TWU Local 100 - LM2 2010

Item 12 asks if during the reporting period of the labor organization had an audit or review of its books and records by an outside accountant or by a parent body auditor/representative? You find the answer is by affirmation. John Samuelsen’s explanation on the communique of April 4, 2011 shows he used the old chestnut trick of portraying that he has washed hands over the finances - when things do not work out that the problem lies elsewhere. The question is whether the previous administration or Israel Rivera, they had inadequate financial controls, establishing the working group? We do not agree with that rather we hold Samuelsen accountable due to the simple fact that after the removal of Israel Rivera there was a gap of period with no secretary treasurer until Earl M Phillips was appointed. In fact John Samuelsen wore more than one hat - we would like to determine the extent of the damage done during this gap period too as we know John Samuelsen is not an angel but rather a human who is susceptible to committing mistakes.

Bernard Madoff’s numbers did not add up in any way, it was mathematically impossible. Bernard Madoff had wonderful outside accountant’s and auditors who rubber stamped the cooked up numbers. As we know now those average investors lost except for a few. We are also aware that when the government was informed since early 1999 that it was mathematically impossible to achieve the gains Madoff claimed to deliver, no one in the government would listen about Madoff’s fraud.

We members of TWU Local 100 will be cautious of those outside accountants, and parent body auditors - we do not want to lose like Bernard Madoff investors lost their life savings as well as homes and are now facing bankruptcy. TWU Local 100 - LM2 2010 numbers do not add up to tell a straight story but rather contains fuzzy math. We will never accept math for dummies which is being peddled here in TWU Local 100 for LM2 of 2010.