# Jason Brady Chief Deputy in the Arkansas Auditor of State's office under Auditor Dennis Milligan. Prior to his Auditor's-office role, Brady served as **Chief Deputy Treasurer - Operations at the Arkansas Treasurer of State's office under Treasurer Dennis Milligan from at least January 2018 through October 2021**, placing the Treasury's documented Israel Bonds orders across this period (see Treasury R2 9-23-25 section below). In the materials produced by ATRS staff for the 6/18/25 FOIA, Brady is the originating point of contact between the Development Corporation for Israel and the two largest Arkansas pension systems. He uses an iPhone signature on his outreach messages and a state email address at auditor.ar.gov. On 10/23/2024 at 3:39 PM Brady emailed both Amy Fecher (APERS executive director) and Mark White (ATRS executive director) directly, copying Auditor Milligan and the Auditor's office staff member Wendy Spadoni. The message proposed that both directors and their investment teams meet a representative of Israel Bonds in November and described the Auditor's prior advocacy for Israel Bonds-enabling legislation during his time as Treasurer of State. Brady framed the meetings as something the Auditor was arranging on behalf of "Larry," a reference subsequently confirmed by the 4/11/2025 follow-up to be Lawrence Berman, DCI National Managing Director for Corporate and Institutional Sales. Brady wrote that other meetings were also being arranged for Larry but that "your meetings are Larry's priority." He asked each director's executive assistant to send three or four candidate days. The 4/11/2025 confirmation email from Auditor Milligan to Mark White names Brady as the contact point for any rescheduling, providing his direct line and cell number. Brady is described in that message as "my Deputy Auditor." In Mark White's 5/22/2025 Board preview message, Brady is named as the person who will deliver the Israel Bonds request to the ATRS Board on behalf of the Auditor. White wrote: "Jason Brady will be making this request on behalf of the Auditor, and we will have advice and materials from Aon on how the investment could be structured." Brady appears in this batch only as the conduit. The materials do not show him commenting on the merits of the investment, providing analysis, or appearing at the 4/15/2025 in-person meeting at the State Capitol. His role as documented in this batch is calendar coordination on behalf of his principal. The Brady custodian sub-batch of the Auditor's office FOIA response (cataloged at [[auditor-foia-r1-brady]]) contains only two files, both Outlook exports of the same 10/23/2024 chain captured in the ATRS staff mailboxes: his sent-folder copy of the outreach message (ISRAEL BONDS - 03.pdf) and Mark White's reply landing in his Cc-side mailbox (ISRAEL BONDS - 04.pdf). The Milligan custodian sub-batch (cataloged at [[auditor-foia-r1-milligan]]) added one Brady-authored file: ISRAEL BONDS - 02.pdf, an Outlook calendar acceptance dated 1/3/2025 4:40 AM in which Brady accepted "Israel Bonds - Private & Exclusive Economic Briefing," sent to Wendy Spadoni. This is the first documented evidence in the production that Auditor's office staff personally registered for DCI events. Brady was a confirmed registrant for the 1/15/2025 Yali Rothenberg DCI briefing. The combined Brady documentary record across both ingested custodian sub-batches now spans October 2024 through January 2025, with no further Brady-authored correspondence on Israel Bonds documented through June 2025. The 5/22/2025 White Board preview email named Brady as the carrier of the request to the ATRS Board, but Brady's own implementation correspondence around that role is not documented. Either the role was conducted through non-email channels (telephone, in-person at the 6/2 meeting), or the Auditor's office did not produce records of it. The Brady custodian production from the Auditor's own R2 FOIA response (6/25/25) at [[auditor-foia-r2-jbrady]] dramatically expands Brady's documented activity beyond the Israel Bonds matter. Brady is the Auditor's-office operational liaison to the State Financial Officers Foundation (SFOF) and runs the Arkansas-side of an industrial multi-state policy machine. He drafted Auditor Milligan's 4/24/2025 SFOF Spring National Meeting speech (in two iterations dated 3/26 and 4/3/2025; the speech topic is Unclaimed Property recovery, not Israel Bonds). He attended the SFOF Spring National Meeting at Omni Orlando ChampionsGate on April 22-24, 2025 (immediately after the 4/14-15 Capitol tour with Berman/Young). He coordinates Milligan's signatures on SFOF sign-on letters to federal officials on Tesla, anti-ESG, anti-CCP, anti-debanking, and other topics (see [[sfof-policy-letter-operation]]). He participates in regular SFOF "National Policy Zooms" (the calendar shows at least nine such Zooms in the period). His sole substantive editorial intervention on a SFOF letter in the production is asking Oleka to fix a mailmerge mistake that misidentified Milligan as Alabama Auditor; he does not engage on letter substance. Brady's role at the Auditor's office is therefore not narrowly Israel-Bonds-focused. The Israel Bonds matter is one component of a coordinated multi-front political-financial operation Brady runs from the Auditor's-office side. The October 2024 outreach to ATRS and APERS executive directors that opened the Israel Bonds investigation is best read against this broader Brady portfolio. The 6/25/25 production also captures Brady's participation in the Arkansas State Board of Finance distribution (see [[arkansas-state-board-of-finance]]) and routine Auditor's-office internal correspondence with Stacy Peterson, Wendy Spadoni, Kristina Duke, and Melissa Corrigan. The 6/25/25 production additionally documents that Brady's mailbox received at least 50 DCI Israel Bonds promotional emails during the relevant period (matching the templates documented at [[dci-promotional-pipeline]]); that DCI continued sending Brady promotional materials after the 6/2/2025 ATRS vote, including the 6/17/2025 "Ambassador Leiter" briefing and the 6/19/2025 "A Message from Our CEO" email that used the Iranian missile strike on Dani Naveh's family home as marketing context; and that Brad Young requested Brady's mailing address on 12/16/2024 (separate from any documented mail-out). The Spadoni custodian production adds substantial Brady evidence. Brady was the orchestrator of the April 14-15, 2025 multi-official Capitol tour, working alongside Spadoni. The 4/7/2025 email Brady sent to Spadoni provides the complete drafted text of an "Informal letter to Sen. Dotson and Rep. Warren on fancy stationary" with the signature line "Dennis Milligan." Brady was therefore drafting the formal Auditor correspondence going out under Milligan's signature. The drafted text is significant for two reasons: it documents Brady's role as ghost-writer of formal Milligan correspondence, and the substantive content discloses that Milligan personally purchased Israel bonds during his Treasurer tenure and has known Berman since