Manny, They're Coming to Get You!

Moderators: MOD 644, MOD 634, MOD 648, MOD 637, Staff Moderator

Manny, They're Coming to Get You!

Postby Old Sarge » 12/12/09 13:37:13

Hey Fire Fee Manny D'ass, the SEC is looking at you!

SEC orders Miami to turn over its financial books

The federal government has set its sights on Miami, launching an inquiry over a series of bond deals and money transfers this decade.

BY CHARLES RABIN LARRY LEBOWITZ AND MICHAEL SALLAH
crabin@MiamiHerald.com

In a sweeping investigation that could impact Miami's public projects for years, the U.S. Securities and Exchange Commission is probing the city's major bond offerings between 2006 and 2009 and questionable financial transfers used to balance the budget.

A confidential SEC letter, FedExed to the city Friday and obtained by The Miami Herald, demands that Miami turn over reams of e-mails and internal documents showing how it was moving money around to shore up its bottom line -- as well as how it represented its financial picture to bondholders.

The investigation represents the most significant scrutiny of the inner workings of Miami's financial operations since a budget crisis a decade ago led the state to take control of its checkbooks.

``It would be extremely disappointing if the city had engaged in that kind of behavior again,'' said Mitch Herr, the senior trial counsel for the SEC who prosecuted the earlier case against the city. That crisis ``should have been a wake-up call and should have resulted in stronger controls.''

Now, the city has been ordered to ``preserve all computer resources utilized by Miami, or any other persons working on or involved in any of Miami's activities, included but not limited to hard drives, floppy disks, servers, and all other means of storage.''

Also sought: internal communications from six high-ranking city officials, including City Manager Pete Hernandez and Chief Financial Officer Larry Spring.

The inquiry comes on the heels of a Miami Herald investigation in July that explored the root causes of an emerging financial meltdown and focused on a series of questionable money transfers from capital-project accounts to the general fund.

Those transfers, largely made out of the public eye, helped Miami balance its books even as expenses rose far faster than expected amid skyrocketing pension and salary costs.

Budget director Michael Boudreaux had identified two ``unspent'' pots of capital-fund money -- one for $13.1 million in 2007, another for $13.3 million the following year -- that he placed back in the city's general fund to reduce the city's 2008 deficit, the newspaper found.

Those two transfers are a key focus of the SEC investigation, with the federal agency demanding all city e-mails and communications involving how the money was moved.

The transfers ignited a tense debate within the city's top financial offices. Finance director Diana Gomez complained that Boudreaux had masked the loss in the general fund -- the city's operating checkbook -- from commissioners by making the moves.

Reached late Friday, Boudreaux said he was not comfortable commenting on the inquiry because he had not seen the SEC letter. But he described the $26.4 million in transfers as ``legitimate.''

``It was reviewed completely by everybody,'' he said. ``If it wasn't legitimate, it would have been noted then. And that wasn't the case.''

When Boudreaux took over budgeting in 2006, he said he found money in capital improvements that couldn't be accounted for. After determining the money was from either completed or killed projects, he was able to transfer it back to the general fund, he said.

Manager Hernandez, reached Friday, also defended the money shifts: ``It's a question of opinion whether it should have been done or not -- but it's proper,'' said the city manager.

When a city goes to bond markets, rating agencies examine the city's books to see how sound they are. Now, the SEC is exploring whether the city misrepresented its true financial condition when it went to market to float bonds for major projects.

Former Miami Mayor Manny Diaz, who signed off on all the city's bond offerings between the years in question, couldn't be reached Friday.

The practice of transferring funds between capital projects and the city's general fund harkened to Miami's last fiscal crisis, when it was discovered that the city tried to hide a $68 million shortfall by shifting money between hundreds of capital accounts.

``It's déja` vu 1996,'' said Miami Mayor Tomás Regalado, the only elected city leader who was around during the last financial disaster. ``I'm not surprised, but I'm very, very disappointed.''

Regalado said that in the past month he signed off on a $65 million sidewalk street-repair bond -- but not before writing a letter of disclosure that The Herald had revealed on Nov. 25 that the SEC was examining city practices.

The SEC is requesting all documentation between the city and the financial institutions that Miami dealt with in its bond offering between 2006 and 2009.

Those companies are First Southwest Company; Merrill Lynch Pierce, Fenner & Smith; UBS Securities; and J.P. Morgan Securities.

The SEC has also demanded documentation between the city and McGladrey & Pullen, the accounting firm that does Miami's Comprehensive Annual Financial Reports.

The notification also comes on the heels of a blistering audit by city auditor Victor Igwe, who said Miami skirted financial integrity rules by using ``inaccurate and misleading'' budgetary practices as it scrambled to fill budget holes.

