TAKE A LETTER MA RITA ADDRESS IT...........
Okay JT. I tried it your way. Sunday October 5th, I e-mailed the city and asked them what the Citys investments are in. Figuring the termoil on Wall St. it makes sense they are in very safe investments? Then at Mondays Council Meeting I learn the City can not find a buyer for there $900,000.00 Bond. Which just seems to be alot of debt still owed from past years. What happens if the city cannot find a buyer for that note? Wll we sell some of our investments to purchase our own Bond? This just doesn't seem like a good time to cash in? Why would it take over 72 hours to get an answer? Will I get any answers? Just to let you know I did get a confirmation number so I know they received the e-mail. In June I moved all my 401k money into treasury bills. Good Luck? No just know one watches your money better than you do. Who was watching the citys money? Just being positive.
posted by terminator1 @ 7:22 PM
36 Comments
36 Comments:
I think he's more interested in pointing out all the incompetency around here. We all see the drama.
Wish they would just answer the question.
KAREN
The money is safe. We lost like everyone else did, He's starting stuff. The city let professionals handle the money.
He has a reason to ask, as a concerned citizen he can do that and sometimes it is better to have people asking. Just don't assume the city screwed up. Get all the facts first. Maybe the question wasn't specific enough. What exactly was the question you asked? Can you copy to us the email you sent them?
Someone needs to point out the incompetency, and we have a right to know where the money is invested.
See you assume the incompetency exists. Maybe we should find out more of whats going on then make an informed assessment of whether incompetency exists before assuming it does.
Now, for something productive, what can we do to find out about where the money is? Maybe we should send another email? Or call? Or ask a council person to look into it?
Make no bones about it, TERM has the right to ask questions of the people that run things. I have never disagreed with that, just the way it is done. TERM, congrats, I applaud your willingness to try a different approach. I just recently logged onto the Cities website myself and made a request through the email system and just noticed that it looks to have been fixed. My question was about the web-site and the lack of information on the calenders as to where events would be held. Kind of hard to go to an event if the only thing listed is the date, time and name of event right? Anyways, look at the site now. Descriptions, pictures and everything when you click a link to an event, worked for me asking nicely to get it fixed. Much different than your question, so I hope this approach works for you as well.
The state of the countries money is sad for sure and things are bleak for many people right now. I am sure that no one really wants to see the USA fall, except maybe Ossama Bin Laden, so I hope that the plans of the gov't are effective.
I would also submit that the Cities money is safe as well and just needs to find the right source for the purchase. I would also say that I feel part of the problem with the housing market, that was booming not to long ago and a great investment, was the interest only mortgage. It gave people the chance to live in a house much more expensive than they should be able to afford with the hope that their pay would bounce upward in a couple years, and they would be able to afford their deluxe accommodations then. But pay did not rise, cost of living did, and therefore the big banks backing all of those bad loans fell. And then fell the people backing the big banks. Not the entire reason but a big part of it no less.
I really liked the ideas I read above this post. This person has the right idea. Instead of just screaming about the problem take control and ask questions in a manner that you would want to be asked, nice job, you have the idea. You have listed a couple things here and I would try them all. Don't leave your desire for answers down to one source only. And don't forget to follow up. The squeaky wheel gets the grease, keep on it and I bet you get results. JT
hey term,
i believe you had a a reasonable question for the city. what are your going to do with the information when you get it? that's my question. i think the city should offer it up and probably has in an annual report or the like. i read the news article and i thought it was well written, i did note the line
" Painesville officials proactively decided to make the notes more attractive."
i also noted that other cities had this problem. it does not look like anyone is asleep at the wheel here(on this one).
term, it is o.k. not to trust everything or everyone as i have learned over the years. but keep a "poker face." i encourage you to use the information in a positive way unless it shows otherwise, peoples careers can be smeared with bad rumors and inferences.
find out the facts correctly and professionally-and keep talking to j.t.(who ever he is)
maddog
Maddog,
Great post, the key words are (bad rumors)
That is what most posts are full of here.
Like when someone makes the comment that the Painesville Police won't do anything or care about immigration laws. Bad rumor, not backed by a lick of fact and may give some people the impression that the local Law don't do their job. Proven wrong, and no apology. I will apologize for the poster and applaud anyone that backs up what they say with fact.
Maddog, I like that you quoted the paper exactly. I went to the News Herald and found the article and see that you were verbatim, very nice. Not that the paper is always right, but your source was well quoted and backs up your comments. Well done. JT
I Bet maddog and jt. are city employees and are Rita's lap dogs?