that time. Per the same 4/7 letter draft, by April 7 Brady had already lined up meetings with Sen. Hester (Senate President Pro Tempore) and Treasurer Thurston, and was working on a slot with Speaker Evans and follow-ups with both pension executive directors. The 4/11 schedule Spadoni sent Berman documents the eight scheduled meetings the trip ultimately included. Berman's reply to Spadoni on 4/11 closes "Have a great weekend, thanks again Wendy....and Jason, a million thanks my friend," indicating the relationship between Brady and Berman was personal, not just professional. ## Treasury R2 9-23-25 production: Brady as Milligan-era Chief Deputy Treasurer placing Israel Bonds orders 2018-2021 The Treasury R2 (9-23-25) Israel Purchases sub-batch produces the substantive operational record of Brady's prior role at the Milligan-era Treasurer's office. Brady was Chief Deputy Treasurer - Operations at the Treasurer of State's office from at least January 2018 (the first documented Treasury Israel Bonds correspondence) through October 2021 (the last documented Milligan-era Israel Bonds purchase). His signature block in this period: > Jason L. Brady > Chief Deputy Treasurer- Operations > Treasurer of State > State Capitol, Suite 220 > Little Rock, Arkansas 72201 > (main) 501.682.5888 > (desk) 501.682.9100 > (cell) 501.516.2035 > [email protected] **Brady was the Treasury order-placer for FIVE Milligan-era Treasury Israel Bonds purchases totaling $85 million.** The order-placement chain follows the structural pattern Pulley later replicated under Walther and Thurston: Berman pitches, Brady places the order on behalf of the Treasurer: (1) **January 12, 2018 12:58 PM Berman → Brady** (Treasurer's office): the FIRST documented DCI correspondence with the Arkansas Treasurer's office, pitching the upcoming Feb 1 2018 purchase: "Jason, these are the rates available for a Feb 1 purchase... Please discuss rates with the Treasurer, call me with any questions, and we will need to get our operations people talking to yours. So time is critical now." The pitch produced the 3/1/2018 $20M 10th Series Jubilee Fix 2Y 2.73% purchase (CUSIP 46513XL40), the first documented Treasury Israel Bonds purchase ever. (2) **January 9, 2020 1:28 PM Brady → Berman** (cc Treasurer, Grant Wallace, Martin Kelly, Celeste Gladden): order-placement for the January 2020 $20M Milligan-era purchase. "Larry, per our conversation ... the TOS would like to purchase the following: $5MM of institutional Jubilee at 2.48% / $5MM of Jubilee at 2.33% / $10MM of Jubilee at 2.83%. When the State of Arkansas' $20MM bond matures in March, we will NOT reinvest that amount since we are investing $20MM now. Celeste with our office will call you or whomever you designate about when this settles and work out those details." (3) **May 8, 2020 12:27 PM Brady → Berman** (cc Wallace, Gladden, Jimenez, Robert Romanik, Martin Kelly): order-placement for the May 2020 $15M purchase. "Larry: as authorized by the Arkansas Treasurer of State, his office wants to put in an order for the following: $7MM of the 5-year jubilee fixed rate institutional bonds 8th series - at 2.03% / $8MM of the 3-year jubilee issued bonds 11th series - at 1.57%. These transactions will settle on May 15 2020." (4) **January 21, 2021 11:40 AM Brady → Berman** (cc Wallace, Romanik, Damon Dortch, Gladden, Eric Thessing): order-placement for the February 2021 $10M purchase. "Larry: per our conversation on Tuesday, the State of Arkansas / Treasurer of State would like to put in for the following: $5MM of the 5 year Jubilee Fixed Rate Institutional Bonds (8th Series) at 1.35%; $5MM of the 3 year Jubilee Issue Bonds (11th series) at .73%. If I did this correctly, I'll get out of the middle and let Celeste and your wonderful team complete this order/request. **As always, Treasurer Milligan appreciates the opportunity to stand with and invest in Israel.** God Bless – Jason" (5) **October 4, 2021 6:00 AM Brady → Romanik, Gladden** (cc Berman, Jimenez, Wallace): order-placement coordination for the October 2021 $10M purchase. "Robert and Celeste: We need to follow up with Luis at IB today to purchase the bond/s offered us last week **while in NYC**. Larry … I'm going to do the smart thing here and get the heck out of the middle and let Luis and Celeste do their thing. But again, thank you … thank you. Luis … great to meet you in person … let us know if you need anything. Jason" Brady also signed the QIB Accredited Investor Letter for the February 2021 institutional purchase (signed January 25, 2021 as "Jason L. Brady, CDT [Chief Deputy Treasurer]"). **Brady's "stand with and invest in Israel" framing is the documented rhetorical template** that propagates across the Milligan/Walther/Thurston eras. The phrase appears in: - Brady's January 2021 order-placement email ("Treasurer Milligan appreciates the opportunity to stand with and invest in Israel") - Sanders's October 2023 press release framing of the Walther $10M purchase ("Arkansas stands with Israel") - McKim's October 2024 Israel Prayer Ceremony draft ("celebrate the strong and enduring relationship between the state of Arkansas and the nation of Israel") - Milligan's October 2024 Capitol Rotunda speech (Christian-Zionist solidarity framing) - Brady's 2024-2025 outreach to ATRS and APERS executive directors (continuing the same rhetorical pattern) The rhetorical pattern is therefore documented as Brady's authorship across 7+ years, originating during Brady's Milligan-era Treasury role and continuing into his Auditor's-office Israel Bonds outreach orchestration. **The October 2021 NYC trip to DCI HQ.** Brady, Romanik, and Gladden traveled to New York City in late September or early October 2021 and met DCI Associate Director Luis Jimenez personally at DCI's 641 Lexington Avenue headquarters. This is the first wiki-documented in-person Treasury-DCI face-to-face meeting. The pattern is replicated in the April 14-15, 2025 multi-official Capitol tour Brady orchestrated from his Auditor's-office role. **Berman cc'd Milligan personally on the May 2020 sales pitch.** The 5/7/2020 1:12 PM Berman email to Brady cc Dennis Milligan, Grant Wallace, Autumn Sanson, Celeste Gladden, Luis Jimenez. Berman's framing: "Please let Treasurer Milligan know I would be more than pleased to be able to speak to him directly about this offering. Israel is asking all of its best customers to reach for size at this time if there is capacity." **Berman's personal "Y'all welcome anytime" New Orleans invitation.** Berman's 1/21/2021 11:55 AM reply to Brady's February 2021 order: "Thanks again for the order. Hope to see you in person soon! You, Grant and of course Treasurer Milligan, have an open invitation to visit Rose and me here in New Orleans! Y'all welcome anytime! See, I'm learning!" The Berman-Brady-Milligan-Wallace personal relationship is substantively close. **Total Milligan-era Treasury Israel Bonds orders Brady placed: approximately $85M out of the $105M Milligan-era cumulative purchase total.