Calling all Connecticut constitutional officers! (Well, most of them.) Mayor Bill Finch is calling on his political friends for a mega campaign event Tuesday night at Testo’s Restaurant, the political and professional mothership of Democratic Town Chair Mario Testa. Team Finch is doing quite well in fundraising. They want to load up the warchest to load up on Joe Ganim if he gets in the game to seek his old job. Check out Keila Torres’ piece in the Connecticut Post www.ctpost.com/local/article/Ganim-says-Finch-mismanaged-city-finances-1099307.php.
When it comes to raising dough Mario knows how to call on his peeps. Hey Mario, can you sneak me a little of what’s on the menu? How about a nice Amarone to wash down the delights? And what’s this I’m hearing from city employees who say fundraising surrogates on the city payroll are dropping off tickets to them for this event on city time? That’s a no-no. Y’all be good now, y’hear? See Finch invitation:
U.S. Congressman Jim Himes,
Secretary of the State Denise Merrill,
State Attorney General George Jepsen,
State Treasurer Denise Nappier,
State Comptroller Kevin Lembo,
State Senate President Donald Williams,
State Senate Majority Leader Martin Looney,
Former State Speaker of the House James Amann,
Bridgeport Democratic Town Committee Chairman Mario Testa and Vice Chair Dottie Guman,
and friends of Mayor Bill Finchinvite you to a fundraising dinner and pre-reception
on Tuesday, March 15TH, 2011
at Testo’s Restaurant and Ballroom
1775 Madison Avenue
Bridgeport, CT
5:30pm to 6:30pm – Cocktail Hour
6:30pm to 8:00pm – DinnerSuggested Donation: $500
Finch for Mayor may accept up to $1,000 per individual
Finch for Mayor may accept up to $1,500 per political action committee.
Personal or PAC checks payable to “Finch for Mayor”Please respond to (203) 803-7045 or finchformayor@gmail.com
Hey Joe,
Get real. A former mayor who was convicted in Federal court on corruption charges, spent serious time in jail and who has yet to publicly acknowledge his guilt takes a shot at the current mayor and you would not expect him to take one back???
If Ganim supporters think Wood’s comment is a low blow then they should urge their man to stay out of the race because the mud has yet to begun to get slung.
Hey Joe why don’t you look in your underwear drawer. Remember testifying in court that you kept you casino winnings (aka kickback cash) there so your wife wouldn’t find it?
Maybe the missing fund balance money ended up there too!!!
Talking about money, where do you plan on raising yours, Joe?
Seems like Mario is lining up the big bucks for Finch, so much for Mario secretly help Joey G. Ganim’s campaign is about to end as quickly as it began. Or else it is going to become a slash and burn assault on Finch just to damage him enough to leave him for roadkill.
Sweat Port
What is this supposed to mean?
“Mr. Gomes who has to have the goods on the Finch debacle in CitiStat discs and continues the high road.”
What goods are you referring to?
Are you suggesting criminal behavior?
Gross mismanagement?
Misfeasance or malfeasance in office?
If you are making serious accusations on behalf of Mr. Gomes then show us the proof. If not, drop this nonsense.
I know Gomes supporters want to infer that he has a smoking gun but if he does he should produce it now.
Otherwise he simply continues to embarrass himself.
His supporters say he is waiting for the right time in the campaign. Well that time will quickly pass him by if he does not begin to show some real credibility.
I do not know Mr. Gomes nor do I know what he has on Finch or if he does. Just one person’s opinion which obviously made a Finch lackey very nervous–eh Mr. Reaper? Your nasty and negative posts here are why many people blog very rarely, such as I. The intimidation game is wearing thin here and in city hall annex. No one is scared, after you all backed Lamont and took the egg off your faces Reaper.
Anyone who works at the Annex knows of the “goods.”
If the guy got proof why would he give anything up unless backed into a corner? Use your head for something more than a hat rack Reaper.
Grin Reaper // Mar 13, 2011 at 11:45 am
to your posting
grin,
You’re hypothesizing when you say what his supporters “want to infer that he has a smoking gun.”
Hardly accurate …
What we have is a body of recommendations from the Gomes-directed CitiStat reform program … which beats a smoking gun any day. These are recommendations that can be implemented.
if you are truly a good government Grin, then you can appreciate the way Finch has governed is a debacle, and it should all scream out at you.
Is there any truth to the rumor that $500 tickets are being left at employee desks for the upcoming fundraiser? I do know for a fact that merchants and developers are being warned not to contribute to either Foster or Gomes’ campaigns.
