That’s what Supervisor, and new Board Chairman John Moorlach had to say about the $110,000 independent review of Chris Streets’ investment portfolio and practices. Has he been sleeping? What about the $ 1 million remodel orÃ‚Â the DA and CEO investigations into his contracting activities?
Ron Campbell in the OCRegister reportsÃ‚Â yesterday that Auditor-Controller Sundstrom wants in on the act of reviewing Streets’ investments by having the investment oversight committee have more power.Ã‚Â Supervisor Campbell is more worried today about Streets’ investment than he was a month ago, particularly about our SIV’s portfolio. This because Street couldn’t answer any of his questions about what investments make them up.Ã‚Â Campbell called the practice “black box investing” as he invoked the ghosts of the 1994 county bankruptcy.
So let’s see if I’ve got this right. We are spending $110,000 to find out that our investments are riskier than Chris Street has told us; something we already know.
Uh, then what?Ã‚Â My guess, the Board will continue to waffle and waiver, ultimitely doing nothing but close their eyes being lead in a prayer for fiscal solvency by Chairman Moorlach.
This stuff , on top of their new Performance Auditor expenditure is starting to give me a head-ache.