** The remaining $20M comprises the January 15, 2019 $30M 11th Series Jubilee 2Y 3.11% purchase (which Autumn Sanson placed per the January 9, 2019 email order; Brady was cc on that order). Brady's role as Milligan's Chief Deputy Treasurer for Operations included direct order-placement responsibility for the bulk of Milligan-era Treasury Israel Bonds purchases. **The wiki's prior framing of Brady as a "conduit" or "calendar coordinator" is substantially refined.** Brady was the operational order-placer at Milligan-era Treasury for $85M+ in cumulative Israel Bonds purchases, and he carried this institutional relationship and the "stand with Israel" rhetorical template into his subsequent Auditor's-office role. The 2024-2025 Brady outreach to ATRS and APERS executives is the continuation of a 7-year Brady-Berman-Milligan working relationship, not a freshly-initiated DCI channel. [[treasury-foia-r2-9-23-25]] source page [[autumn-sanson]] Chief Investment Officer at the Milligan-era Treasurer's office; Brady's senior investment-team peer [[steve-pulley]] Senior Investment Officer who replaced Brady's order-placer function under Walther and Thurston [[celeste-gladden]] Investment Manager at the Treasurer's office continuously through Milligan, Walther, and Thurston eras; on Brady's order-placement distribution [[dennis-milligan]] Treasurer of State during Brady's documented Treasury tenure [[lawrence-berman]] DCI National Managing Director whose personal relationship with Brady-Milligan-Wallace dates from at least January 2018 [[robert-romanik]] [[damon-dortch]] [[martin-kelly]] Treasury investment-team peers during Brady's Milligan-era tenure [[grant-wallace]] Senior Treasury staff continuously on Israel Bonds distribution during Brady's tenure ## Peterson custodian production additions The Peterson custodian production ([[auditor-foia-r2-stacy-peterson]]) adds two findings about Brady's operational role and one finding about his SFOF speech provenance. First, **Brady delegated SFOF call monitoring to Peterson from day one of the formal pension outreach**. On 10/23/2024 10:03 AM — five hours before Brady's 3:39 PM Israel Bonds outreach to Fecher and White — Brady forwarded OJ Oleka's 2:00 PM ET SFOF call invitation to Peterson with cc to Spadoni and the request "Stacy can you call in and listen and let me know ow [sic] please - if you can't - Wendy please." Peterson replied "Sure can." The delegation pattern continued: on 5/28/2025 5:49 PM Brady forwarded Adam Schwend's SFOF Policy Zoom invitation to Peterson with "Is there any way you could start watching these?" Peterson replied "Yep." Brady is therefore documented as systematically routing SFOF Policy Zoom attendance to Peterson over the entire documented period, not just for the SFOF Spring Meeting moment. Second, **Brady was the approval gate for the Auditor's-office Israel Solidarity Letter to Israeli Ambassador Michael Herzog**. Peterson's 10/2/2024 letterhead-request email to Spadoni states "It still needs approval from Jason, but I figured we could get that part out of the way." Brady's approval was necessary for the 10/3/2024 mailing. See [[october-2024-israel-solidarity-operation]]. Third, **the SFOF Spring speech was co-finalized by Brady and Peterson, not solely Brady-drafted**. Peterson's 4/17/2025 10:50 AM email to Milligan with the final speech version: "Sir, Jason and I have made a few tweaks to your speech for SFOF. Jason and Melissa are bringing copies of it for you to have, and I've copied the final version here below." The 4/3 Brady draft ("update sfof speech") contained the most overtly partisan framing ("if we 'Conservatives' in this room will lock arms and join forces, with Republicans in control of the White House, House and Senate"); the 4/17 Peterson-Brady final version softened this to "As conservative state financial officers, we have a fiduciary duty to our states and fellow citizens." The wiki's prior framing that Brady drafted the speech is supplemented: Brady authored the substance and the partisan language; Peterson polished the final delivery version. ## R2 residual sub-batches additions (6/25/25 FOIA) The four residual sub-batches at [[auditor-foia-r2-residual]] add four findings to Brady's documented operational footprint. First, **Brady was coordinating Treasury-side participation in the November 5, 2024 Election Day Berman trip from 10/28/2024**. On Mon, Oct 28, 2024 at 11:29 AM Brady sent Kenneth Burleson (Treasury Deputy, [[kenneth-burleson]]) two iMessages: "Hey - Larry Berman and a regional team member with Israel Bonds is in town Tuesday Nov 5 - yes Election Day. I'm setting up meetings with apers and ATRS for them. The Auditor is asking is there anyway the Secretary could do a five minute hello / handshake and photo visit - and then if you and Bill could give him 30 minutes. More of a get to know than anything. We are aware the timing isn't ideal." Followed by: "I have 10 with ATRS and 1:30 with apers by the way - it can be later in the day if necessary." The text documents Brady's first documented Auditor's-office Treasury coordination request on Israel Bonds, six months before the 4/15/2025 Capitol office Thurston-Berman meeting documented at [[auditor-multi-official-capitol-tour]]. "The Secretary" is Treasurer John Thurston. "Bill" is Bill Huffman, Treasury Chief Deputy ([[bill-huffman]]). The "10 with ATRS" cross-confirms Brady's scheduled 10 AM ATRS meeting with Mark White on Election Day, and the "1:30 with apers" cross-confirms the documented Borromeo APERS Election Day meeting at [[auditor-foia-r2-jbrady]]. Second, **Brady's redacted yellow-legal-pad note documents his Election Day planning detail**. The "scan_Redacted - undated note from jason.pdf" with FOIA-applied redactions has legible fragments "SBF - Wed - 18", "10 ATRS / 1175 ootlms", "130 APERS", "? John Thurston 230 / 905". The fragments confirm Brady's role as primary scheduler for the Election Day trip and document his consideration of a Thurston 2:30 PM slot (alongside the texted 5-minute request). The redaction basis is not specified in the production cover letter. Third, **Brady ghost-wrote a mid-May 2025 follow-up email to Sen. Jim Dotson** (Brady's prior 4/7/2025 Dotson outreach is documented at [[auditor-foia-r1-spadoni]]). The Brady-Spadoni iMessage thread captures Brady's instruction: "Please send this email to she Senator from the dm account- edit away but keep it short please. Thank you / Sen Dotson / Just following up in hopes of securing maybe 15 minutes max with you on either Monday or Tuesday to introduce and quickly visit with representatives of Israel Bonds. I know I am asking for time on their behalf and the state of Israel during the busiest time of the session, your consideration is greatly appreciated. DM". Brady signed "DM" (Dennis Milligan) and instructed Spadoni to send via the "dm account" (Milligan's account or personal AOL [email protected]). The first documented Brady-drafted Milligan-voice formal letter (4/7/2025 to Dotson/Warren via Spadoni R1) is now joined by this second mid-May follow-up via text-message delegation. Brady never appears on the resulting email