Is this a fact?
KAREN
Term. Quit asking questions, your making people nervous!
Where did you get that from Karen? Sounds like another baseless accusation. Some people on this site think you are not credible and you are doing nothing to help your reputation.
karen,
i must inform you and the others you made me lmao. karen might be on the list but she is absolutely hilarious.
i have been called alot of things but never a lap dog. be rest assured painesville-me, rita and the mysterious j.t. dont have pizza together.
i dont think we would agree on the toppings or the extra goverment cheese. but i am sure we agree on the basics or outcome-a better city.
good luck karen, stay on the list and keep posting
maddog
Fiance Director, Andy Unetic e-mailed me today with the answer to my question about city finances. There seemed to have been some problem with the city's web site. I am pleased with the answer I received from him. I will post his reply when I have some free time. Now I reread my post and for the life of me I asked a question. I did not call anyone incompetent, or try to smear anyones reputation.
Maddog maybe you can explain what in my post made you feel this way. The city's web site had problems fine I'm o.k. with that. Who did I accuse?
Lets give Karen a little more credit for her question, she's a tiny bit right.
Karen is worthless.
I like the post that thinks Karen is Term.
Funny I thought that at one time, but I don't thing she is he.......
TERM, here is my take on this comment made by maddog.
"i encourage you to use the information in a positive way unless it shows otherwise, peoples careers can be smeared with bad rumors and inferences."
The key word to me was "unless". I think he was just saying to use the info. for good reasons UNLESS you were informed that something bad happened. The comma separating "otherwise, peoples" would tell me there was a break in the comment and it was just his opinion that if the info. was used improperly then people could get hurt.
I am glad that the finance director replied back, and so quickly at that. It seems that the system may have worked here and maybe this is a sign of things to come. You are a very smart man TERM and I think that your knowledge of this City is remarkable. Your concern is genuine and I would like to see some of your ideas work. Maybe attacking from a different angle will work for you. Good Job!
Now Karen, did you call me a loyal person? I will say that I am a loyal person that cares about those around me. So if that is what you meant by "lap dog" then you are right. As to my owner, no one owns me...but by the name of maddog alone, I bet he would bite if provoked. JT
Lets give Karen a little more credit for her question, she's a tiny bit right.
She said they were city employees.
She said they were lapdogs with the connotation that they were employees and proverbial "yes men".
She is a tiny bit right? What part of this is right and how do you know it? Proof?
I think it's obvious her comments here meant in a derogatory manner. Just because someone doesn't assume the city government is ripping us off with every action does not mean they one of "rita's lapdog" employees.
term,
i see you got a reply within three buisness days from the city which i think is reasonable.
i did not say you accused, nor smeared anyone's reputation. you inferred it. your initial inference is in your original post which has eight questions after you legitimately inquired about the cities investments.
i realize for the blog sake maybe it is to spur dialogue but you put a negative spin or inference on this one.
take note of word "infer"
you did not call anyone incompetent, you were inferring it with the the eight questions along with not presenting clear facts on the 900,000 dollar bond and the what ifs.
you inferred something was a foul with the cities monies whether you meant to or not. people(city employees) are responsible for those monies-so you made negative inferences about those people. after reading the posts again i was not the only one who felt this way.
term, you asked-i replied truthfully and not to insult or demean you in any way.
i encouraged you to do otherwise, and be professional. you won't make a positive influence in the city like this and you were not perceived as being positive.
my friend, you have time to be involved with the rest of us in making this city better. i applaud you civic involvement and watchdog attitude.
maddog
Someone must be a city employee right?
KAREN
you ain't but your on the list...
and don't forget mr rellik....
where he be?
Sorry Maddog, I didn't inferred anything I asked. I am finding out the hard way you can't even ask questions or you are labeled a troublemaker. I will still ask questions the way I have. Now I will ask Mr.Unetic what happens if that $900,000 Bond isn't purchased?
Will the city just pay it off? I will even say "please tell me...
sir, i believe you have a legitimate question and right to know about the investments of this city.
you can legitimately ask questions about your investments and move them. so you most certainly have the right to ask about your cities investments not only in troubling times but good times as well. you did ask and got your answers.
somebody correct me if i am wrong on this but i don't think the city owes 900,000 dollars. i think they are trying to borrow it and are upping what they are paying for interest. they are doing this because the money market is tight right now from falcone's convenient to wall st. now if they borrow and can't pay, shame on them for borrowing.
if they can't pay up, then you can round up some folks, rifles, blind folds and some drums (in figurative speaking of course.) remember when you loan or borrow you are gambling so every one must get something for their risk.
on a lighter note it would also appear that i should have invested in falcone's beer stock than in wall st. stock. i would have at least felt better before i heard
"someone" b*tching... you know who i mean.
thanks for the conversation and respectfully disagreeing. have a good weekend terminator.
maddog.