The SEC investigation could have far-reaching effects for the city, potentially complicating matters for parking around the under-construction $639 million ballpark for the Florida Marlins in Little Havana.

Miami is building $94 million in parking sites, to be bankrolled by a bond issue. That offering was supposed to happen two weeks ago, but was delayed at Regalado's request.

Miami also plans to go to market in the near future for another $118 million for its end of a planned tunnel to the Port of Miami, and to build a park next to planned museums at Bicentennial Park.
Old Sarge
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/12/09 13:50:45

Is any one surprise? I hope they arrest that arrogant prick!
Guest
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/12/09 16:20:03

D'azz doing the perp walk. Words fail me to express the great joy just thinking such a TV video being on Utube. Karma's twin is coming for round TWO. And disbarment follows fraud in the land shark world. MERRY CHRISTMAS EVERYBODY!
Guest
 

Re: Manny, They're Coming to Get You!

Postby guest16 » 12/13/09 20:06:41

Really, that's what you want for Christmas? To see someone go to jail. How creepy is that?
guest16
 

Re: Manny, They're Coming to Get You!

Postby Carlos » 12/13/09 20:15:50

Think Money Diaz is so bad? Just ask Avila and he will tell you what a great man Manny is. :cop:
Carlos
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/13/09 22:43:30

guest16 wrote:Really, that's what you want for Christmas? To see someone go to jail. How creepy is that?



Creepy? Nope, it's called justice. And seeing his honor in a jail booking photo is all I want for Christmas. And for Easter his disbarment would be nice.
Guest
 

Re: Manny, They're Coming to Get You!

Postby Santa » 12/14/09 00:15:59

Guest wrote:
guest16 wrote:Really, that's what you want for Christmas? To see someone go to jail. How creepy is that?



Creepy? Nope, it's called justice. And seeing his honor in a jail booking photo is all I want for Christmas. And for Easter his disbarment would be nice.


Dear Mister Popo,

You are going to be VERY disappointed for Christmas. Oh, and the Easter Bunny is not going to visit you either. Guess you'll have to wish for something realistic and attainable instead of the NEVER GONNA HAPPEN!!!!! Bah Ha Ha. Ho Ho Ho.

XO,
Santa
Santa
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/14/09 21:45:19

Santa wrote:
Guest wrote:
guest16 wrote:Really, that's what you want for Christmas? To see someone go to jail. How creepy is that?



Creepy? Nope, it's called justice. And seeing his honor in a jail booking photo is all I want for Christmas. And for Easter his disbarment would be nice.


Dear Mister Popo,

You are going to be VERY disappointed for Christmas. Oh, and the Easter Bunny is not going to visit you either. Guess you'll have to wish for something realistic and attainable instead of the NEVER GONNA HAPPEN!!!!! Bah Ha Ha. Ho Ho Ho.



XO,
Santa


Dear Santa, your right, no mug pictures for xmas as the SEC just started their FRAUD investigation. But the pictures for Easter are a big yes, thank you. You see, the SEC requires some kind of proof before they start an investigation. So now, they will look at everything and connect the dots. Disbarment is after the trial, so next Labor day is more realistic. But you keep on saying it not going to happen, cause everyone is going to enjoy next labor day Santa. It's karma Santa, Fire fee went out of his way to try and lay off cops in the recent "budget crisis", and the FOP found the monies cut to prove D'azz was wrong. Now his evil will come home to his door step. And the SAO of Miami-dade county, doesn't control the U S attorney's office santa. Now go molest a rain deer old guy, and leave us alone. Merry Christmas Santa.
Guest
 

Re: Manny, They're Coming to Get You!

Postby KARMA WILL PREVAIL » 12/14/09 22:01:03

This all sounds like the good, the bad the ugly, remember what goes around comes around time will take it's toll and all who have done wrong to thos non-deserving will pay, patience is a virtue. Enjoy your holidays and leave the past behind.
KARMA WILL PREVAIL
 

Re: Manny, They're Coming to Get You!

Postby Realistic » 12/14/09 22:48:52

Diaz wasn't even around when the illegal fire fee was instated (might want to ask regalado why HE voted to sock it to the people of Miami). Diaz had to clean up the illegal fire fee when it was deemed illegal. Say what you want about Diaz, but he never wanted to lay off any police officers. AA and the union would not accept any other options until after the pink slips went out then they miraculously found other ways to cut. AA thought he had big ones and told the Mayor he would never do it. Hmmm, that backfired. If the union would have went with the Mayors proposed budget cuts in the beginning then none of the dog and pony show would have happened. AA needed the dog and pony show though and so did regalado to show the union members that "they were working hard to save jobs and layoffs". Rowling them up and making them t-shirts for the evening news. Wow that backfired too as the citizens sided with the city and were tired of the cry babies and their unions. The Police unfortunately get the bad end of the stick because they do not know how to negotiate their contracts. Proof of this is the Firefighters and their union that makes sure they are protected and it is iron clad. The indians over at the MPD can boo hoo and drink AA's kool-aid but the fact is, you all had a fool representing you and trying to negotiate with experts. You really have nobody to blame but yourselves. Good luck with the new city hall because he may be your friend now and has appointed you, but the cuts are coming up soon. Who is going to be the big bad wolf then?
Realistic
 

Re: Manny, They're Coming to Get You!

