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Letters to the Editor

Expose the bandits

| Monday, Oct. 27, 2008

The credit market collapse has created millions of victims as a few self-interested financial institutions made out like the bandits they are.

The bandits are not all on Wall Street.

Bloomberg magazine reports that the Securities and Exchange Commission has opened a criminal investigation into the excessive fees charged to Pennsylvania school districts, including the Butler district.

Millions were collected from local school districts on derivative contracts that were not competitively bid. These school districts lost more millions as the contracts soured.

Local public investment bankers perpetrated this egregious betrayal of public trust and duty. They sold the contracts to gullible and trusting school boards. Taxpayers and schoolchildren will suffer.

The situation was reported as early as February, but no local media has reported on the event and participants. It is past time that our press uncover what happened and who was involved.

S. John Whitehill

Shadyside

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