channel; only Spadoni-and-Milligan addresses do. Fourth, **Brady's text-message coordination with Auditor's-office staff** is documented in three threads. The Brady-Corrigan text on Mon, May 19 at 8:08 AM ("on Friday between apers banking service meetings, and Israel Bond . I got zero time to work on potential merit bonuses... we just need to let Kristina and the management team know we're going to push it back to the next payday") documents Brady deferring to Corrigan as Chief of Staff on personnel administration during competing Israel Bonds operational pressure. The same thread documents Corrigan flagging "Larry's next contract" to Brady on Thu, May 29 at 10:19 AM with Brady's reply "Ugh yes" — establishing Corrigan as part of the office's DCI pipeline tracking ([[melissa-corrigan]]). The Brady-Spadoni Fri, May 16 5:57 AM forward of the Wickline NWA Democrat-Gazette APERS Israel Bonds story headline, and the parallel Brady-Peterson forward of the same Wickline article at the same minute, document Brady's immediate internal-distribution pattern when Israel Bonds public reporting drops. The Brady-Peterson May 15 1:21 PM exchange where Peterson reports "$32.1 million after today's check run" and Brady replies "Sweet!" remains uninterpreted; the figure is unidentified. ## R2 Milligan custodian production additions The R2 Milligan production ([[auditor-foia-r2-milligan]]) adds three substantive findings about Brady. First, **Brady was a meeting participant in the Abacus Global Management pitch**. Rob Phillips, Abacus SVP, addressed his 4/28/2025 5:56 PM email to "Dennis / Jason" with subject "Thank you + SFOF follow up," confirming Brady met with Abacus executive Jay Jackson at the SFOF Spring National Meeting and expressed interest in Abacus as an Arkansas pension investment alongside Milligan. The Auditor's-office channel is therefore documented as introducing two investment products (DCI Israel Bonds and Abacus life settlements) through Brady's participation. See [[rob-phillips]] and [[abacus-global-management]]. Second, **the originally-proposed April 14 9:00 AM meeting at Room 230 included Brady as a mandatory participant alongside Hudson and Milligan**, per the deleted Outlook calendar invite "Meeting with Larry Berman, Dennis Milligan, Jason Brady and possibly Bart Hester." The final schedule disaggregated this batched meeting. Brady's documented role across both versions is consistent: present at the Auditor's-office hosting role for the in-person Berman meetings. Third, the **APERS Board June 11 packet was distributed with Brady on the Cc list**, alongside Spadoni. The Auditor's-office staff is therefore routed APERS Board materials independently of Milligan's own Trustee role. Brady's working knowledge of APERS Board materials predates and is independent of his deputizing role for the Auditor's Israel Bonds outreach. ## Evidence > "As you both know, the Auditor in his time as treasurer of state requested the legislature to pass legislation that would allow the state or at least the treasurer of state to invest in Israel bonds. The Auditor has been contacted by a representative of Israel Bonds and asked if he would arrange a meeting with both of you and your investment teams in November to visit. On the Auditors behalf, I am making that request of you." > Jason Brady to Amy Fecher and Mark White, Emails1.pdf p.1, 10/23/2024 > "The Auditor has a couple of other meetings for Larry he is also trying to arrange as well - but your meetings are Larry's priority." > Jason Brady, Emails1.pdf p.1, 10/23/2024 > "If your plans change, please reach out to my Deputy Auditor, Jason Brady, to reschedule a time. He can be reached at 501-516-2035 or 501-366-7525." > Dennis Milligan to Mark White, Emails3.pdf p.1, 4/11/2025 > "Jason Brady will be making this request on behalf of the Auditor, and we will have advice and materials from Aon on how the investment could be structured." > Mark White Board preview, Emails3.pdf p.28, 5/22/2025 > "Subject: Accepted: Isreal Bonds - Private & Exclusive Economic Briefing" > Jason Brady to Wendy Spadoni, ISRAEL BONDS - 02.pdf p.1, 1/3/2025 4:40 AM > "I worked with and have know Mr. Berman and Israel Bonds since my time in the State Treasury when the Legislature allowed me to purchase bonds of Israel." > Jason Brady drafting letter for Dennis Milligan signature, April 7, 2025 - 2.pdf p.1, 4/7/2025 > "So far, I have a meeting set up for him with President Pro Temp/Sen. Hester sometime Monday morning (tbd) and State Treasurer Thurston Tuesday morning at 11:30. My office is working on a time with Speaker Evans (msp). I am also tring to set up follow up meetings with him with both executive directors of ATRS and APERS." > Brady drafting letter for Milligan signature, April 7, 2025.pdf p.1, 4/7/2025 > "Have a great weekend, thanks again Wendy....and Jason, a million thanks my friend." > Lawrence Berman to Wendy Spadoni and Jason Brady, April 11, 2025 - 4.pdf p.1, 4/11/2025 2:17 PM > "Please add Auditor Milligan's name to this letter. If you would send the final version back to us, please. Thank you - Jason" > Jason Brady to Noah Wall (SFOF), RE National Debt Letter For Signature.pdf p.1, 10/2/2024 > "OJ ... would you please have your person change us to Dennis Milligan, Arkansas instead of Alabama. We wouldn't want to insult the good folks to our east." > Jason Brady to OJ Oleka, RE Letter addressing Tesla attacks driving down pension values_1.pdf p.1, 3/25/2025 > "Auditor's speech to SFOF 4 23 25.docx - really ugly first draft not even completed. Just sharing - not even ready for comments" > Jason Brady to Stacy Peterson and Josh Wood, Auditor_s speech to SFOF 4 23 25.docx - really ugly first draft not even completed.pdf p.1, 3/26/2025 ## Cross-References [[dennis-milligan]] Brady's principal [[lawrence-berman]] the "Larry" of "Larry's priority" [[mark-white]] [[amy-fecher]] recipients of the 10/23/2024 outreach [[wendy-spadoni]] Auditor's office staff member cc'd on Brady's outreach and recipient of his 1/3/2025 calendar acceptance [[auditor-as-dci-channel]] concept page on the Auditor's office role [[dci-promotional-pipeline]] concept page on the DCI marketing pipeline that reached Brady's office through the 1/15/2025 briefing he accepted [[wendy-spadoni]] Auditor's-office Executive Assistant Brady worked alongside on the trip orchestration [[auditor-multi-official-capitol-tour]] concept page on the April tour Brady orchestrated [[oj-oleka]] [[noah-wall]] [[adam-slayton]] SFOF leadership Brady coordinates with [[stacy-garrity]] state financial officer who signs SFOF letters alongside Milligan [[carlos-borromeo]] [[ashley-golleher]] APERS officials who met with Berman on November 5, 2024 election day [[kristina-duke]] [[susannah-marshall]] [[dani-naveh]] entities introduced by the Brady custodian production [[kenneth-burleson]] [[bill-huffman]] Treasury Deputies Brady coordinated with on the November 5, 2024 Election Day Berman trip [[melissa-corrigan]] Auditor's-office Chief of Staff Brady defers to on personnel administration and who tracks "Larry's next contract" with