It is ironic, with all the discussion regarding “Alarm Bells” and Chriss Street’s investment decisions, that in the middle of discussion on a motion on the topic, someone pulled the fire alarm.ÂÂ
I’ll have more once the vote is done.
UPDATE: The financial wizards on th Board (everyone other than the only expert on the Board, Moorlach) voted to reauthorize Street’s investment powers for 2008. They did direct and authorize the CEO to hire an independet consultant to review the risk exposure of Street’s investments. Preliminary report due January 8, 2008 with the final report due theend of January.
The Board fiddles, while Orange County burns.
It looks like they paid attention to the wrong Fire Alarm!