Leonard Myers and Dave Speas on Dave's talk at Defiance Co. RTA today 9/13/06

From Dave Speas, September 13, 2006

Subject: Re: Expenditures

Molly, The figure used was an example not an accurate one and was part of a report on the STRS issues. If I left the impression that the amount of money spent was supported by me, and since I do not know all the facts I would not have an opinion, I apologize as I was explaining why some people would support it as they could not find qualified experts on their own.

Since the real estate division made the most percentage profit of all the investment parts and all the people who did that have left, it would be prudent to find people who can continue to do the job. If you hire people who make 10 million and pass over people who would make 30 million then the $315,000 is a bargain.

All people know how I felt about the children's center as the very people who we count on to make all the money sometimes stay over and continue to work for us because their children are well taken care of in the building in which they are working. If one person made more money than it cost over the break even point because he or she stayed to finish an investment process and that happened a few times it is a prudent use of the center especially if they stay at STRS because of it and do not move on.

Everyone has to understand that if you are on a team that made 13.7% last year, people are going to be wanting to hire you. I personally do not want them to leave as they are doing a good job moving us back toward help in healthcare. Thanks for giving me the opportunity to explain the full context of my talk.

Dave

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From: Leonard Myers, September 13, 2006

David Speas, former STRS board member, spoke to our Dist.1 Orta meeting today. His view of the $315,OOO expenditure to acquire replacements for financial investors was a small price to pay for people who have brought in more than 30 million dollars to the STRS. Also he said 65% of those who use the child care center were investment personnel who often had their children there while they were working 12 hour days and staying late to make sure investments for the day were finalized.

Leonard Myers, Pres.,

Defiance County Retired Teachers