him [[jim-dotson]] Arkansas State Senator Brady ghost-wrote Milligan letters to (4/7/2025 and May 2025) [[sfof-policy-letter-operation]] [[arkansas-state-board-of-finance]] concept pages on Brady's SFOF letter coordination and SBF participation [[rob-phillips]] [[abacus-global-management]] Brady as co-recipient of the second SFOF-circuit investment pitch [[stacy-peterson]] Director of Communications Brady delegated SFOF Policy Zoom monitoring to and co-finalized the SFOF Spring speech with [[october-2024-israel-solidarity-operation]] concept page on the Israel solidarity campaign for which Brady was the approval gate ## Brady as Milligan's ATRS Board designee (7/3/25 production) The 7/3/25 supplemental ATRS FOIA production introduces a previously-undocumented Brady role: Brady attends ATRS Board of Trustees meetings as Auditor Milligan's designee under the ex officio designee pattern documented at [[atrs-board-governance-structure]]. The April 7, 2025 Board meeting attendance roster (embedded in the 6/2 packet as part of the prior-meeting minutes for Board approval) lists: > "Jason Brady, designeed for Hon. Dennis Milligan, State Auditor" > 04-07-25 minutes embedded in 06-02-25_BOT_Packet.pdf At the 4/7 meeting Brady moved the motion to approve the February 3, 2025 minutes (Lester seconded; unanimous), moved the motion to approve the GASB Report (Johnson seconded; unanimous), moved the motion to approve Manifest Injustice Committee Recommendation MI #2025-004 (Martin seconded; unanimous), and seconded the motion to accept the Board's recommendation on the Executive Director evaluation (Bailey moved; unanimous). Brady's role at the 4/7 ATRS Board meeting is therefore not purely observational; he is a substantive procedural participant making and seconding motions. This finding sharpens [[board-colleague-conflict]] from a Milligan-only conflict to a Milligan-plus-Brady conflict. The same Brady who originated the Israel Bonds outreach to ATRS on 10/23/2024, who orchestrated the April Capitol tour, who personally attended DCI events, and who was tracked alongside "Larry's next contract" by Chief of Staff Corrigan four days before the 6/2 vote, is the same Brady who sits in Milligan's seat at ATRS Board meetings and makes substantive procedural motions. Whether Brady attended the 6/2 meeting in Milligan's seat or whether Milligan attended personally is not knowable from the 6/2 packet alone (the packet is pre-meeting; the 6/2 minutes will document this when produced). [[atrs-foia-r1-staff-emails]] [[auditor-foia-r1-brady]] [[auditor-foia-r1-milligan]] [[auditor-foia-r1-spadoni]] [[auditor-foia-r2-jbrady]] [[auditor-foia-r2-milligan]] [[auditor-foia-r2-stacy-peterson]] [[auditor-foia-r2-residual]] [[atrs-bot-packets-7-3-25]] [[apers-foia-r1-7-7-25]] source pages capturing Brady's correspondence from multiple custodial perspectives ## Brady as APERS IFSC member and Israel Bonds motion-maker (7/7/25 production) The 7/7/25 APERS R1 production introduces a parallel-system version of Brady's [[atrs-board-governance-structure]] designee role: Brady serves on the APERS Investment Finance Subcommittee, presumably as Auditor Milligan's designee under the same ex officio structure. The IFSC distribution to Brady on 5/14/2025 from Fecher uses Brady's Auditor's-office email ([email protected]) directly without referencing a designee status, which suggests Brady may sit on the IFSC in his own right as an Auditor-office representative rather than as a Milligan personal designee — to be confirmed in Chunk 3 board packet review. At the 5/15/2025 IFSC meeting Brady made the Israel Bonds motion himself. Per the Mike Wickline 5/15/2025 Arkansas Democrat-Gazette article: "Brady told the Investments and Finance Subcommittee that in his efforts to further diversify the retirement system's investment portfolio with investments such as private equity and private credit and seek increased investment returns for the system, 'it has come to my attention that APERS does not own any Israel bonds, like those held by the state treasurer's office.' ... He said he would like to make a motion for the subcommittee to authorize the system's staff to invest a minimum of $25 million in Israel bonds." Brady amended the motion at Hudson's request to add a $50M ceiling. Brady's IFSC motion is the second documented instance of Brady substantively driving a pension-system investment decision (after his ATRS Board substantive procedural participation at the 4/7/2025 meeting); both are on the Israel Bonds matter. Brady's IFSC remarks per Wickline disclosed his prior aide service to Mike Huckabee ("Brady said the U.S. ambassador to Israel is former Arkansas Gov. Mike Huckabee, who Brady once worked for as an aide. Huckabee is the father of Arkansas Gov. Sarah Huckabee Sanders"), the credit rating claim ("The state of Israel's current bond rating is A by S&P as well as by Fitch and that is a low risk for a bond"), the regional-context framing ("Israel is considered the United States' most trusted and dependable ally in a region of the world that is volatile at best, considering Hamas, and the Gaza Strip, Iran, Iraq, Syria, and Hezbollah, and Libya and Lebanon"), the disclosure of his own prior service to Milligan in the Treasurer's office, and the disclosure of the State Treasurer's $55M Israel Bonds total ($35M legacy plus $20M post-4/15 purchase). Brady's "fixed income area" framing is the Wickline-quoted pecuniary justification. Borromeo's 5/8/2025 IFSC agenda email to Fecher established Brady's IFSC presenter role one week in advance: "Israel Bonds – Mr. Jason Brady" — Brady is the entire Israel Bonds presenter for the meeting. The IFSC packet contained no Israel Bonds analytical attachment of any kind; Brady's verbal presentation was the entire substantive case before the IFSC vote. The combined Brady documentary record across the wiki now establishes Brady as the operational principal driving Israel Bonds adoption at both ATRS (as Milligan's designee at the 4/7 Board, with Israel Bonds delivered to the 6/2 meeting per White's 5/22 preview) and APERS (as IFSC member making the 5/15 motion). The same Brady drove both pension-system actions; the documentary chain originates with his 10/23/2024 seed message to both Fecher and White on the same email. ## Treasury R2 Sub-batch 3 (Communications binders): the early Brady-Berman relationship The Sub-batch 3 alphabetized Communications binders document Brady's role at the Milligan-era Treasurer's office across 2018-2021 in substantial new detail. Full Sub-batch 3 documentation is at [[treasury-foia-r2-9-23-25]]. Brady-specific findings: (1) **Brady's 12/19/2018 spread-acknowledgment to Berman** documents his substantive understanding of the Israel Bonds spread/credit-risk arrangement: > Larry, Thank you for touching base and giving us a heads up & timeline. We can't wait to get some Israel Bonds only a couple of hundred bps above UST benchmarks .... Ha ha ha : ) Yes, happy holidays to you and yours my friend. > A-He binder, Brady to Berman, 12/19/2018 2:16 PM The "couple of hundred