Alaska
Door ajar: Permanent Fund board left its executive session on topic of leaks open to the public
Yesterday, the Alaska Permanent Fund Corporation (APFC) Board of Trustees held an emergency special meeting to discuss the leak of emails to the Alaska Landmine.
The emails obtained by the Landmine showed that Trustee Ellie Rubenstein had set up meetings with Permanent Fund staff and her billionaire father David Rubenstein, as well as money managers who are investors in her own private equity fund.
After the public portion of the meeting, the board voted 4-2 to go into executive session to discuss the leak. Interestingly, Board Chair Ethan Schutt, along with Trustee Craig Richards, voted not to take up the matter in executive session. Trustees Adam Crum, Jason Brune, Ryan Anderson, and Ellie Rubenstein voted to go into executive session. Four votes are required on the board for a majority.
During the public portion of the meeting, Crum and Brune defended Rubenstein. But Richards, without naming Rubenstein directly, was critical of her interactions with staff as well as her attempts to directly engage money managers on behalf of APFC. The discussion and vote for executive session demonstrated a clear divide on the board.
The meeting was held virtually on Webex. The executive session portion of the meeting was supposed to only include board members and some staff, but for unknown reasons members of the public were able to attend. This allowed members of the public to observe what should have been a closed executive session. This was akin to a door being left open in the Capitol during an executive session of a committee, allowing anyone outside to listen in.
A member of the public who attended the entire two and a half hour executive session provided extensive notes to the Landmine. The source also provided multiple screenshots of the executive session, proving that they were able to attend. We have redacted their name to protect their identity.
Rubenstein, who remained quiet during the public portion of the meeting, became animated during executive session, according to the notes.
The notes suggest a high degree of palace intrigue within the Permanent Fund board and staff. For example, at one point APFC CEO Deven Mitchell and Scott Balovich, the head of IT for the APFC, were asked to leave the executive session at the request of Rubenstein, according to the notes.
After Mitchell and Balovich left, Rubenstein said she was surprised that they had not been more concerned about forwarding APFC emails to personal email accounts. Richards then weighed in, saying that staff are “covering their ass” by documenting things. Richards also said he was more concerned about employees feeling uncomfortable than about the leak itself, according to the notes.
There was discussion about the original Landmine story, and speculation about which staff could have been the source of the leak, according to the notes. There was also discussion about a possible external investigation into the leak. Oddly, the notes do not indicate any substantive discussion about the content of the leaked emails. Instead, the meeting was intensely focused on identifying the source of the leak.
According to the notes, Brune and Crum seem to think CEO Deven Mitchell was the source of the leak. Rubenstein then voiced concern about staff writing unsecure memos. She then asked Richards for his opinion, and mentioned that they had gone out of their way to not put their suspicions about Mitchell in writing, according to the notes.
Crum and Rubenstein then both voiced concerns about staff, according to the notes. Crum said that he no longer wants to have one on one meetings with staff. Rubenstein then stated she has issues with the CIO, Marcus Frampton, and does not trust him to handle private equity.
Earlier in the executive session, the notes stated Rubenstein expressed frustration that some staff may have transferred APFC emails to private email accounts. Extensive discussion followed regarding IT policies about emails, according to the notes. Rubenstein mentioned that the Securities and Exchange Commission (SEC) does not allow forwarding emails to private accounts, and accused Frampton of having done so.
Brune referenced an email he sent to Mitchell with a list of questions about the source of the leak, according to the notes. Mitchell said he asked all the staff who received emails if they were the source of the leak. They all said no.
Rubenstein then asked if “Rachel” was the source of the leak. It’s unclear who Rachel is, but Balovich responded that she did not show up on the Exchange system, according to the notes.
The notes also stated that Anderson asked whether possessing the leaked emails was a crime. Mitchell said that that was Rubenstein’s concern as well. But Mitchell indicated that he felt possession of the leaked emails itself was not a crime, but that the release of the emails may have been a crime, according to the notes. Mitchell also said he hoped there was not someone in the organization trying to undermine it.
The notes stated that Rubenstein expressed concern about staff making “unchecked allegations.” She went on state that there had been no head of private equity for nine months, and that Frampton had worked to undo relationships. She said it was “baseless” to conclude that she had pressured Frampton into investing Permanent Fund money into companies she’s connected with. She also said she had no idea a Permanent Fund staffer had met with Carlyle, according to the notes. Schutt then weighed in, saying that she was straying from the executive session topic.
