Sunday, April 23, 2006

John Curry to Judge Glaeden: Remember the stakeholders

April 23, 2006
The Honorable Carrie E. Glaeden
Franklin County Municipal Court
General Division, Courtroom 13 A
375 South High Street
Columbus, OH 43215
Your Honor,
I am a benefits recipient of the State Teachers Retirement System of Ohio. I am writing to you to ask that you read what I present to be a victims impact statement to consider before the sentencing of former STRS Board member Hazel Sidaway who was found guilty in your court of two Ohio ethics violations.
There are over 130,000 retired victims of Ms. Sidaway's ethics violations -- the STRS retirees. In addition, there are over 200,000 stakeholders who are actively teaching or who have monies invested in the State Teachers Retirement System of Ohio even though they are not presently teaching. Many of these victims are still unaware of what has transpired in your courtroom. Some are unable to speak form themselves as they are incapacitated and are in nursing homes; they will probably never know what happened.
Regardless of numbers of these fiduciaries, Hazel Sidaway -- by her violations of the Ohio ethics laws -- did not, in my opinion, follow the letter or the spirit of the Ohio Revised Code (3307.15) which states (in part) that, "The Board and other fiduciaries shall discharge their duties with respect to the funds solely in the interest of the participants and the beneficiaries; for the exclusive purpose of providing benefits to participants and their beneficiaries..."
Attending a Cleveland Indians ball game or the Broadway play "Hairspray" with complementary tickets of significant value furnished by STRS vendors certainly doesn't equate to compliance with either the Ohio ethics laws or ORC 3307.15.
I do not know whether or not you have requested a pre-sentence investigation before your sentencing on May 12, but I request that you consider this fact:

There is a large sculpture ("Integrity") sitting just outside the STRS Boardroom at the STRS. This $100,000 sculpture was purchased with the approval of Ms. Sidaway (and other board members) during her tenure as a board member. It is within view of all board members as they are performing their fiduciary duties by conducting board meetings. With this statue there is a plaque that reads:

"Integrity.....guiding all that we do at STRS Ohio, from retirement Board actions to counseling members and investing money. This sculpture symbolizes integrity through the bronze figure representing members, intertwined with the stainless steel figure providing the security so highly valued by members and benefit recipients alike. The spiraling shape captures the boundless energy and strength that characterizes the system's mission and vision."

In closing, I ask that all STRS stakeholders' interests be considered in the sentence that you deem appropriate to Ms. Sidaway on May 12, 2006. Thank you.

Sincerely,

John Curry -- an STRS retiree

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