Council Meeting on the Merryl Lynch Issue

On Monday, I attended the City Council meeting to speak and hear the Council on the Merryl Lynch Issue. Read my comments to the council below. The meeting started with Council President Bud Wiliams reminding Councilor Ferrara and the rest of the councilors to speak withing the parameters of the resolution introduced by Councilor Ferrara, as the Law Department felt that any comments outside of this parameter could be used in court. Council president Williams reminded the Council that the Merryl Lynch issue is under review by the Attorney General, The IRS and at the Federal Level. There will be a Control Board meeting this Thursday, with all the appropriate city officials on this issue at 11am at City Hall. After introducing the resolution, which called for $50,000 to be allocated to an independent Investigator to inform the Council on the specifics and the facts of this issue, several councilors felt that it will be best for the council to wait for the results of the investigation being conducted by Attorney General and the State and Federal Offices. Councilor Rooke reminded the Council that keeping the Council in the dark as it was being done was an insult to the Council Board and called, if the resolution failed, to have a three member committee appointed by the council. The Council took no action on Rookes proposal. Councilor Moriarty motioned to have the resolution send to committee, " in case we need it at a later time." Both the motion to send the resolution to Committee and the resolution itself were defeated. Read below to see how each Councilor voted.

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.