Story Created:
Feb 10, 2010 at 8:31 PM PST
Story Updated:
Feb 10, 2010 at 8:43 PM PST
INGLEWOOD — City Treasurer Wanda Brown publicly clashed with councilwoman Judy Dunlap and councilman Danny Tabor on Feb. 2 after both council members brought forth initiatives that questioned the investment strategy of the city.
And Brown revealed a surprise move when in a subsequent telephone interview in which she revealed that “she is definitely leaning towards running for mayor.”
“I’ve given it some thought,” she said. “Overall, I think this city needs leadership. There are some very important projects, like Hollywood Park and seeing meetings like Tuesday night must have some developers shaking their heads.”
Relations between the trio have been frosty since Brown tried to get the council to rescind a contract with controversial municipal bond firm Rice Financial Products, and Brown all but accused Tabor of a financial inducement in his support of the firm.
In last week’s city council meeting, both Tabor and Dunlap placed successive discussion initiatives in respect to municipal investment policies and the investments of city and redevelopment agency funds.
“We actually asked the city attorney [a while back] as to who has the authority for these investments,” said Dunlap.
“It appears there is nothing in our charter that gives the city treasurer the kind of investment authority that she has taken. Preliminary research shows that we currently have over $100 million in investments that today we’re getting zero interest on. I’m very concerned that the treasurer, who by her own admission during these meetings stated she has no oversight. Those of you who have come before us heard her say, ‘I make these decisions by myself.’”
Dunlap added: “[But] we’re talking about $100, $150 million. We’ve not given her any authority to make these kind of investments, it doesn’t exist under law.”
Responding, Brown used her city treasurer verbal reports portion to lash out at the two council members.
“I have been doing this job for 23 years and invested $72 million for the city and have not lost a dime,” she said. “Certain members are upset with me because I made a charge against one of them, and as a result they are now questioning my investment policy. We have a seven-member investment committee, which I chair.
She added: “This is politics as usual. It’s a witchhunt, very personal and vindictive. Every week a certain group of individuals are brought down here by the mayor pro tem to criticize me.”
Then Brown questioned Dunlap’s own financial history, accusing the councilwoman of once losing “her entire portfolio of $160,000, and yet she questions my ability to make financial decisions. This is a witchhunt, it’s politics and unfair — and the other two members know it.”
In her reply, an angry Dunlap blasted her colleague. “That did not sound like a verbal report,” she said. “Instead, you made slanderous personal attacks and showed disrespect to members of the public.”
Meanwhile, Tabor tried to mollify the mood.
“I know from common sense and the research I’ve done that we can do better,” said Tabor. “This has nothing to do with the performance of the city treasurer. I agree, she has never lost one red cent of the city’s money. But every organization, whether it’s in sport, the military, or be it [as] an individual, we are all striving to do better.”
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