Maybe a city employee who was given one of these tickets could contact Lennie on the QT and confirm this.
Joe is a big boy and knew his record would be brought up if he spoke up. That’s all well and good but Wood the vicious shithead that he is did not refute any of the charges Ganim brought forth.
This administration never addresses problems or what dumb things they have done. No big surprise there. Should be an interesting gathering at Testo’s. I wonder how many Union leaders will be there. Probably quite a few. This is going to be a great 6 months and maybe just maybe Bridgeport will finally end up with a leader who gives a shit.
TC, yes I received calls regarding the City Hall ticket drops.
I also heard e-mails have been sent out to city employees to their city list serve. Could be a good legal exercise for the Paper Chase.
Tell Finch to quit screwing the taxpayers and to get paid and laid on his own dime and time.
Is this happening during working hours???
Isn’t this as illegal as it gets???
Do Foster and Gomes know of these intimidations???
Does Keila Torres know??? Will her toilet paper let her do a story on it???
Where are the federales???
Does the world know what a sewer Bridgeport is???
I can answer that one, hell yes.
Do we want to read multiple posts from someone who describes Bridgeport as a sewer?
Hell, no.
Grin Reeper // Mar 13, 2011 at 3:07 pm
to your posting
grin
Yes we knew about this in 2011, because Finch did the same in 2010 when he had a fundraiser invitation delivered to the CitiStat office. Last year I went directly to Bill’s office (where he said “that would not happen again.”
So much for truth.
I reported this incident this year … not to Bill Finch again.
And back to Mayor Joe.
Don’t forget. You and Jerry were the first to raid the fund balance.
After years of leveling an onerous tax on condo owners by fighting reval, you and Jerry came up with the scenario that it was OK to use the fund balance to offset the impact of reval. That is unless Joey G. will come up with another new version of history.
Joe Ganim’s mantra, “When the truth won’t do, make it up.”
Maybe the next time Joe and Jerry sit down with Keila T. they can explain to her how and why it is alright to pay for operating expenses with bonded debt especially when it helps to forward the political agenda of Joey G.
These two buffoons truly live in another universe.
Sorry for the momentary lapse in attention to City affairs, but that UCONN team winning five games five days in a row against their mostly nationally ranked Big East competition sure puts hope back in my heart for just what can happen when talented folks, who have trained well, focus their activities on producing a great team result, without concern for their personal interest. Great coaching and team effort, beyond exhaustion. Whatever happens in the NCAA tournament, this team will always be remembered for what they accomplished between March 8-12!!!
While I am in this mood, let me also compliment Keila Torres Ocasio for the excellent reporting. Lots of bones in this story to look at what hangs true and what is plainly rotten.
When the Financial Review Board closed its folio and left things to our strong Mayor form of governance, Joe Ganim’s admin had $55 Million in the unrestricted undesignated reserve fund. When Fabrizi took over it stood at $41 Million and when Finch came in it was down to $29 Million. (Was Tom Sherwood advising throughout? Wonder why he wasn’t commenting on the slide?)
FACT: The first six months of any new mayoral term is dancing to the tune of the past Mayor’s budget. That must be a dash of cold water and partial factor in this $45 Million slide over about 9-10 years. That first six months is the last six months of the former Mayor and does not get placed in an audit for review until the new Mayor is in office for a little more than one year, and rapidly preparing his actual first budget.
And this election year the various candidates will each need an overarching story that provides an accurate recitation of history, because there may not be enough money out there to cover the ragged theme of the current administration as they attempt to explain what they have done and why.
FUND FUN: let’s look at the various funds, see what they do, how they are run, whether assumptions and practices are consistent with quality standards, and see why deficits come about and low or no current funding is occurring that puts the City further behind in the future.
And to CHS
Your comment about City Hall employees being excited about Joey G. coming back, that does not give me a warm all-over feeling as a taxpayer in this city.
Of course they would be excited. Tons of OT. Bennies galore. Free golf during working hours on the Wheel. Incompetent employees keeping jobs that they could not perform. What’s not to like?
Oh, yeah, that’s right. Sooner or later someone has to pay for it.
The truth was always Joe Ganim’s Achilles heel.
That was what sent him to prison for so long. He would not acknowledge the truth.
Back when he was mayor he had an army of supporters and employees who were willing to testify that whatever Joe said was the truth.
Now it is only Joe Ganim and Jerry Barron.
