Investment mistake

Posted: Wednesday, April 25, 2001

We read in the Empire that our fearless leaders have rushed down to California and invested $2 million of our money in an electric company last November. There are some facts we should look at and some questions need to be asked. Nearly everyone knew in November 2000 that power companies in California were in fear of going broke. Even if all went well, the very most we could have made on our money was 6 to 7 percent on the high end. In November 2000 we could have made 5.5 percent or more from a local bank. It's down to 4.5 to 4.75 on a large sum now, but in a safe bank CD or other money market, any boob could make money on our $2 million. We need to ask why our leaders flushed $2 million down the electric company toilet.

I believe this is a scam or worse. This is why we need an audit of our books at the CBJ. I believe a proper audit will uncover gross wrongdoing and will find a way to lower our taxes. Such an audit must be conducted by a local group of property owners. People who really want to know where our money is going. Think about it and ask yourself, would you have put $2 million in a California electric company that had already reported to the world that they most likely would go into bankruptcy? This action follows a path of bad faith action by our leaders. Let's form a group and audit City Hall.

Chuck D. Keen

Juneau



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