Why are these people still on the job?
The late Phil Pagano embezzled $3 million, while the Metra board overseeing him gave him accolades and pay raises. Frank Raines ran Fannie May into the ground. He got a $100 million bonus. Bernie Madoff made fools out of the SEC and it will take years to find out how many billions he stole. The SEC was given proof of his shenanigans and still they did not know what was going on.
These are all hand-picked people with heavy political or union backing. They are paid handsome salaries with first class health insurance for next-to-nothing work. It would make sense to find who was Frank Raines’ sponsor. We know he was close with our president. Madoff was chummy with the SEC lawyers, the same ones who kept insisting that nothing was wrong, and Pagano was Mr. Nice Guy to all on the Metra board.
Wouldn’t it be smart to have anyone in similar jobs have to be bonded? People in private industry who perform these jobs have to be bonded. Before they could be bonded the bonding company would need to investigate to see if they have clean backgrounds; after all, these are responsible positions. Our state of Illinois has more debt per capita than any state in the U.S. and nothing has changed.
In the meantime who on these oversight boards has been fired, canned, dumped? Anyone? No one? Shouldn’t they all resign? Why are they still on the job?
D.O. Lipensky
Wheaton