How sad … how very, very sad.
Hey Lennie,
Do you remember when Joe was running for Lt. Governor? He decided since that job was only part time he could be LG and Mayor at the same time.
Or do you remember during the trial when it came out that at one time when Joe was mayor he used to leave City Hall and run up to upper Main St. to work and get paid by the family law firm?
Now think back to when Billy Finch was first elected mayor and he was double dipping with the State Senate paycheck.
That is why the two of them hate each other so much. They share the same DNA.
This should be a fantastic spectator sport if Joe stays in this for a while. Let the body blows begin.
RE: DNA
“One’s a born liar and the other is a convicted liar!”
BEACON2 shows his basketball prowess by rooting for the underdog and understanding the thrill of victory that is unique to college hoops.
Some people claim to have seen BEACON2 dunk a basketball from half-court. All they saw was the bottom of his sneakers!
Grin,
Did Billy ever have to return the Senate $$$?
He promised to donate his double-dip senate chip to the Zoo or the city budget. That’s one of his 3 biggest lies along with $600.00 and Sal DiNardo campaign contribution giveback.
Back to the article at hand.
Listed are Mario Testa and Vice Chair Dottie Guman. I believe John Guman is Dottie’s son. He is listed as the Treasurer for MJ Foster. Are they hedging their bets?
This a fair warning to the people of Bridgeport (it is not a threat). We must look very closely at MJ Foster before we put her in the mayor’s seat. Her calamarian ties are too apparent.
On this one I think you should explain that charge rather than just throw it out there. Did she support Finch when he was running and when he was first in office? Yes she did. MJ like a lot of other early supporters, myself included, found out in short order where Finch was headed. What Calamarian ties are you talking about?
yahooy, calamarian ties? Mario Testa, the genesis of your calamarian declaration, is supporting Finch for mayor. If for some reason he felt Finch was unelectable his next choice would be City Council President Tom McCarthy with whom he has a strong relationship. The next person in line would likely be Joe Ganim. So tell us about these calamarian ties. Based on what?
The question is, are we a lot better off today than we were 7 years ago?
The answer is–NO!
Steele point is still (what’s the Point?).
The City’s investment in the stock market lost ($100 Million) in the last four years.
The City Fund BALANCE WAS $42 Million and is now under $10 Million as of today.
The City Internal Service Fund is Bankrupt, $81 Million in the red.
The City has an $8 Million shortfall and it’s now borrowing/floating a $110 Million bond just to pay its bills before July. At a cost of $500K.
Tom Lombard was right when he said “the City is in a Silent Bankruptcy. It’s like a Silent Heart Attack you had one but you don’t know it yet.“
To imply that MJF is in bed with the calamarians plotting to perpetuate all of the bullshit we have had to live with because of Mario Testa and Paul Timpanelli is wrong. I did not mean to give that impression.
While MJF has made some “minor” overtures that Finch is worthless and has made too many flagrant errors in judgment, she steadfastly refuses to publicly state Finch is the puppet and Testa is the puppetmaster. I have asked her that direct question 3 times and got the same non-committal answer. She refuses to acknowledge the DTC, Testa/Timpanelli and calamarian-controlled common council has to go before any confidence and prosperity can return.
Ever since you started this blog, the overwhelming consensus has been El Squid controls things, Timpanelli is wasting our money, is ineffective and has retarded commercial growth by his own self-interests, his paycheck etc. AND Finch is a fool. I’m looking for a candidate who will boldly step forth with a similar mantra. That person gets my vote and my check. I thought MJF was that person. Doesn’t look that way.
You, LG, say Testa supports Finch’s reelection publicly. Publicly he has no choice. If he were to announce his hand-picked lackey was a troll then his credibility for his next pick would be in the toilet. The order of his choices, as you suggest, Finch then McCarthy then Ganim is complete folly. Not one of those is electable unless El Squid controls the vote as he has been doing AND the apathetic Bridgeport voters remain on their asses and don’t vote. Then El Squid can put whomever he pleases into office … as usual.
I think he thinks MJF is electable and he will call in all favors to be connected with the next mayor. All of the public projects she and her husband made happen during the Ganim years required much cooperation with city government.