bps above UST benchmarks .... Ha ha ha" framing demonstrates Brady's awareness of the credit-risk spread inherent to Israel Bonds. Berman's reciprocal 12/19/2018 12:11 PM holiday note: "thanks again Jason for all your help in 2018, your counsel and insights were invaluable." Brady served as substantive Berman-Treasury liaison from late 2018 onward. (2) **Brady's 8/11/2021 NYC trip planning email** documents the September 2021 Brady-Romanik-Gladden-Milligan trip to DCI as an "annual visit to investment firm brokerage houses" pattern: > the Treasurer, myself, Grant and our senior investment manager, Robert Romanik, are headed to NYC the last week of September for our annual visit to investment firm brokerage houses. We didn't go last year for obvious reasons. > A-He binder, Brady to Berman, 8/11/2021 12:23 PM Brady's playful framing also captured Milligan's relational ask: > Of course, you won't be surprised at all if during a visit he doesn't suggest that the new Israeli government should offer states – or at least Arkansas specifically - more bonds to buy next year : ) The trip ran September 26-30, 2021. The framing documents (a) the trip as an annual pattern (COVID disrupted the 2020 trip); (b) Milligan going into the in-person Berman/DCI meetings with the explicit goal of asking Israel/DCI to offer Arkansas more bonds; (c) Brady's framing of Romanik as "our senior investment manager"; (d) Brady's Salt Lake City prior in-person meeting with former Israeli Ambassador Ido Aharoni (likely SFOF event). Brady's "(in NOL to NYC just b/c of him)" framing referenced Berman's New Orleans home base. (3) **Brady's "as authorized by the Arkansas Treasurer of State" framing (5/8/2020)** documents his role as authorized intermediary placing Milligan's orders, not substantive decision-maker: > Larry: as authorized by the Arkansas Treasurer of State, his office wants to put in an order for the following: $7MM of the 5-year jubilee fixed rate institutional bonds 8th series - at 2.03% $8MM of the 3-year jubilee issued bonds 11th series - at 1.57% Brady acted as Milligan's authorized intermediary at the order-placement level; substantive investment decisions originated with Milligan. (4) **Brady's "get out of the middle and let Celeste do their thing" framing (multiple instances, Oct 2021 and Jan 2020)** documents his delegation pattern after relationship-building stages: > If I did this correctly, I'll get out of the middle and let Celeste and your wonderful team complete this order/request. As always, Treasurer Milligan appreciates the opportunity to stand with and invest in Israel. The pattern documents Brady's role as positional/relational at the order-placement stage, with operational details delegated to Gladden once initial relationship-establishing work is done. (5) **Brady's Auditor-to-Treasury 2018 transition** is refined. The 1/12/2018 12:58 PM Berman email to Brady (Sub-batch 2 documented) was sent when Brady's role was likely still at the Auditor's office (before his transition to Treasury); by 12/19/2018 Brady's email was @artreasury.gov. Sub-batch 3 cross-confirms Brady at @artreasury.gov from late 2018 through October 2021 (his last documented Treasury-side Israel Bonds appearance is the 10/4/2021 NYC-trip-followup order email per Sub-batch 2). (6) **Brady's January 2021 "stand with and invest in Israel" template** is cross-confirmed from the Sub-batch 3 A-He binder verbatim text: > If I did this correctly, I'll get out of the middle and let Celeste and your wonderful team complete this order/request. As always, Treasurer Milligan appreciates the opportunity to stand with and invest in Israel. God Bless – Jason > A-He binder, Brady to Berman, 1/21/2021 11:40 AM The "stand with and invest in Israel" template originates here. Brady's role propagated the template into 2024-2025 outreach correspondence after his transition to the Auditor's office. (7) **Brady is documented in the 4/12/2025 Thurston procedural-correction email distribution** as the Auditor-side Deputy Auditor that Milligan's 4/11/2025 framing routed scheduling through. Thurston's 4/12 7:05 AM Saturday email correcting the meeting venue framing documents that Thurston spoke to Berman directly and pushed back against the Milligan/Brady framing that the 4/15 meeting was an Auditor's-office event. See [[john-thurston]] for the full procedural-correction text. [[treasury-foia-r2-9-23-25]] source page (Sub-batch 3 section) [[lawrence-berman]] DCI sales lead and Brady's substantive Israel Bonds counterpart at Treasury 2018-2021 [[damon-dortch]] internal Treasury staff peer who articulated the institutional logic [[ana-torres]] DCI Project Administrator Berman connected Brady to for the September 2021 NYC trip coordination ## APERS R2 (2-27-26): Brady's verbatim 5/15/2025 IFSC motion language and pre-vote IFSC motion-making pattern The APERS R2 production provides the 5/15/2025 IFSC minutes that record Brady's motion language directly, not via the Wickline article's secondhand summary the wiki previously relied on. The minutes record Brady making three motions in this order at the 5/15 IFSC, all Hudson-seconded: 1. Secondary infrastructure: "Jason Brady made a motion for the Board to authorize APERS Staff to include secondary infrastructure investments—specifically Partners Group Infrastructure Secondary (USA), Ares Secondaries Infrastructure Solutions III, and Pantheon Global Infrastructure V—for up to $100 million each, to be invested at the discretion of the Chief Investment Officer." 2. Israel Bonds: "Jason Brady made a motion to authorize APERS staff to invest a minimum of $25 million and a maximum of $50 million in Israel Bonds. The motion was seconded by Jim Hudson and carried without dissent." 3. The Hudson-moved investment-advisor-services RFQ motion was seconded by Brady (Brady-Hudson reverse pattern on procurement-discipline matters). The minutes record Brady's introduction of the Israel Bonds item: > "Board Member Jason Brady introduced a discussion on Israel Bonds, noting that it had come to his attention that APERS currently does not hold any, unlike the State Treasurer's Office. He explained that in 2017, during his tenure as Chief Deputy Treasurer, then-Treasurer Dennis Milligan led an initiative to pass legislation—Act 644 of 2017—that granted the Treasurer's Office authority to invest directly in Israel Bonds. Since then, both Treasurer Milligan and his successors, Treasurer Thurston and Treasurer Walther, have purchased Israel Bonds on behalf of the state." > Minutes_IFC_05.15.25.pdf p.3, 5/15/2025 > "Brady shared that the State Treasury currently holds approximately $55 million in Israel Bonds as part of its $11 billion portfolio. He described Israel Bonds as being backed by the full faith and credit of the State of Israel, rather than being tied to specific assets. While they are considered illiquid, they are also widely regarded as low-risk investments, with a current bond rating of A. He added that several other states—including Oklahoma, Louisiana, Texas, and Mississippi—also hold Israel Bonds, citing their solid