The Observation Deck

Bogus Financial Representations

Let me remind everyone again.

It is not within the scope of their elected or public duties for any Lakewood official to make bogus financial representations to the general public.

I have now been writing about this for three years.

There is no excuse for this.

I've called out the Mayor on this.

I've called out the Finance Director on this.

I've called out the Law Director on this.

I've called out Councilperson Anderson on this.

I now call out Council President O'Leary for his representation that he brought $100,000,000 of new investment to Lakewood.

His statement is false on the merits and he should issue a public retraction.

So-- a candidate who is promoting a phony credit rating is publicizing that to the larger financial community?

No elected or public official of a local government that issues bond in the public bond markets is permitted to make financial or fiscal misrepresentations.

The City of Lakewood should seek a legal opinion from its bond counsel on this topic.

Such financial or fiscal misrepresentations are the primary reason that I decided to write my positions on the DECK.

I was tired of being lied-to by my local officials on financial issues related to the hospital; statements that I understood to be potential violations of the U. S. securities laws and regulations.

Here we go again in 2019.

Unfortunately, Candidate O'Leary, has decided to live in the new "post-truth" universe.

"I was endorsed by The Lakewood Democratic Club."

"I am a prosecutor."

"I brought $100,000,000 in investment to Lakewood"

This is not my particular beef with him. Living in the "post-truth" universe is his choice.

Candidate O'Leary's Contributions To Lakewood Are Hugely Negative By Any Reasonable Financial Measurement

As a member of City Council in 2015, he voted in favor of the Master Agreement that:

A. Eliminated the benefit to Lakewood of approximately $70,000,000 in public hospital charity care;

B. Liquidated a public hospital that was worth about $120,000,000;

C. Distributed about $60,000,000 in public funds that supported public hospital care in our community to private entities; and,

D. Eliminated about $20,000,000 in future lease and tax revenues to the city.

Candidate O'Leary needs to make a public retraction with respect to his bogus campaign claims, particularly the "$100,000,000 Investment Claim."

My guess is that his tenure on city council cost the public about $250,000,000 in blown-up public assets and services.

Mark Kindt wrote:Bogus Financial Representations

Let me remind everyone again.

It is not within the scope of their elected or public duties for any Lakewood official to make bogus financial representations to the general public.

I have now been writing about this for three years.

There is no excuse for this.

I've called out the Mayor on this.

I've called out the Finance Director on this.

I've called out the Law Director on this.

I've called out Councilperson Anderson on this.

I now call out Council President O'Leary for his representation that he brought $100,000,000 of new investment to Lakewood.

His statement is false on the merits and he should issue a public retraction.

In other news, I was surprised to learn that the Finance Director is also officially involved in an appointed capacity with the School Board.

And, is seeking reappointment to that position. Boy, aren't we lucky!