Now, I read the post by Stone Barrington regarding threats. I was not aware Local Eyes announced my life was in danger because I pissed off Mofo. I can’t find that post or comment. But let me tell you something; I do not take threats by Mofo to “kick me in the derby” (whatever that means) lightly and do not consider such statements to be rhetoric over what is real. That is not the first time Mofo has made threats of physicality against me and several other posters who think his opinions are drivel. I think your acceptance of such postings is reckless. Bullying is taken seriously. I will not tolerate it on this blog. If you refuse to implement appropriate controls, I assure you I will refer threatening posts to the police. For the record, my days of dancing with the Mofos of the world have passed. I concede most with similar proclivities for violence can easily kick my ass all over town. So save your threats for someone who really gives a shit.
yahooy,
Politics make for strange bedfellows, in Bpt it’s an orgy. I posted this question to OIB and received no replies, so I will try again. Dottie Guman is Co-Chair with Mario of the DTC. John Guman (her son?) is listed as treasurer for Mary-Jane Foster’s campaign.
Has a major rift occurred in the Guman Dynasty or are they hedging their bets?
*** For every action there is a reaction, no? ***
tahooy: You are letting your dislike of Finch & Testa cloud some of your judgment.
First, why should Mary-Jane make calling Testa the puppet master & Finch the puppet part of her campaign? Do you really think most of the voters even know what you are referring to? If Testa was of a mind to I am sure he could get 46 votes from the TC to derail Finch if he though he was unelectable.
Mary-Jane is offering the people change and states it takes a person with a heavy business background to run this city.
She worked with the city and its leaders to bring the Bluefish here along with a nice baseball stadium. Who was she supposed to work with? The mayor of Norwalk? Developers can pick and choose the city leaders they work with and right now nothing is happening.
Just so you understand, Testa has a tepid working relationship with Finch. The person who had the most influence with Finch was Stafstrom. Stafstrom has had a lot more to say with Finch than Testa and that is a fact.
Antitesto // Mar 13, 2011 at 4:45 pm
Response to your posts –
Finch and Dottie had a major falling out shortly after Bill won the mayoral election in ’07.
Mother Goose Guman is the Vice Chair of the DTC, (aka the Nice Chair). Anyone who knows the Guman family knows they taught their children to be their own people. Her three adult highly educated children never fed off the tit of the city. One is a Forensic Scientist, another a Rocket Scientist and John Guman is a CPA and a tax director for a global spirits company. Finch and his birdbrainers had 4 years to reach out to John Guman. Mary-Jane Foster reached out to him because she knew it was a no-brainer.
Thank you Gents,
I was having a tough time with that one. You have to know what team the players are on to keep the scorecard on the money.
One thing about all these posts concerning Joe Ganim and Bill Finch is that neither deserves to be returned to the mayor’s seat.
Besides their obvious flaws they would both bring back the same people who they have in charge of the various city departments and the same senior advisers who are now in place.
These advisers and department heads are at least 49% responsible for the problems we are having and will have if we return them to office.
It is time to change and to get rid of these two and their cronies, then maybe we can get more people wanting to get involved in making Bridgeport a better place to live.
A new and I mean new mayor can finally make this band of fraidy-scared council members live up to the jobs they ran for.
town committee // Mar 13, 2011 at 5:05 pm
to your posting
TC
Wait a second and give this your thought.
New council members to replace the non-performing, yes-Mayor acolytes.
If we could get candidates to work for election and they win, all the better for Bridgeport.
Regardless of your feelings about Joe, his assessment of the city’s financial situation is accurate. He knows the city budget better than anyone. He understands it inside and out. Rather than using what he points out to attack him, how about taking it as a wake-up call to pay close attention to the fiscal condition of Bridgeport. I believe the city is going down a very bad road and picking up speed. Someone needs to step in and put a stop to what is going on. Someone needs to have the courage to get the city on a sound financial footing rather than try to deceive taxpayers in order to get re-elected. I say keep calling it as you see it Joe, Mary-Jane, John and OIB readers. The voters deserve to know and understand the truth of what is happening with their money. They will not get that truth from the current leadership unfortunately. I am not sure if they understand fully the position the city is in and the road they are going down. And if they do, they don’t seem to have a desire to make the hard decisions to confront the looming disaster. Very Rell-esque if you ask me.
RW&B I agree with you. That’s what I meant in my previous post. When asked to comment, Adam Wood could only attack Joe Ganim personally. He could not comment on the fiscal state of the city or Joe’s claims because he doesn’t even have a clue what Joe was talking about. Honestly, it is a very scary situation and getting worse and worse that these people are running the city. They know nothing.
city hall smoker // Mar 13, 2011 at 8:06 pm
to your posting
city hall,
I think SHERWOOD knows all about the money and that is what is really scary. If we can get Bill out, that means the last of SHERWOOD if John M. Gomes becomes Mayor. There is no doubt my mind that Feds and State auditors will be all over the City.
