Comments from some the day after the verdict (Nancy and Dave)
April 16, 2006
Dave,
I don't think that a national climate of corporate greed, such as Enron, justifies in any way what happened at STRS. If trust cannot be held for those elected or contracted with to protect us, then there will be chaos -- not just greed -- because we could not trust our police or fire officers or anyone,let alone STRS Board or staff.
I agree that all of the known culprits must be charged by the Ohio Ethics Commission and be given punishment (no matter how inconsequential). That is the only way that the foundation of trust from STRS members can be repaired -- we have to know who did not have the courage to fulfill their oaths of fiduciary responsibility or who did not have the courage to fulfill their contracts to STRS with honor!
Nancy (Hamant)
April 15, 2006
Dave,
I have thought all day about your response to my concerns about the information that came out during Hazel Sidaway's trial.
It is hard to believe that the "culture and climate" that you described took place at STRS by professionals of the educational field (STRS Board Members) and professionals of the financial field (STRS Executive Director, Financial Director and Staff Lawyer). The climate that you described is one that I think might occur at a Junior High School.
What is difficult to believe is that such petty and greedy behavior was exhibited by STRS Board members who were sworn to protect STRS funds and act as fiduciary guardians for all the STRS members assets. In addition, it is unbelievable that an STRS Executive Director and an STRS Chief Fiscal Officer would "cave-in" to such petty and greedy demands when they were responsible for fiduciary guidance to the STRS Board, responsible for the fiduciary safety of the STRS Fund and had contracts to do protect the STRS assets for all STRS members. In my mind, this is not only moral and ethical responsibility but also legal responsibility.
Clearly, the next step in this modern day morality play is in the hands of the Ohio Ethics Commission and David Freel. It is important that anyone who has so abused the STRS system, as the two who have already had charges brought against them and have gone through the court system, must be charged and see their day in court!
What every STRS member needs to do now is to ensure that such a violation of trust never occurs again.
How we do that will take the clear thinking and leadership from each and every teacher in Ohio. We cannot let this ever happen again!
Nancy (Hamant)
April 15, 2006
Nancy, In my short time at STRS, it was evident from conversations I had with many who did not have access to the board members and watched from a distance that the board members themselves pushed for the perks they received.
I believe that in the beginning Mr. Dyer even tried to resist the requests but gave in when more than half of the board wanted these types of perks. Board members would go into the various venues in STRS and ream out the staff if they said things in their reports they did not want to hear. Staff members who resisted the power plays were treated badly and not looked at when higher positions were posted.
Up to the reign of at least five of the board members who took great advantage of their positions, I believe things were done reasonably above board. It was the stock market plunge that opened this can of worms. If it had not happened, the real cause of our hurtful positions as retirees now, this would still be going on in my opinion. We would all be enjoying our retirements and the board would still be enjoying those perks unless ethical and moral individuals were elected to the board.
The board members were not respected or liked by most staffers but they did enjoy the perks they got. Since there is no union, they did not ask for what they got but were given them by an out of control board. Shame on them and on staff members who caved in from the pressure of wanting to please them.
I wonder what the majority of members would want today, an immoral board and all our retirement or the stock market crash and business as usual. What a choice!
Dave [Speas]
_______________
Saturday, April 15, 2006
I also believe that the testimony of STRS staff and witnesses clearly indicate that a culture of "entitlement" was running amok at STRS. In my mind, Herb Dyer had to have cultivated that climate at STRS.
Unfortunately, he and all the others who will have ethics charges made regarding their actions are only receiving "slaps on the wrists"-- no real punishment for their lack of fiduciary responsibility to STRS members!
In addition to the comments below, I believe it is important to note that Hazel Sidaway claims that she checked and received approval for her actions from "key" STRS staff, namely Steve Mitchell, Executive Director of Investments, and Cindy Hvisdos (Sp.?), STRS In-house Lawyer.
Which certainly makes one wonder as to the "expertise" of these STRS staff members as well as those STRS members who were begging for immunity for not only misdemeanors but also for felonies! It verifies that STRS staff who were part of the Herb Dyer era are not to be trusted. Until STRS cleans out all of these Herb Dyer employees the system can never be trusted.