The notes state there was extensive discussion about whether to issue a statement that the board had conducted an investigation into the leak. Mitchell pushed back, stating that that an IT review had been done, not an investigation.
Rubenstein asked if there was a way to check if personal cell phones had been used to forward emails, and added that it appeared someone had taken photos of the emails, according to the notes.
Brune asked if a search had been done to see if anyone “was stupid enough” to email Jeff Landfield. Balovich said it had not been done, but they could, according to the notes.
Brune also seemed to want to look at who has cultivated relationships with Jeff Landfield, according to the notes.
Yesterday, the APFC issued a statement that they were aware the public had been able to access their executive session.
Two US soldiers were wounded by a brown bear during a training exercise in Alaska on Thursday, the US Army stated.
Anchorage Daily News reported that the soldiers were from the 11th Airborne Division, and that the exercise had been a “land navigation training event” near Joint Base Elmendorf-Richardson.
State wildlife officials said that the bear attack seemed to be a defensive one, from a bear which had recently emerged from its den. Staff members from the Alaska Department of Fish and Game collected evidence at the scene in an attempt to learn more about the bear, such as its species and gender.
“The incident is currently under investigation, and we are working closely with installation authorities and local wildlife officials to gather all relevant information and ensure the safety of all personnel in the area,” the 11th Airborne Division said in a statement, reported ABC News.
ABC News also cited an 11th Airborne Division spokesperson, Lt.-Col. Jo Nederhoed, who said that the two soldiers had been seriously wounded, but were receiving care at a hospital in Anchorage, and had shown improvement by Saturday morning.
“We hope both individuals have a full and quick recovery, and our thoughts are with them during this time,” Fish and Game Regional Supervisor Cyndi Wardlow said in a statement reported by Anchorage Daily News. “In this case, having bear spray with them in the field may have saved their lives.”
Both of the soldiers reportedly had and used bear spray during the attack.
The bear’s condition and whereabouts are currently unknown.
Up, up and away … that’s where most travel prices are going.
It’s true. Not only are our nation’s geopolitical thrusts in the Mideast affecting the cost of your fill-ups, every component of your trip from airfares to car rentals and hotel stays are subject to price hikes.
Imagine filling up a jetliner with jet fuel that’s doubled in price. It’s enough to melt your credit card, regardless of the number of points you get for every dollar spent!
Because the price of oil affects everything, higher prices are eating away at your travel budget in many ways.
Bag fees
There’s lots of press on this. All airlines are increasing their checked-bag fees because of the jump in fuel prices.
Back in 2009, Alaska Airlines instituted a $15 fee for the first checked bag and $25 for the second bag. At the time, there was no charge for the first bag and a second bag was $25.
Last week, Alaska Airlines, along with other major airlines, increased its fees to $45 for the first checked bag and $55 for the second bag. Delta Air Lines charges the same.
Even if the cost of oil comes down, I don’t expect bag fees will ever be reduced.
Travelers who live in Alaska are somewhat insulated from the new hikes because both Delta and Alaska Airlines offer two free checked bags, with conditions:
1. Alaska offers two free checked bags for travelers flying to or from Alaska who are enrolled in Club 49. This does not affect other flights on Alaska. Separately, ATMOS credit card holders can get a free checked bag. Also, elite members of the ATMOS scheme get one or two free checked bags systemwide.
2. Delta offers two free checked bags for travelers flying to or from Alaska who are SkyMiles members who live in Alaska. Again, this does not apply to other Delta flights. Separately, Delta American Express cardholders can get a free checked bag.
3. Elite-level travelers with the oneworld airline cartel, including Alaska Airlines, can get one or two checked bags on American, British Airways, Japan Airlines, Qantas or other oneworld carriers.
[Anchorage’s international airport rolls out self-driving wheelchairs]
Main Cabin vs. Basic Economy
The spread between the lowest available price, Basic Economy, and a more flexible ticket, Main Cabin, has increased. While the difference used to be $20-$30 each way when the Basic Economy scheme was introduced in 2018, the round-trip upcharge now can exceed $100.
For example, the lowest Basic fare to Portland is $337 round-trip on Alaska Airlines. The upcharge to Main Cabin, with full loyalty points, pre-assigned seats and more flexibility on changes and cancellations, is $447, a 33% upcharge.
This trend is not specifically attributable to the new Iran War. It’s just a cost that continues to rise.