What are you talking about?
Again, more Gomes backers making baseless accusations. If you or Mr. Gomes have proof of misappropriation of Federal or State funds, please file with the appropriate authorities. Chief states attorney has a corruption unit and the FBI would be the appropriate federal investigative unit.
Otherwise drop this innuendo of wrongdoing simply to sling mud. No need to wait for Finch to leave if you have the goods on the man.
Grin Reaper // Mar 14, 2011 at 4:54 pm
to your posting
Grin, you’re right …
the appropriate authorities will determine what is a baseless accusation and what is not a baseless accusation.
In the meantime, you have enough experience to know it is more than Gomes backers who are concerned about your Mayor about his bad habit with numbers.
Vote Ganim!!!!!!!!!
*** The more candidates get into the Dem. Mayor’s race, the better, no? After all, the primary would be the deciding factor whether there are four more years of smoke & mirrors or a clearer path to positive change. Once the table is set, Bpt will know “who’s coming to dinner!” So get busy Gomes, take the plunge Joe, announce already Foster if you’re really serious, pick a side Coviello. Bpt voters are waiting to start listening & asking questions hopefully without the DTC’s usual tainted advice. *** TIME WAITS FOR NO ONE. ***
TC
Don’t kid yourself and do not suggest El Squid and El Shithead have a tepid working relationship. No one can turn this sow’s ear into a purse. In case you haven’t noticed, the PEOPLE of Bridgeport are totally fed up. Testa, Finch, Stafstrom, you, Timpanelli, at least 19 council members all have got to go before we can see some progress here. All represent different iterations of calamarianism. All have made certain there is little progress that could pull us out of the gutter. Refute that if you can. Anyone, and I mean anyone who supports the current political structure in this town condemns us. I expect much resistance. Can you imagine how many livelihoods are in jeopardy if the calamarian control is defeated? These appointed ministers of municipality will do anything to maintain status quo a la quid pro quo. Forgive me, all those whom I insult. Our success and our future totally depends on finding new things for these people to do when November comes around. This cloud has no silver lining. The calamarians fleeced that a long time ago.
Did someone say squid pro quo?
Cool … WAY COOL!!!
You’ve got a lot of Testacles stealing my lines. You might be sleeping with the fishes if you don’t cut bait and switch.
???
The answer to your rhetorical question marks was not directed to you but to Lennie’s post.
One more thing, TC.
You ask whom I think MJF should have talked to during her development of baseball and the stadium. You asked if I thought she should have talked to the Mayor of Norwalk. No I think that she should have been talking to the Mayor of Bridgeport. But talk to the Mayor of Bridgeport falls on many ears and on many palms.
yahooy: Gee I’ve got to go!!! Go from where? I hold no office, if you remember I was defeated in my attempt to unseat Curwen & Paoletto. I did not know I was such a power broker. I guess that’s why both of my kids who are in different construction units have not worked for the past 18 months. You want me gone because I post the truth and it conflicts with your theories.
I guess you have not been reading my posts for the past few years. Do they sound like I am a friend of this administration?
What pisses you off is Mario testa is a friend of mine even though we disagree politically. You just can’t understand that.
As far as jobs being in jeopardy they always are even when a mayor is reelected. Some people fall out of favor and are replaced even when a mayor is reelected. That’s the nature of those jobs and has been since the first elections were held.
Mary-Jane and her husband did talk to the mayor of Bridgeport and the ball field was built. So what are you saying now, that they greased palms to get this stadium built? Bullshit and you know it. Why are you insinuating something underhanded took place? The Feds were all over that ballfield and nothing was ever and I mean ever was said about MJF.
Do yourself a favor and try to post something other than Calamarian bullshit.
Why do we have to wait until after the election for the State and Federal auditors to come in? Do they have to be invited? Why aren’t they here now?
Thank you very much. I’ll consider it. BTW, if you truly want better for Bridgeport then you should be shouting at the top of your lungs to rid this town of your best friend’s influence. And don’t rewrite my words. MJF never put a nickle in anybody’s palm. On that point, I am absolutely certain.
Yahooy I did not rewrite your words maybe you should review them before you submit them. Here they are and I quote “You asked if I thought she should have talked to the Mayor of Norwalk. No I think that she should have been talking to the Mayor of Bridgeport. But talk to the Mayor of Bridgeport falls on many ears and on many palms.”
