Wheeler News - Afternoon State News #1 - 9/27/11
Wheeler News Service – Tuesday, September 27, 2011 – Afternoon State News #1
Editor on duty: Thom Gerretsen (715) 389-2373
Story contributions: wheelernews@yahoo.com
Wheeler Blog: http://learfielddata.blogspot.com
Here are the headlines:
Five Wisconsin school systems will share 30-million-dollars, in a settlement of federal charges over the schools’ purchase of risky investments…
The governor said he didn’t know his chief spokesman was given immunity in a John Doe probe until the media reported it…
A mail carrier in Waukesha is accused of driving drunk on the job.
Here are the details:
Five Wisconsin school districts will share 30-million-dollars, as part of a settlement of federal charges over the schools’ purchase of risky investments. The Securities-and-Exchange Commission had accused the Royal Bank of Canada of misconduct in selling collateralized debt obligations to the Kimberly, Kenosha, Waukesha, Whitefish Bay, and West Allis-West Milwaukee school systems. The schools had invested 200-million dollars ago to boost their retirement accounts. But the investments later became worthless – and the S-E-C agreed with the schools that the Royal Bank did not give adequate disclosures about how risky the investments were. The five school districts put in 37-million-dollars and borrowed the rest. Stephen Kravit, the schools’ attorney, said the districts were vindicated. That was after the investment sellers had said school officials should have done their homework, and taken the same risks that the rest of us have to take when we invest. Kravit said a large part of their losses will be paid to them within the next 10 days. The government’s legal action is separate from a highly-publicized civil lawsuit filed by the five school districts about three-and-a-half years ago. That’s still pending, along with an S-E-C action against the other defendant in the suit, the financial firm of Stifel Nicolaus.
-9/27-
Governor Scott Walker said today that he didn’t know his chief spokesman was given immunity in a John Doe investigation until the media reported it. We learned last Friday that Cullen Werwie was given a deal to avoid possible prosecution. Walker said it would have been wrong for Werwie to tell the governor about the immunity in private – because it’s against the law to disclose statements made in John Doe probes. The Milwaukee County District Attorney’s office is conducting the probe to see if any of Walker’s aides illegally campaigned for him last year, when they served under Walker when he was the county executive. The Republican governor made his comments in Milwaukee, after holding his second statewide forum on job creation. Walker told reporters he lives to the highest ethical standards that he learned from his parents when he became an Eagle Scout. Walker’s father was a Baptist minister and quote, “I continue to have that kind of integrity.” Over the past few days, the governor has also questioned the media’s coverage of the John Doe proceeding – which has been going on for almost a year-and-a-half. Walker said people have commented on the probe who quote, “either don’t know what they’re talking about – or they’re violating the law” by speaking out of turn. The governor also said he has not personally been contacted by investigators in connection with the matter.
-9/27-
A mail carrier in Waukesha is accused of driving drunk on the job. The 45-year-old man was arrested after a series of crashes on Saturday with his postal vehicle. The case was referred to the Waukesha city attorney’s office, as a citation for the man’s first O-W-I offense. Police captain Ron Oremus said the vehicle struck several others both in front of the driver and behind him on a one-block stretch late Saturday morning. Oremus said the vehicle also had fresh damage from an apparent crash just outside of Waukesha. When he was arrested, Oremus said officers found an open bottle of brandy on the floor-board of the postal truck. He said the man’s blood alcohol level was point-18, more than twice the legal limit for intoxication.
(End)
Editor on duty: Thom Gerretsen (715) 389-2373
Story contributions: wheelernews@yahoo.com
Wheeler Blog: http://learfielddata.blogspot.com
Here are the headlines:
Five Wisconsin school systems will share 30-million-dollars, in a settlement of federal charges over the schools’ purchase of risky investments…
The governor said he didn’t know his chief spokesman was given immunity in a John Doe probe until the media reported it…
A mail carrier in Waukesha is accused of driving drunk on the job.
Here are the details:
Five Wisconsin school districts will share 30-million-dollars, as part of a settlement of federal charges over the schools’ purchase of risky investments. The Securities-and-Exchange Commission had accused the Royal Bank of Canada of misconduct in selling collateralized debt obligations to the Kimberly, Kenosha, Waukesha, Whitefish Bay, and West Allis-West Milwaukee school systems. The schools had invested 200-million dollars ago to boost their retirement accounts. But the investments later became worthless – and the S-E-C agreed with the schools that the Royal Bank did not give adequate disclosures about how risky the investments were. The five school districts put in 37-million-dollars and borrowed the rest. Stephen Kravit, the schools’ attorney, said the districts were vindicated. That was after the investment sellers had said school officials should have done their homework, and taken the same risks that the rest of us have to take when we invest. Kravit said a large part of their losses will be paid to them within the next 10 days. The government’s legal action is separate from a highly-publicized civil lawsuit filed by the five school districts about three-and-a-half years ago. That’s still pending, along with an S-E-C action against the other defendant in the suit, the financial firm of Stifel Nicolaus.
-9/27-
Governor Scott Walker said today that he didn’t know his chief spokesman was given immunity in a John Doe investigation until the media reported it. We learned last Friday that Cullen Werwie was given a deal to avoid possible prosecution. Walker said it would have been wrong for Werwie to tell the governor about the immunity in private – because it’s against the law to disclose statements made in John Doe probes. The Milwaukee County District Attorney’s office is conducting the probe to see if any of Walker’s aides illegally campaigned for him last year, when they served under Walker when he was the county executive. The Republican governor made his comments in Milwaukee, after holding his second statewide forum on job creation. Walker told reporters he lives to the highest ethical standards that he learned from his parents when he became an Eagle Scout. Walker’s father was a Baptist minister and quote, “I continue to have that kind of integrity.” Over the past few days, the governor has also questioned the media’s coverage of the John Doe proceeding – which has been going on for almost a year-and-a-half. Walker said people have commented on the probe who quote, “either don’t know what they’re talking about – or they’re violating the law” by speaking out of turn. The governor also said he has not personally been contacted by investigators in connection with the matter.
-9/27-
A mail carrier in Waukesha is accused of driving drunk on the job. The 45-year-old man was arrested after a series of crashes on Saturday with his postal vehicle. The case was referred to the Waukesha city attorney’s office, as a citation for the man’s first O-W-I offense. Police captain Ron Oremus said the vehicle struck several others both in front of the driver and behind him on a one-block stretch late Saturday morning. Oremus said the vehicle also had fresh damage from an apparent crash just outside of Waukesha. When he was arrested, Oremus said officers found an open bottle of brandy on the floor-board of the postal truck. He said the man’s blood alcohol level was point-18, more than twice the legal limit for intoxication.
(End)
posted by Learfield Data at 2:22 PM
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