed $69 million in tax credits for all of 2007. In the last two weeks at least $280 million more, for 2007 alone, that Mastin gave out in tax credits, and was trying to conceal, has been uncovered. How that is done takes a little explaining.

Using tax credits to hand out money is off the books and not part of the budget. Yet many of these tax credits can be sold to other people. Mastin as the head of the Oklahoma Tax Commission, has sole and unaccountable control of tax credits. Knowing that state lawmakers enacted into law 68 O.S. 2001, Section 205 requiring that only the tax commission is allowed to see who is taking how much. And, the tax commission has sole discretion in determining what is required to qualify for tax credits; who meets those requirements; and what is required to be reported to demonstrate fulfilling those requirements. That is essentially nothing more than a letter stating we meet the requirements.

Mastin is a one man empire with total, absolute and unaccountable control. In addition to uncovering the fact Mastin has been falsely reporting how much he was giving out; the audit that resulted in the failure of First State Bank Altus revealed the president of the bank Paul Doughty used the bank to issue $643 million in fake loan documents. Doughty loaned Altus Ventures where he was also president, $389 million of those fake loans to inflate the actual $32 million invested in Quartz Mountain Aerospace and claimed investing $421 million. Mastin allowed that claim, in spite of being told that only $32 million was invested, handing, Doughty $126 million in unearned tax credits. The other fake loan user was Affinity Ventures but Mastin will not reveal that information.

Mastin is holding all information in secrecy. The Altus Ventures fake loans and QMA information came to light via other means. The recent failure of all three: First State Bank Altus, Quartz Mountain Aerospace and Altus Ventures revivified the evidence.

That is just the tip of the iceberg. Many investment firms never even bothered with fake loans. They simply filed claims stating the invested in non-existent, on paper only LLCs. Scissortail, Oakhills, and the list goes on and on.

So far at least $500 million in unearned tax credits has been uncovered. $500 million that Mastin and Mastin only, allowed and falsified reports to hide. You can see the whole story on prowlingowl.com

This is continuing and will continue until you and I take proactive action and hold our elected officials feet to the fire. They all know about this, but also know it is the big donors who are getting the tax credits, and have stolen money.

This is the way it is and will remain until we realize and accept the fact there is No Someone to fix this for us. Posting our complaints here will not fix it either. The only solution is too tell everyone we know, and get the lowly taxpayers mad enough to all start demanding heads on platters.

For once I agree with Jason. A college degree is almost worthless unless you plan on going further with your education. Vo-tech is the way to go. I was a waitress for years with my bachelor's degree. Now I owe $225,000 on my student loan for medical school. I'm not sure where all the money for higher education is going, but it sure didn't help me any!

The greed of these college administrators is truly disgusting. They want $38.5 million to make up for this year's budget cuts? Are they insane? So does every other state agency. Our state's colleges and universities are brimming with excess, especially at the level of these presidents' office. They probably need $1 million a year to feed our chancellor. This kind of avaris makes me want to puke.

Those like Dave need to ask some questions about how the large state schools operate. I know people that work in the OU athletic department. They get no tax dollars for operation. I have no ties to the OUAD, so I really don't care one way or the other.

It is time for the legislature to put a stop to this. The worst thing the legislature did a few years ago was give tuition setting authority to the Regents. If you gave the Regents the entire $12 billion dollar budget it wouldn't be enough. We have seniors and kids that need a little extra help during these economic times....stop this crap!!

Lets eliminate the State Regents for Higher Education. Why do we have huge administrations at these schools already if this bureaucratic group is always sticking their nose in to keep their own organization alive. Cant Boren and Hargis speak for their own university?? Additionally, lets do the same to the state superintendent position. Not needed. There is a lot of savings here.

Jeez those "leaders" just continue to put their hand out to the taxpayers. How much of t-bone's money actually went for education? Obviously more went to atheletics than to the real investment in Oklahoma and America. OU isnt much better. What this bullshit goes to are adminstrators that do the black tie circuit ect and are mere figureheads. I guess those greedy bastards are not satisfied. This is a JOKE!!!

It's the old shell game of "do the hustle".Plump home town "Thieves".

I am so sick of hearing this bull. Just because a teacher gets paid more doesn't mean they will teach better. It just means they will continue to ask for more and more. I think it is time to cut Borens pay and anyone else making over 200,000 a year in half and use that money to make people smarter. Leave the taxpayers alone. Your sucking us dry and these days that high paid education isn't going to get you anywhere. There are no good jobs out there for anyone. Stop building and start using that money for teachers and stop taking and taking and taking. Who is really getting all this money?

DENIED - The vast majority of graduates find employment outside of Oklahoma anyway. Oklahoma does not value education - so having more people with degrees is pointless. People are constantly being promoted due to their last name, golf associations, and through hunting trips. It is time to put an end to the abuse of tax payer's money. Boren has made a point of justifiying Stoop's salary because of his record, and big twelve championships, so what happens this year?

Pay Stoops $6million, Boren $500,000 and then want taxpayors to ante up more money for education. Take it off the top first and then see what else is needed. Those like, S, Norman, who think the athletic departments are self supporting need to take a few classes in public financing. Budgeting is not complex. How much money do you have? Where should you spend it? In Oklahoma we spend it on football coaches and college presidents and not on students.

As reported November 18, 2008, less than 1 year ago:

During an economic downturn, tuition is on the rise, but so are the salaries of presidents at public universities, according to a new report released Monday by The Chronicle of Higher Education.

The report found executive compensation at OU and 183 other universities increased an average of 7.6 percent over the last fiscal year.

Presidents’ salaries and benefits average close to $470,000, but OU President David L. Boren’s package totals $550,544 annually, the third-highest in the Big 12.

Boren’s total compensation increased 33.6 percent between the 2006-07 and the 2007-08 fiscal years.

His salary increased only slightly, to $370,230 from $361,553, in line with a university-wide cost of living salary increase announced in April.

But his other benefits, including deferred compensation and retirement pay, more than tripled.

S, neither should the bulk of student activity fees at state colleges be used to pay full ride athletic scholarships...

Here we go again. The athletic departments are self supporting. All monies generaterated to pay the coaches are from ticket sales, private donations, consessions, coaches shows, endorsements, etc. If you don't like athletics that is OK, but at least get it right. The state should not take money from the athletic departments, unless you are willing to let them just take it from you.

Pay tuition, read a book, and you are magically educated.

Read a thousand books, but don't pay tuition, and you are uneducated. See what I'm a sayin'?

Money should be taken away from these universities, not any more added for luxury boxes and university presidential perks.

william, you speak heresy in Okie Land! Foo'ba' is gawd...

Jason I actualy agree with you. A college degree is now worth what a high school diploma used to be worth. It is a shame that we have dumbed down the education system along with the media.

As for an increase in funding to the state universities, only if you lower tuition for the students and stop paying coaches millions of dollars! Football should not be the focus of any school, education should be the focus!

So Gaylord mafia member and termed out/burned out Hargis is rattling his tin cup again? Do politicians ever tire of this charade of begging for more taxpayer loot? Even the alleged homeless begging on street corners eventually take a break.

Another rant from weirdo Jason.

Lynn...just what has happened in Canada. The HS diploma means virtually nothing now.

Jason, as long as employers set a minimum requirement of a bach degree for about every job they have to fill, then it will keep the higher ed pipeline filled.

A college degree has become nothing more than a tool to cull applicants.

"apocalyptic" = "apocalyptic language"