Saturday, November 25, 2017

U.S. v. D.C. Transcript of 11/2/16 Court Conference

THE COURT: Nice to see everybody. I have two issues that I'd like to talk about, just feel free. The principal one, as you know, relates to the funds. Way back, I think in January of this year, I don't know what prompted it. I think I saw a report about the funds and not unlike other people had some really dismal results, financial results. I asked around. I think we've had the same funds manager, as it were, Gallagher, for a long time. I don't know them one way or another, but I do know that in other industries and in other fields, they're continuously looking at their performance and results and if they see a dip, they talk to three other people and see who maybe could do better, or maybe not. And I thought here, particularly since there's so much money involved, several billion dollars, and since these are funds really of employees, actually I thought I had a duty to raise the issue. I did raise it. I got an immediate response, I think, from Mr. McGuire was very positive, said we'll get on it right away. And then I was a little disappointed not long after that to get a letter which suggested that he wasn't getting on it so fast. Anyway, there's been back and forth, and now it's November and I'm a little surprised that we're at November and nobody is eager as I am to do something. That's the origin. I'm happy to you from you, Boyd, and also from you, Glen, but I'd be more happy to hear from the trustees, who have been pointed to as why nothing has happened.

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