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THE CHAIRMAN:
Are you a officer of the
Local?
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THE WITNESS:
No.
A member.
THE CHAIRMAN:
Go ahead with your
testimony.
THE WITNESS:
It's going to be short.
I don't think it's right that the Funds for
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the Empire State should be
how can I put
it -- should be -- I don't think the Funds
should be --
THE CHAIRMAN:
Split?
THE WITNESS:
Well, I don't think that
the members of the Empire State Funds should
have to pay for the investments that went
bad, and that's about it. That's my
opinion.
THE CHAIRMAN:
Well, okay.
But do you realize that everybody in this Council that belongs to that Fund is a member of that
Fund?
THE WITNESS:
I realize that.
But
there'S different districts.
THE CHAIRMAN:
But you merged funds.
You commingled funds.
We hear your
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testimony.
Do you have questions, Bob?
MR. YEGGY:
No .
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THE CHAIRMAN:
Danny?
Pat?
MR. MORIN:
No, sir.
THE CHAIRMAN:
Thank you.
(Witness excused.)
THE CHAIRMAN:
will you please come up
and testify now that we are into this?
The
Chair will call Pat Morin, Executive
Secretary of the Council.
Pat, do you want to come up and get sworn in? Frank, maybe you want to come over this way, because you're Vice
President, in case you have any questions of
Pat.
He had an opportunity to ask you
questions.
I will give you the same
opportunity.
Is that fair?
MR. SPENCER:
Thank you, Mr. Chair, I
appreciate that.
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.::..P
A _ T ~ R .:_ _ ::I= --C = --K
B...:...._ __;::M::......:O:...........::R.:........::I=--=N:.:..!-I
called as a
21witness,beingfirst dulysworn,testified asfollows:
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THE CHAIRMAN:
Thanks,Pat.
Is this
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yourtestimony?
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THE WITNESS:
Thisis what I'm
•
to
gOl.ng
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read, yes.
THE CHAIRMAN:
We will introduce
Brother Morin's testimony as Exhibit No. 11.
Go ahead, proceed with your testimony.
THE WITNESS:
Thank you, Mr. Chairman.
My name is Patrick B. Morin.
I'm a member of Local 11 and I am the EST bf the Empire State Regional Council of Carpenters.
I'm here to answer the allegations
about the Empire State Council, Council
Representatives who served as Trustees for
the Empire Fund.
The statement that there
are financial irregularities within our
Empire Council and it's Fringe Benefit Funds
is very disturbing to me.
The Empire
Council finished out its year $779,OOo'in
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the black.
The Empire state Carpenters
Fringe Benefit Funds, starting with the
Pension Fund at the end of our fiscal year,
was 75 percent funded and with the current
market returns is heading towards the green
zone.
The Empire Health Fund is, in my
opinion, our most sensitive Fund.
The
Trustees are aware of this, and therefore,
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