returns and sound investment profile." > Minutes_IFC_05.15.25.pdf p.3, 5/15/2025 Two factual problems on the record: (1) the Treasurer succession order is reversed ("Treasurer Thurston and Treasurer Walther"; actual order per Treasury R2 is Milligan → Lowery → Walther → Thurston, with Walther preceding Thurston); (2) the "current bond rating of A" omits the October 2024 S&P A+→A and September 2024 Moody's A2→Baa1 downgrades documented at [[treasury-internal-credit-analysis]]. The S&P+Fitch "A" framing is technically accurate at 5/15/2025 but materially incomplete with Moody's at Baa1 (one notch above non-investment grade) with negative outlook. ### The 3/5/2025 IFSC: Brady moved manager-approval motion two months before Israel Bonds The 3/5/2025 APERS IFSC minutes establish that Brady's motion-making pattern at IFSC predated the Israel Bonds vote by ten weeks. At the 3/5 IFSC, Bassett (the then-Chair) asked Brady to preside: "Secretary Bassett asked Mr. Jason Brady to preside over this committee, in which he accepted." Brady then moved approval of three core infrastructure managers (CBRE, IFM, J.P. Morgan), the StepStone secondary real estate manager, and the Blue Owl IPI Fund III investment: "Mr. Brady motioned to approve the recommended three core real estate managers, the secondary real estate investment manager, and the investment with Blue Owl. The motion was seconded by Gary Wallace and was unanimously approved to bring to the Board." The Brady-motion-Wallace-second pattern at 3/5 maps onto the Brady-motion-Hudson-second pattern at 5/15. Brady is established as the IFSC's motion-mover-of-record on substantive investment authorization decisions across the 2025 IFSC documented period. ### The Wickline-vs-minutes motion-mechanism discrepancy The wiki's prior framing of the 5/15 motion mechanism, sourced to the 5/16/2025 Wickline article via [[apers-foia-r1-7-7-25]] Chunk 1 finding #1, characterized Brady as initially moving without the $50M ceiling, with Hudson "amending" to add the ceiling, and Brady "accepting" the amendment. The Minutes_IFC_05.15.25.pdf record Brady moving "a minimum of $25 million and a maximum of $50 million" with Hudson as the seconder, with no documented Hudson amendment. The discrepancy is the kind that the audio transcript resolves directly. The audio transcript of the 5/15 meeting is in progress and will be the authoritative resolution. ### Post-vote pattern: Brady continued motion-making at APERS IFSC and Q3 Board The 9/10/2025 APERS IFSC documents Brady making the motion to authorize BlackRock as new international index manager for Act 937 of 2025 China-divestment compliance: "A motion was made by Jason Brady to authorize APERS staff establish BlackRock as a manager... The motion was seconded by Jim Hudson." Brady asked the procedural-compliance question: "if BlackRock was on the banded list, and Mr. Borromeo said they are not." The Brady-Hudson motion pattern recurred for the new China-divestment manager just as it operated on Israel Bonds at the 5/15 IFSC. [[apers-foia-r2-2-27-26]] source page (Sub-batches 1, 2, 3, 4) ## Auditor R3 3-3-26 production: post-vote Brady-Berman direct correspondence and the iPhone routing pattern The Auditor R3 production at [[auditor-foia-r3-3-3-26]] documents three substantive Brady-side findings in the post-vote period (June 2025 through January 2026). **The first post-vote Brady-Berman direct correspondence (7/12/2025).** Brady's Sent-Items contains `The Arkansas times article` (Sat 7/12/2025 6:54 AM CDT), Brady to [email protected]. The body is the bare Arkansas Times URL plus "Sent from my iPhone." Brady forwarded the published Lenow article to the DCI National Managing Director within 15 hours of publication, with no substantive commentary. This is the first documented post-vote Brady-Berman direct outbound in the wiki. The Berman-side reply, if any, is not in this production. **The Milligan personal AOL routing pattern.** The thread embedded in `Re Ark Times Article + Congratulations` (Brady Inbox, Stacy Peterson reply 7/13/2025 12:40 PM) preserves Brady's forward of the Mark White ATRS Board notification to DENNIS MILLIGAN at [email protected] on 7/11/2025 7:28 PM CDT. The same Milligan personal AOL address documented at [[stacy-peterson]] for the 10/4/2024 Israel solidarity speech approval. Second documented instance of Brady-Milligan personal-account routing on Israel Bonds business. The Auditor's-office Israel Bonds correspondence flows through both the official auditor.ar.gov channel and Milligan's personal AOL; the latter is not subject to FOIA at the Auditor's-office level. **The iPhone routing pattern.** The R3 production documents five "Sent from my iPhone" footers across Brady's June-July 2025 forwarding activity: the 6/6/2025 2:20 PM APERS Q2 packet forward to Spadoni, the 6/10/2025 12:54 PM `israel` R1-attachment forward to TJ Fowler, the 6/19/2025 3:16 PM second-canvass forward to TJ Fowler and Peterson, the 7/11/2025 7:28 PM Ark Times article forward to Milligan's personal AOL, the 7/12/2025 6:52 AM forward to Peterson + Corrigan, and the 7/12/2025 6:54 AM forward to Berman. Brady's iPhone is the primary routing device for Israel Bonds correspondence in the post-vote period. **The FOIA-handling chain.** Brady's 6/10/2025 `israel` Sent-Items email to TJ Fowler (Auditor's-office General Counsel; see [[tj-fowler]]) with attachments `ISRAEL BONDS - 03.pdf` and `ISRAEL BONDS - 04.pdf` is the FOIA-response preparation forward. The R1-attachment naming convention persists. Brady's 6/19/2025 3:16 PM forward of Mark White's second canvass to Fowler and Peterson documents Brady's role as Auditor's-office FOIA liaison during Fowler's leave (Peterson 6/19/2025 3:58 PM reply: "TJ, is this something you want me and Kurt to handle?"). **The 12/29/2025 ATRS Reams capital call disclosure.** Brady's Inbox captures Rod Graves' 12/29/2025 11:23 AM Board Update-Liquidity email documenting the $50 million Reams Israel Bonds capital call. Brady is on the ATRS Board Distribution List as designee for Auditor Milligan; the email reaches him through ex officio Board membership. The disclosure of the Dec 2025 single-quarter $50M execution (overriding White's 5/22 ladder framing) is captured in Brady's mailbox the same day it reaches the rest of the ATRS Board. See [[atrs-reams-capital-call-execution]]. ## ATRS BOT audio (R 2-28-26): Brady present at the 6/2/2025 BOT and motion-mover-of-record on the Tetronix settlement The 6/2 ATRS BOT audio transcript at [[atrs-bot-audio-6-2-25]] confirms Brady's presence at the BOT meeting and documents his role as motion-mover-of-record on the Tetronix v. ATRS settlement. The transcript records the roll call: > "Mr. Brady. Here." > 20250602D_BOT.transcript.txt segment 27-28, [00:00:46 to 00:00:48] Brady was present at the BOT in his capacity as ex officio designee for the Auditor of State per BP1 Section XII (Operations Committee membership). The BOT transcript does not capture Brady speaking on Resolution 2025-22 during its motion or vote; Brady's BOT participation on Israel Bonds at this