Postby Time will tell » 12/14/09 22:53:54

Yes, time will tell and in this country, you are innocent until found guilty. Peepoles, we are not in Cuba.
Time will tell
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/14/09 23:18:08

Realistic wrote:Diaz wasn't even around when the illegal fire fee was instated (might want to ask regalado why HE voted to sock it to the people of Miami). Diaz had to clean up the illegal fire fee when it was deemed illegal. Say what you want about Diaz, but he never wanted to lay off any police officers. AA and the union would not accept any other options until after the pink slips went out then they miraculously found other ways to cut. AA thought he had big ones and told the Mayor he would never do it. Hmmm, that backfired. If the union would have went with the Mayors proposed budget cuts in the beginning then none of the dog and pony show would have happened. AA needed the dog and pony show though and so did regalado to show the union members that "they were working hard to save jobs and layoffs". Rowling them up and making them t-shirts for the evening news. Wow that backfired too as the citizens sided with the city and were tired of the cry babies and their unions. The Police unfortunately get the bad end of the stick because they do not know how to negotiate their contracts. Proof of this is the Firefighters and their union that makes sure they are protected and it is iron clad. The indians over at the MPD can boo hoo and drink AA's kool-aid but the fact is, you all had a fool representing you and trying to negotiate with experts. You really have nobody to blame but yourselves. Good luck with the new city hall because he may be your friend now and has appointed you, but the cuts are coming up soon. Who is going to be the big bad wolf then?



Started to read your post, but couldn't get past the first sentence which is in bold. That is either a bald face lie, or you do not know what the hell your talking about. Fire Fee went to the breakfast where the deal was struck. So if you start with a lie or something patently wrong, I did not read any further. And you didn't mention the securities fraud investigation at all did you? When the feds get to the bottom of this, heads will roll. The recent securities fraud by bernie and the others in the billions of dollars, will ensure swift justice for anyone caught in such games. But when the underlings get caught, they will flip them all the way to the top. Realistic? Give us a break.
Guest
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/14/09 23:30:26

You should read the first sentence and then wipe the egg off of your face. Manny Diaz was not in office when the Fire Fee was instated. The Fire Fee was already in existence when Manny came into office. The fee was found to be illegal and Manny had to deal with the mess from the previous administration and their fire fee fiasco. The breakfast you mention pertains to the lawsuit of 7 city residents. There was an investigation and Manny Diaz was cleared. Why you soooooo bitter?
Guest
 

Re: Manny, They're Coming to Get You!

Postby worth repeating » 12/14/09 23:34:25

Diaz wasn't even around when the illegal fire fee was instated (might want to ask regalado why HE voted to sock it to the people of Miami). Diaz had to clean up the illegal fire fee when it was deemed illegal. Say what you want about Diaz, but he never wanted to lay off any police officers. AA and the union would not accept any other options until after the pink slips went out then they miraculously found other ways to cut. AA thought he had big ones and told the Mayor he would never do it. Hmmm, that backfired. If the union would have went with the Mayors proposed budget cuts in the beginning then none of the dog and pony show would have happened. AA needed the dog and pony show though and so did regalado to show the union members that "they were working hard to save jobs and layoffs". Rowling them up and making them t-shirts for the evening news. Wow that backfired too as the citizens sided with the city and were tired of the cry babies and their unions. The Police unfortunately get the bad end of the stick because they do not know how to negotiate their contracts. Proof of this is the Firefighters and their union that makes sure they are protected and it is iron clad. The indians over at the MPD can boo hoo and drink AA's kool-aid but the fact is, you all had a fool representing you and trying to negotiate with experts. You really have nobody to blame but yourselves. Good luck with the new city hall because he may be your friend now and has appointed you, but the cuts are coming up soon. Who is going to be the big bad wolf then?
worth repeating
 

Re: Manny, They're Coming to Get You!

Postby Guest » 12/14/09 23:38:56

Armando should stick to driving the Mayor around. He is more than capable to do that job. :wink: :wink: :wink: :wink: :wink: :wink: :wink:
Guest
 

Next

Return to Miami Police Department

Who is online

Users browsing this forum: No registered users and 10 guests

Want to make sure no one reads your emails? Vaporize Them!