It worries me that the City Council, as they claim, is being kept in the dark. After all, I believe that the City Council has a Fiduciary obligation to the people. I do not like the idea of having to spend money on an independent investigator, but the stakes are too high not to appoint one. I endorse the concept of an independent investigator for these reasons. How can the city loose 13 Million Dollars and no one noticed? I know hat any prudent investors keeps an eye on his investment. Who was watching this investment? Furthermore, Why is the City investing 13 Millions, when that money or some of it could have been used to retain or improve city services? As this issue moves forward, there are more questions than answers.
How each Councilor Voted;
On the Motion to send resolution to Committee // On the Resolution
Rooke - Yes / Rooke - Yes
Moriarty - Yes / Moriarty - No
Tosado - No / Tosado - No
Ferrara - Yes / Ferrara - Yes
Foley - No / Foley - No
Markey - No / Markey - No
Williams - No / Williams - No
Walsh - No / Walsh - No
Stebbings - Absent / Stebbings - Absent
---------------------------------------------------------------------------------------------My Comments to the Council.
Good Evening ladies and Gentleman.
My name is Victor Davila from the Forest Park Section of the City.
I am extremely concern with the city’s loss of 13 Million Dollars invested in Merryll Lynch. According to the paper yesterday, The city began losing money back in August of last year. Honestly, I would like an explanation of how it is possible that the city loses 13 Million Dollars and no one noticed !!!
City Officials seem to be tight lip about this issue. I strongly urge this council to use every tool legally available to you to inquire how we lost this money.
This unfortunate event proves to be a good catalyst to bring a desperate new and efficient communication among city departments.
With events like this we can rest assure that the control board will not be leaving any time soon.
Thank you.
1 comment:
The 13 million dollars is not be invested as opposed to being spent. Rather, it is money that is waiting to be spent on specific budget items, but later on in the years or whatnot. Rather than have it idle in a bank account, it is supposed to be put into secure investments. With the Merrill Lynch issue, they allegedly (and probably) put it into things that do not qualify as secure, ie subprime mortgages.
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