meeting is procedural attendance only. On the Tetronix v. ATRS Blue Oak Arkansas litigation settlement (the second-major substantive deliberation at the BOT, separate from the IC report cluster), Brady moved approval of the $65,000 settlement: > "Mr Chairman I would move that this board approve the proposed settlement proposal as presented." > 20250602D_BOT.transcript.txt segments 539-543, [00:19:10 to 00:19:18] Martin seconded; the motion carried by voice vote. Brady is the BOT-level motion-mover on the Tetronix settlement, structurally parallel to his APERS IFSC 5/15/2025 role as motion-mover-of-record on the Israel Bonds authorization documented at [[apers-israel-bonds-authorization]]. The cross-system motion-mover pattern is documented at two pension systems: ATRS BOT (Tetronix), APERS IFSC (Israel Bonds), and APERS IFSC 9/10/2025 (BlackRock new manager for China-divestment compliance). Brady is the procedural carrier on substantive motions across both systems in his Chief Deputy Auditor capacity. Brady's BOT attendance also occurred immediately after the IC morning meeting at which the substantive Resolution 2025-22 deliberation took place. The IC recording is now documented at [[atrs-ic-audio-6-2-25]] and Brady's IC-stage role is captured below. ## 6/2 IC audio (R 2-28-26): Brady delivers the prepared DCI-channel speech The 6/2/2025 IC audio transcript at [[atrs-ic-audio-6-2-25]] captures Brady delivering an explicitly-prepared speech on the Israel Bonds item. Brady's own framing of the prepared character of the remarks is verbatim: > "Mr. Chairman with your permission Mr. Chairman and members of the teachers pension investment community thank you for this opportunity to speak if you will indulge me I've prepared some remarks because I want to make sure I get everything out and get it on the record" > 20250602B_IC.transcript.txt segments 835-841, [00:29:19 to 00:29:33] Brady's verbatim framing ("I want to make sure I get everything out and get it on the record") establishes the prepared character of the speech. The wiki's prior framing of Brady as the documented Auditor's-office representative on the Israel Bonds outreach is sharpened by the IC ingest: Brady on the IC record verbatim establishes the speech is a prepared on-the-record presentation. The structural significance for the [[auditor-as-dci-channel]] concept page is that Brady's institutional role is performed visibly and on the record at the IC where the substantive deliberation occurs, not behind the scenes as a coordinator alone. The speech covered the 2017 origin of Act 644 ("a little background in 2017 when I was Chief Deputy Treasurer Treasurer Milligan saw sponsors and asked the General Assembly to pass legislation that would allow the Treasurer's Office to invest directly in Israel bonds which became Act 644 of 2017"); the State Treasurer's $55M position as the comparator; Oklahoma, Mississippi, and Texas comparators; spread quotes (50bps over a 2-year US Treasury, 75bps over a 3-year); S&P and Fitch (Whisper rendering: "BITCH") "A" ratings (without referencing the October 2024 downgrades documented at [[treasury-internal-credit-analysis]]); a personal endorsement framing himself and the Auditor as vouching ("the auditor in Ohio would put our good names on the line to suggest Israel bonds" — Whisper artifact, plausibly "the auditor and I"); and an "ancillary reasons" closing acknowledging non-pecuniary motives: > "there might be other ancillary reasons to do this investment I will not go on to all of those because my focus is on the fiduciary solidity of the investment but I will point out two key facts that I mentioned to the APERS sub-finance committee recently which added these bonds to their portfolio Israel is considered the United States most trusted and dependable ally in the regional world that is volatile fast and the US ambassador to Israel is a former governor of this state and coincidentally my former boss Mike Huckabee I know also for more" > 20250602B_IC.transcript.txt segments 936-952, [00:32:43 to 00:33:13] Brady's two non-pecuniary closing facts (Israel as US ally, Huckabee as Ambassador and Brady's former boss) are framed as supplementary "ancillary reasons" disclosed for the record but not as the basis for the recommendation. The structural significance is that Brady, presenting on the Auditor's behalf, placed the Huckabee-Brady employment relationship into the IC record. Brady's cross-reference to the APERS Investment Finance Subcommittee where he made the parallel presentation on 5/15/2025 anchors the IC speech to the cross-system DCI-channel pattern documented at [[auditor-as-dci-channel]]. ## 12/1/2025 ATRS BOT attendance as Milligan designee The 12/1/2025 ATRS BOT audio transcript at [[atrs-board-audio-12-1-25]] captures Brady's presence as Auditor Milligan's ex officio designee: > "Mr. Brady. Here." > 20251201D_BOT_Audio.transcript.txt segments 37-38, [00:01:29 to 00:01:31] Brady's attendance is consistent with the Auditor of State's BP1 Section XII ex officio Operations Committee position. The 12/1 BOT (and the parallel IC) contained zero substantive references to Israel Bonds, Reams, or Resolution 2025-22 across approximately 2,966 combined segments. Brady attended in his Milligan-designee capacity without speaking on the Israel Bonds position deployed three weeks later via Reams's single-quarter $50M capital call per [[atrs-reams-capital-call-execution]]. The pattern continues the cross-system institutional-access-without-Israel-Bonds-engagement documented at the regular post-vote oversight venues. [[atrs-ic-audio-6-2-25]] [[atrs-board-audio-12-1-25]] source pages ## Sign-In Sheet confirmations (R 2-28-26) The 2026-05-12 ingest of the FOIA Response 2-28-26 trustee sign-in sheets cross-confirms Brady's documented role as Auditor Milligan's designee at both the 6/2 and 12/1 ATRS Board meetings. The 6/2 trustee sign-in sheet at `raw/atrs/FOIA Response 2-28-26/FOIA Response 2-23-26/Request 1 - Board Meetings/Sign-In Sheets 6-2-2025.pdf` documents Brady's signature in the Milligan ex officio row with attendance marks across the Investment Committee, Operations Committee, and Board sessions. Brady's IC attendance is consistent with his prepared DCI-channel speech captured in the 6/2 IC audio transcript at [[atrs-ic-audio-6-2-25]]; his BOT attendance is consistent with his Tetronix settlement motion captured at [[atrs-bot-audio-6-2-25]]. The 12/1 trustee sign-in sheet at `Sign-In Sheets 12-21-2025.pdf` (filename typo for 12/1/2025) documents the Milligan ex officio row with the printed annotation "Brady, Jason (designee)" and Brady's signature. The sign-in confirms Brady's continued designee role at the 12/1 Board day approximately three weeks before Reams's single-quarter $50M Israel Bonds capital call documented at [[atrs-reams-capital-call-execution]]. The 12/1 Board day Brady attended contained zero substantive references to Israel Bonds across both the IC and BOT transcripts; Brady attended in his designee capacity without speaking on the Israel Bonds position then approaching deployment.