Supervisor John Moorlach will formally ask that his colleagues remove the investment powers of his hand selected successor Chriss Street.Ã‚Â “This ordinance is not an expression of concern over the state of investments, but is precautionary in order to prevent the Treasurer-Tax Collector’s personal distractions from hampering the effective performance of the investment duties of the office,” Moorlach said in the letter dated August 29.
Board Chairman Chris Norby has already pledged his support for the Moorlach’s Street Sweeping Plan but the other Supervisors have not yet taken a position.Ã‚Â The three remaining Supervisors allÃ‚Â have the same Lawyer as Street (Phil Greer). The Orange County Register’s Peggy Lowe asked Supervisor Pat Bates to comment and she said that the distractions are “troubling” but she is going to give Street the benefit of the doubt until she can meet with him before Tuesday’s meeting.
“The question is: can he carry out his very, very serious fiduciary duties with all the distractions? He’s going to have to convince me that he can do that before I vote on Tuesday,” she said. “We all know that those kinds of distractions, that are essentially in his personal life, take a toll.”
Street is holding his ground and told the Register; “I have managed the hurricane of rumor and innuendo that has arisen from unfounded stories without being distracted,” he said. “Our department’s achievements are evidence that our focus on leadership and cooperation is succeeding.”
Moorlach is also asking that the 14 Key investment staff members from the Treasurer’s office be reassigned to the control of the County CEO Tom Mauk.
We’ll see what happens on Tuesday, September 11th.
Would saying “Beware the Ides of September” be out of line here?
CLICK HERE for Peggy Lowe’s story in today’s OCRegister.