New fees
I’m impressed at the creativity of airline people who dream up new fees. Here are some of my favorites from Alaska Airlines:
1. Phone reservations: $15
2. Partner award booking fee: $12.50
3. Pet travel fee: $100 in the cabin, $200 in the baggage compartment with a kennel
4. Left on board item return fee: $20
On Condor Airlines, operating the only nonstop service from Anchorage to Europe, travelers can choose from four different bundles in economy class. The least-expensive, Economy Zero, from $840 round-trip, features fees for travelers:
1. Carry-on bag fee, up to 8kg: $35; a small bag like a purse always is included for free
2. Checked bag: $75
3. Airport check-in: $30
All three of these fees are included in the next-highest fare bucket, Economy Classic, from $900 round-trip. It’s cheaper to buy the bundle than it is to buy the components a la carte. Seat assignments are additional, from $25 for economy.
Airfares on the rise
There are a few good deals available for travel to select West Coast/Intermountain destinations in May, including:
1. Anchorage-San Francisco on Alaska Airlines, from $307 round-trip. Fly May 15-28 only. Add $90 round-trip for Main cabin.
2. Anchorage-Los Angeles on Alaska Airlines, from $317 round-trip. May 15-25 only. Add $90 round-trip for Main.
3. Anchorage-Phoenix on United, Delta or Alaska, from $267-$287 round-trip. Fly May 8-June 9 only. Add $90-$100 for Main.
4. Anchorage-Denver $357 round-trip on Delta. Fly May 8-June 9 only. Add $90 round-trip for Main.
For travel to other destinations, or later in the summer, be prepared to pay more.
Flying to Hawaii? Alaska Air’s nonstop prices out at $706 round-trip between May 30 and June 6. Add $110 round-trip for Main.
Nonstop flights from Anchorage to Salt Lake City start at $669 round-trip with Delta on May 17. That’s $100 more than the cost for the same flights last month. Add $90 more for Main.
Hotel costs continue to rise, accompanied by pesky resort fees.
The Outrigger on the Beach in Waikiki is a very nice beachfront hotel. It’s not plush, or the nicest property. But it’s solid. The cost is $334 per night.
But there’s more: a $50 per night resort fee, plus a variety of taxes and charges, totaling $112.55 per night.
Down in Seattle, the Sound Hotel in the Belltown neighborhood is marketed by Hilton. The discounted rate for “Honors” members — it’s free to join — is $313.34 per night for a king room in late May. Taxes and fees add an extra $56.40 per night.
There’s no appreciable bump yet for hotel rates as a result of the oil price surge. Yet. But if these hotel rates seem high, they’re in line with hotel rates in Anchorage this summer. At the Sheraton in Anchorage in June, it’s $450 per night, plus $54 in taxes and fees, when booked at Expedia.
Car rentals are not cheap
My go-to site for car rentals is the Costco site, which compares major brands and automatically includes Costco discounts.
In Las Vegas, for a one-day rental in May, Budget charges $67 per day, which includes taxes and fees of $22.77. In Anchorage, the same kind of car, medium SUV, costs $92.97 with Alamo.
The biggest differences so far in car rental rates seems to be the bill you’ll pay when you fill up the tank before returning. There’s no appreciable jump in prices because of the new war.
When it comes to making travel arrangements for the spring and summer, it’s more risky making completely non-refundable arrangements.
I made the decision to purchase most of my summer travel plans in advance, but only after determining I would not need to change the dates. Particularly with airline tickets, it’s expensive to change your dates.
There’s lots of uncertainty regarding travel arrangements, particularly international travel. As fuel prices go up due to oil shortages, travel companies will look for ways to recoup the increased costs. In most cases, those higher costs will be borne by travelers.
ANCHORAGE, Alaska (KTUU) – The reopening of the Strait of Hormuz has led to a decrease in oil prices nationally, but Alaska’s senior senator said the state faces a different situation that could threaten rural communities.
“If you can’t produce power because you don’t have the diesel or you just can’t pay the prices, your little communities can collapse,” Sen. Lisa Murkowski, R-Alaska, said at a Friday press conference at the Arctic Encounter Summit in Anchorage.
The price of oil has been a double-edged sword for Alaska. On one hand, the increased price of North Slope oil brings more revenue to the state, but consumer prices can also rise.
North Slope oil prices were $106.36 a barrel on Thursday.
“This is a very precarious time,” Murkowski said. “Our state has enjoyed a bounty because we have benefited from the higher prices of oil that goes into our treasury, but it’s the Alaskans in … the off-road communities that are threatened to be hit most hard.”
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