In case you missed it, Oklahoma Watch recently published a profile on Kevin Stitt’s latest – and perhaps most lucrative – grift.
The gist is that Stitt basically steered a lucrative billion-dollar investment management agreement to his Young Presidents’ buddy, business partner, and political ally Bond “Pork Chop” Payne – the trust fund baby turned trust fund manager who served as Ol’ Stitter’s chief of staff from 2020 to 2022 – without ever formally disclosing their cozy relationship.
Here are the basic details from Oklahoma Watch:
Oklahoma Governor’s Vote Steered $2 Billion Advisory Role to Former Business Partner’s Firm
Oklahoma Gov. Kevin Stitt voted to award a lucrative investment advisory contract to a firm owned by his former chief of staff and one-time business partner — a company that has the power to steer more than $2 billion in state pension, endowment, and sovereign wealth fund money.
As chairman of the newly created Invest in Oklahoma board, Stitt cast his vote Feb. 17 in favor of 311 Capital Management LLC, a firm launched by Bond Payne. Payne served as Stitt’s chief of staff from 2020 to 2022 and previously partnered with the governor on a major downtown Oklahoma City real estate project.
Stitt and State Treasurer Todd Russ both said the selection followed a competitive bidding process. Yet board discussions made no mention of Payne’s ties to the governor, and the contract positions Payne’s firm to earn fees from any successful in-state investments it brings before the board.
Wow. That’s hard to believe. You’d think Stitt and Payne would have at least tried to put a middleman between them, but instead they just kind of did their grift thing out in the open and hoped nobody would notice. It must be nice to know you can do this stuff and apparently never face accountability or consequences!
Oklahoma Watch’s report was picked up by various media outlets across the state, including The Oklahoman. I guess this irked Stitt, so he sent a letter to the editor to complain about the coverage — and, specifically, the headline:
I am very disappointed that this paper chose to rubberstamp an article with a deeply flawed headline.
The April 10 reprint of an Oklahoma Watch article titled “Gov. Stitt vote steered $2 billion advisory role to former business partner's firm” fails to represent the facts, so here they are.
Hey, I know I’m not a politician trying to quell yet another scandal that highlights my lack of ethics and character, but I thought the Oklahoma Watch headline was fair. If you’re the one who hands your buddy the keys to the vault, you don’t get to correct people by saying, “Well technically we haven’t put any money in it yet.”
Here’s more:
This story refers to Invest in Oklahoma, which is a program created by the Legislature and designed to allow the state to invest a portion of funds into Oklahoma-based private equity, venture capital, and investment firms. These investments aim to generate competitive returns for the state while also supporting the growth of Oklahoma startups and expanding access to capital for in-state businesses. That is a good thing.
To be clear, the Invest in Oklahoma Board, which by statute includes the governor, has only met once. ZERO dollars thus far have been approved for managed investment, which is a far cry from the $2 billion claimed by the egregious headline this paper reprinted.
Listen, I know tossing out big numbers and arguing semantics is a classic political maneuver to distract from the issue at hand, but whether it’s $2 or $2 billion, the amount isn’t the point.
The point is that you freaking gave one of your best buddies and business partners access to a potential $2 billion investment account without disclosing it. That’s what people are mad about, Kev. It reeks of cronyism. How do you address that?
Additionally, a minority investment made years ago and divested from long before this board existed hardly meets the definition of a business partner. This was nothing more than an activist trying to twist his story to meet a political narrative.
Members of the press need to get their facts straight and restore journalistic integrity, rather than spreading glaring misinformation that damages the public trust.
Yeah… a “minority investment” hardly meets the definition of a business partner.
Not to be one of those journalists who “gets their facts straight,” but this would be a good time to point out that Stitt and Bond’s investment company was called JRB Citizen LLC. According to one Mole, the “J” stands for John — as in John Kevin Stitt — while the “B” stands for Bond, and the “R” stands for another Young President — Renzi Stone.
But yeah, sure, Kevin. This is just a minor investment. Totally not a business partnership. Just three random guys whose initials somehow ended up in the name of the same investment group. Nothing serious at all.
Anyway, just like with Stitt’s other grifts, I guess the question is – what happens next?
According to the Ogle Mole Network, it looks like this could lead to one final Stitt / Drummond showdown.
Attorney General Gentner Drummond is expected to get involved at some point and has a few options. He could try to void the contract, file an injunction, or push to rescind the vote. Of course, being a politician who’s also running for governor, he’ll have to balance all that with his own political considerations and games.
When and if any of that happens, we’ll be there to cover it.
Stay with The Lost Ogle. We’ll keep you advised.
