The Town Needs More Answers

To the Editor:

I just don’t buy Mr Sheluck’s glib answers about the failure of his bank. He alludes to some “record earnings” years that he will take credit for, but not the botched acquisition and the years of losses prior to his forced departure.

Ken Lay of Enron and the CEOs of Worldcom, Global Crossings, etc could also point to some good earnings years before their companies failed. Just like those CEOs, Mr Sheluck apparently came away with money unlike the employees who lost their jobs and had pension benefits reduced, and the shareholders who reportedly lost between $40 and $60 million so that the creditors could be paid “100 cents on the dollar.” If Newtown were a business, we know who the losing shareholders would be.

I am left to wonder how much bearing Mr Sheluck’s business acumen has on his selection to the board of directors of Barnes & Noble, a board chaired by his childhood friend. It seems that a good friend would be apt to accept Mr Sheluck’s boast of good times at Nationar and take him on board without a worry about the collapse of his former business. Please Mr Sheluck, the town needs more answers from you.

Sincerely,

Dave Carino

13 Bridge End Farm Lane, Sandy Hook             September 30, 2003