Joe Lupo: Update on the Illegitimate Removal of Wade Steen by Governor Mike DeWine - Part III

From Joe Lupo

May 15, 2023

Update on the Illegitimate Removal of Wade Steen by Governor Mike DeWine - Part III

There is an old song, "What a difference a day makes, 24 little hours." And it is so true! Since I posted my last findings less than 24 hours ago, more information has been provided by the eyes and ears of those that some might call "leakers." I call them MOF friends and supporters.

You might find it interesting that MOF has been informed that STRS knew the results of the board election on Tuesday, May 2, 2023 which gave them three days advanced notice to lobby DeWine.

I will continue to stand my ground that DeWine had no authority to remove Wade Steen. What I will cover here, is what the real motivation was by those that collaborated and colluded with DeWine for Steen's attempted removal. DeWine did not act on a sudden and possibly overnight concern for teachers/members benefits or COLA. It was not about any violation of an attendance policy by Steen which is neither found in ORC or the STRS Board Policy Manual.

What it was about, was a presentation by Board Member Rudy Fichtenbaum some months ago regarding index investments and Wade Steen's verbal support. This was a presentation and was not put into a motion to be voted on. In fact, Rudy's presentation was rudely cut short only after a short time by Carol Correthers, Board Chair, and was never completed. Even though there was no action then or at any following board meetings, this became the weapon of choice. All one needs to do is read DeWine's statements in his press release presenting a watered down version of the concerns by Neville and the current investment staff.

Why should they be concerned? I answer that question based on meeting up with an 83-year-old friend who became a multimillionaire at a young age, having sold an invention and then a second. He is a self taught investor and has made several millions using index investing without a broker. It was during my conversation with him that I realized what may have been the catalyst for DeWine's "Friday's Dirty Deed."

With this information, it became evident that Neville, who certainly wants to save his own job at STRS, used Rudy's investment presentation so he could include the STRS overstaffed and overpriced investment department as well to pressure DeWine to try to remove Steen. Based on my friend's investment strategies and by doing his own investing, the current STRS investment department could possibly become a skeleton of what it currently is now. Thus the investment issue became the bullet that was fired at the governor along with the participation of some of the current majority and past board members who were successfully unseated the last board elections.

While one can only assume, the conversation and documentation presented to DeWine and/or his staff, his own press release strongly support what DeWine operated with in his attempted removal of Wade Steen. DeWine certainly can make that charge, but the burden of proof is now on him since he would have to file it with the Ohio Ethics Commission and follow the procedure in accordance with ORC Section 3.04. Until DeWine follows the procedure as outlined in the law, Wade Steen is his appointment.

Do not interpret this new information as excluding any of the parties that I have cited in my previous two posts. What I am doing here is highlighting those players that had everything to gain by Steen no longer being on the board. Steen might have been the sixth vote in removing Neville as E.D. If that happened, his removal would lead to the needed and long overdue reformation of STRS.

It is unfortunate that DeWine was obviously led to believe that he was going to be providing a solution to the problems for the STRS members. Unfortunately, he became a major part of the problems for members. Certainly the kickback he is experiencing in his attempted removal of Steen has to bring back memories of FirstEnergy for him. While he was never charged, the stain still lingers on and is never forgotten. Unfortunately, it will be the same for Governor Dewine in this situation as well.

Joe Lupo

Joe Lupo, a retired education administrator, is the founder and administrator of the Facebook reform group Ohio STRS Member Only Forum ("MOF") which, as of this posting, numbers more than 34,000 members.