
IS IT TRUE May 11, 2012 Part 2
IS IT TRUE
the morning the world financial news outlets are all clamoring over a $2 Billion blunder made in the risk management division of J. P Morgan?…the words used by the Wall Street Journal to describe J. P. Morgan’s strategy that led to this loss were “flawed, complex, poorly reviewed, poorly executed, and poorly monitoredâ€?…that in a public statement regarding this J. P. Morgan’s CEO, the “King of Wall Street†Jamie Dimon said “this trade does not violate the Volcker Rule, but it violates the Dimon principleâ€?…our little character SNEGAL seems to have been hanging around Wall Street for some time and that SNEGALjust struck again?…Chairman Dimon’s comment clearly implies that the complex charade that led to his firm’s $2 Billion loss was legal yet unprincipled?
IS IT TRUE that Evansville and particularly the government of Evansville is in the midst of enduring the unwinding of a SNEGAL (maybe) situation that also meets the description of “flawed, complex, poorly reviewed, poorly executed, and poorly monitoredâ€?…hardly a day goes by that another layer comes off of the onion now known as the Earthcare Catastrophe?…that just yesterday we all learned that the contract between the City of Evansville and Earthcare did not even make a vote of approval by the City Council a closing condition for a $5 Million loan?…that just heartbeats after the contract was written a board appointed by Mayor Lloyd Winnecke with fully half of its voting members having a conflict of interest authorized an advance of $200,000 to Earthcare with no collateral whatsoever in place?…that the authorization of this loan when compared to the $3,500 Christmas dinner that resulted in the ouster of every board member who sipped the Opus One from the CVB board look like a Sunday School Picnic?
IS IT TRUE that two of the members who by virtue of their positions and experiences, namely Christine Keck of a Vectren subsidiary and Greg Wathen who sits on the GAGE board were not up to their eyeballs in conflict and may have been oblivious to the details of the ill-conceived scheme that they happened to be thrust into?…Mayor Winnecke who appointed this board should know better by virtue of the credibility he lost for his part in the Homestead Tax Credit back door meeting that BEING SNEAKY DOES NOT PAY OFF?…putting people into positions of conflicted interest is POOR PUBLIC POLICY?…that Mayor Winnecke needs to right his ship ASAP, apologize to the people of Evansville for his role in the Earthcare Catastrophe, and become the transparent, collaborative Mayor that he campaigned to be?…the Earthcare Catastrophe is strike two on Mayor Winnecke and the clock is ticking?
IS IT TRUE that four members of the board that approved the advance of $200,000 appear to have no conflicts of interest in this deal?…the CCO is a friend of Les Shively and do not believe Mr. Shively would have supported this disaster if the information that was withheld due to a failure to VET had been available at that time?…we will for the sake of hope conclude the same about the other three non conflicted members?…that does not excuse the fact that this vote on this advance should have never been arranged in the first place?…that the orchestration of this debacle, the support of the faulty VETTING, and the sneaky ways this went down fall squarely on the desk of Mayor Winnecke?
IS IT TRUE Debbie Dewey of GAGE and Connie Robinson of the Evansville City Council were not only conflicted beyond belief but they have exhibited nothing but arrogance and condescension toward anyone who has questioned their methods and motives?…that these two people more than any others have enabled and encouraged Mayor Winnecke to dig himself into a hole and are the architects and promoters of that which is well described as “flawed, complex, poorly reviewed, poorly executed, and poorly monitoredâ€?…that all future votes or projects that come to the City Council with the recommendation or support of these two people shall be looked at with skepticism by virtue of the company they keep?…it is time for our City Council President Connie Robinson and Debbie Dewey to be prohibited from presiding over another thin dime of taxpayer dollars?