Certainly, if I were a newly elected or appointed STRS Board member (those after 2003) I would be very cautious about any advice or recommendation from the Herb Dyer era STRS employees -- it is very evident that they either provided Hazel Sidaway with bad advice or they are not to be trusted.
Nancy Hamant
Dave,
I have thought all day about your response to my concerns about the information that came out during Hazel Sidaway's trial.
It is hard to believe that the "culture and climate" that you described took place at STRS by professionals of the educational field (STRS Board Members) and professionals of the financial field (STRS Executive Director, Financial Director and Staff Lawyer). The climate that you described is one that I think might occur at a Junior High School.
What is difficult to believe is that such petty and greedy behavior was exhibited by STRS Board members who were sworn to protect STRS funds and act as fiduciary guardians for all the STRS members assets. In addition, it is unbelievable that an STRS Executive Director and an STRS Chief Fiscal Officer would "cave-in" to such petty and greedy demands when they were responsible for fiduciary guidance to the STRS Board, responsible for the fiduciary safety of the STRS Fund and had contracts to do protect the STRS assets for all STRS members. In my mind, this is not only moral and ethical responsibility but also legal responsibility.
Clearly, the next step in this modern day morality play is in the hands of the Ohio Ethics Commission and David Freel. It is important that anyone who has so abused the STRS system, as the two who have already had charges brought against them and have gone through the court system, must be charged and see their day in court!
What every STRS member needs to do now is to ensure that such a violation of trust never occurs again.
How we do that will take the clear thinking and leadership from each and every teacher in Ohio. We cannot let this ever happen again!
Nancy (Hamant)
April 15, 2006
Nancy, In my short time at STRS, it was evident from conversations I had with many who did not have access to the board members and watched from a distance that the board members themselves pushed for the perks they received.
I believe that in the beginning Mr. Dyer even tried to resist the requests but gave in when more than half of the board wanted these types of perks. Board members would go into the various venues in STRS and ream out the staff if they said things in their reports they did not want to hear. Staff members who resisted the power plays were treated badly and not looked at when higher positions were posted.
Up to the reign of at least five of the board members who took great advantage of their positions, I believe things were done reasonably above board. It was the stock market plunge that opened this can of worms. If it had not happened, the real cause of our hurtful positions as retirees now, this would still be going on in my opinion. We would all be enjoying our retirements and the board would still be enjoying those perks unless ethical and moral individuals were elected to the board.
The board members were not respected or liked by most staffers but they did enjoy the perks they got. Since there is no union, they did not ask for what they got but were given them by an out of control board. Shame on them and on staff members who caved in from the pressure of wanting to please them.
I wonder what the majority of members would want today, an immoral board and all our retirement or the stock market crash and business as usual. What a choice!
Dave [Speas]
_______________
Saturday, April 15, 2006
I also believe that the testimony of STRS staff and witnesses clearly indicate that a culture of "entitlement" was running amok at STRS. In my mind, Herb Dyer had to have cultivated that climate at STRS.
Unfortunately, he and all the others who will have ethics charges made regarding their actions are only receiving "slaps on the wrists"-- no real punishment for their lack of fiduciary responsibility to STRS members!
In addition to the comments below, I believe it is important to note that Hazel Sidaway claims that she checked and received approval for her actions from "key" STRS staff, namely Steve Mitchell, Executive Director of Investments, and Cindy Hvisdos (Sp.?), STRS In-house Lawyer.
Which certainly makes one wonder as to the "expertise" of these STRS staff members as well as those STRS members who were begging for immunity for not only misdemeanors but also for felonies! It verifies that STRS staff who were part of the Herb Dyer era are not to be trusted. Until STRS cleans out all of these Herb Dyer employees the system can never be trusted.
Certainly, if I were a newly elected or appointed STRS Board member (those after 2003) I would be very cautious about any advice or recommendation from the Herb Dyer era STRS employees -- it is very evident that they either provided Hazel Sidaway with bad advice or they are not to be trusted.
Nancy Hamant
posted by Kathie Bracy at 9:41 PM
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