I am doing something to change the status quo in Bridgeport and that is to work for a candidate who will be running against Finch. What are you doing except posting the same old shit about Calamarians?
You get your candidate to declare war on Squid Pro Quo and she gets my vote and check. She hasn’t done so yet.
Yes, I am passionate about this election because it is the absolute best time we have to dismantle the machine that has been dragging us down for so long. We have two viable candidates in Gomes and MJF with MJF being more desirable. But we cannot afford compromise candidates for the sake of getting elected. I’m hearing nothing from the lady about that.
You know what I think of you and I know what you think of me. Best of luck to your candidate especially since she is likely to be mine as well. There is nothing wrong with her denouncing the current political structure while announcing a plan to apply more sensible means of responsible municipal management under her leadership. Caruso remained mute on these issues and lost.
PS TC,
Why don’t you run for office in Mayberry?
Because I live in Bridgeport. Ann Barney and I made a real effort to unseat two incumbents. We did it with our own money and our own work. What have you done to try and make change? Zip point shit!!!
If anyone sounds like they come from Mayberry it’s you. Get a grip on reality, get off your ass, walk the streets and run for office.
10 deep breaths … cleansing breaths. 5X a day.
BTW I admired your run for office and said so many times.
You keep ignoring the damage your best friend is doing to this city and you will hear much more from me.
I am not ignoring anything, I am working very hard to defeat the incumbent mayor. I am doing it by writing a check, sponsoring a meet the candidate night at Vazzys on March 24th at 6pm. You and anyone who wishes to attend are invited. It will be at Vazzys on Huntington Tpke. It’s free. I have told Mario several times that I expect to beat him at Hooker school. It is time for a change and MJF is the candidate to do it.
Squid pro bono is probably more correct, but squid pro quo sounds better.
You don’t need Latin to guess the city’s going broke, again. Personality assassination, while amusing, doesn’t change that. If I’m Finch, I’m loving the discord. Like ’em or not, Ganim is the first one to reflect on it in a way the average Joe can understand.
It might be nice if someone could make an EDUCATED guess as to how long the budget numbers hold up before they start melting like a Fukushima nuker.
More like squid pro boner with this 2 Live Dead Wood Crew. Ganim is no average Joe. I don’t know too many average Joe’s who have done time in the can.
Another thing …
A rose by any other name is still a rose. No matter what I call it … IT has to change now!!!
Independent Auditor’s Report was signed on February 18, 2011 and sent to the Honorable Mayor and Members of the City Council, City of Bridgeport, CT. (Copies of the report were provided to each Council person. 134 pages to review and digest.)
If you look at it (it’s on the City website) and do not understand one or more issues or numbers, take it up with your Council person. They voted to appropriate these funds two years ago and now the report of how it worked out appears. (No questions, you ought to be teaching the rest of us.)
So let me compare two numbers, 8.0% on page 54 and 5.5% on page 64. Each of these is an actuarial assumption, in this case, the assumed interest rate to be used in calculating the annual funding and the adequacy of pension assets to successfully pay those promised income benefits or healthcare benefits in retirement. The 8.0% relates to pension funds and the 5.5% to Other Postemployment Benefits, namely healthcare, which is a pay-as-you-go item in the Bridgeport budget. No reserve funding.
Implication for taxpayers: the higher the interest rate assumed, the lower the actual funding required each year in your budget!!! The lower the interest assumed, the higher the drain on your budget!!! Guess why these assumptions may be stated high (State of CT Pension assumed interest rate of 8.5% and look at the problems the State has)??? Clever, isn’t it. And the actual investment picture over the past decade has lost the City money on Joe Ganim’s concept of borrow to invest. But one has to look even deeper to discover whether there has been good investment management or not. We pay for advice, I am sure, but rarely understand whether the advice has been on target or not. The retirement costs are real, but the story and the numbers remain hidden from the public for the most part.
BEACON2 // Mar 14, 2011 at 3:25 pm
To your posting
B2,
Yours is an accurate call on the “numbers,” which remain hidden for the specific reason that TOM SHERWOOD, the master manipulator of numbers, wants them hidden …
Despite the SHERWOOD efforts, the independent auditors found material weaknesses with the City’s report, which means of course that a reasonable “possibility that a material mis-statements … will not be prevented, or detected, or corrected on a timely basis.”
Does this surprise anyone?
Where’s Flounder, the Squid is cooked.