This guy above must be the King of Painesville? He will probably be on that list soon. What is that $900,000 for I was under the impression it was for unpayed debt. The Arrgonne Dr. repaving ect. Its not for something to be purchased or new? If you couldn't sell the Bond you just wouldn't go forward with the project.JT. a little help here to explain this.
I'm presently on to many lists.
Term, You have no idea what the moneys for? Why don't you find out before you start to type. Its probably for new vehicles, gristmill ect.
wise up.
GET OFF THE LIST TERM
Term. Just watch ch 12 Rita tells everything you need to know about the bond.
Were you not there ?
I was there, I thought it was for old debt. Alot of people seem to think its for new projects? Next question why would we have a bond for old debt?
Oh my Gosh! I cannot believe the comments on this blog regarding the City of Paines'villes Debt Issue - i.e. called notes, which is in reality called Debt/Accounts Payable - the same liabilities of all of you folks that have a mortgage/vehicle payments/credit cards, etc etc.
We as plain folks cannot sell our debt to others to gain a lower interest rate and a longer pay-off term; as this city and many other municipal entities can do. ur credit ratings are much diferent than municipal (pay for) ratings.
As of not just one year ago, but at least 18 to 20 months, the economy has been faltering. Why would anyone in this city vote new debt for projects (like all of us would go into contracted dept for cars/siding/windows, etc)fully knowing that the economy and credit services were beginning to decline any new applications for credit and those that purchase municipal issues were heavily hesitating: and now none of them want to grant us credit nor does anyone want to purchase municipal debt (a longer term policy) unless the interest rates that these municipalities offer are out of sight. Pretty sad when a municipality of any kind is the offer entity of Interest rates than the financial institutions. Financial planning/financial oversight and positive financial realities-I think not.
City Investments in many stocks - including Fanny Mae/FreddyMac - pull those puppies out and place them in a safe haven place for now - and do not wait one second to do this. Why? These investments are our tax dollars that we pay each year - over and over and over again.
We personally have placed our investments in a (for now) safe place. We should demand that this City do the same; instead of just sitting back and hoping/praying that the investment of our tax dollars fair well.
Economics beyond our individual checking/savings/debt is hard to grasp. Economics 101 with our Tax Dollars/Government is even harder to understand/grasp - expecially when our City does not choose to be up-front and honest.
Last post or Mr Smart-ass
Do you know the rules of municipal notes ?
I think not, or you would not demand the city do the same as individuals do, they are not the same.
Your Economics 101 suck.
It seems were borrowing money we have already spent, I agree that the money invested in Fannie Mae and Freddie Mac should have been already been sold. The city manager has always called this movement of money "housecleaning"?
It seems what the city does is run up a credit card than when it comes due, takes that debt and puts it on another credit card.
The question should be how much total debt we have and what are our assets are? It may start to make sense why we can not keep finance directors in Painesville # in the last 4 years.
If these are the actions of the city manager that makes $115,000 heck anyone can do that?
KAREN
Oh, it's Karen....
I would like him/her to run the city.
how about all 7 council getting more INVOLVED????. city hall employee...
Not just 7 council people, but everyone in this town thats says they care about Painesville.Thats JT. and Maddog plus all the people that live here. This financial meltdown is not the cause of anyone at City Hall, but they seem to be getting "BAD" advise.
Mr.Rellik
"The city manager has always called this movement of money "housecleaning"?"
Yes house cleaning does normally mean getting things in order. The bond mess has been cleaned up and put in order to keep from putting the city in a bad spot later. If you look around I bet other cities will be anticipating the financial crisis's affect on them and will be taking similar action.
"It seems what the city does is run up a credit card than when it comes due, takes that debt and puts it on another credit card."
This is abosolutely not what is happening. You ahve no idea how public finance works. To be more correct you should have said "It seems to me" because then everyone knows that this was your characterization of what was happening. And everyone knows what to make of your view on things. You make these accusations based wholly on your imagination. The sad part is that some people might read this and buy into you. I hope the readers learn never to do such a thing.
karen and rellik, thanks for proving why you are on the dumb ___ list. you two are like the little pink bunny. you keep going and going....no where losers
i bet these persons can't balance a check book, let alone stick there du'masses (that's french for dumb ____) noses in city finances.
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