"Errors Cost You Money"

Many years ago, I was a financial consultant for a major Wall Street firm. Shortly after passing my Series 7 Exam, I was working a public offering for a new series of bond funds, which were in fashion at the time. It was just before lunch. I had a stack of "tickets" or orders and carried them to "the wire", which is what we called the teletype operator that sent the orders to New York. As I presented the orders to the operator, I noticed on the very bottom of each ticket the words:

"Errors cost you money."

Just then the branch manager, who was excited about the effort of everyone during that week, offered to buy lunch at the local pizza place. I thought that was a wonderful idea. On the way over to the pizza place, I asked him, " What's the deal with the "Errors cost you money," on the bottom of every ticket."

"Well," he smiled, "If there is a stock symbol error or quantity error on the ticket, and the stock has to be sold out to remedy the error, the difference due to the error is taken from your paycheck. Also, if someone promises to pay for something.....and then does not.....and the stock or bond has to be sold......the difference is taken from your paycheck."

"What if someone lies," I asked.

"You have to hear and know the customer," he replied. "That is your first responsibility. Don't worry; You will learn quickly."

He was right. When lies cost you money, and the money comes out of one's paycheck....one learns quickly....to hear quite precisely.

This is what all bankers call the "Know Your Customer Rule." It is the very first rule of banking. In a small town, it is pretty easy. On the telephone it gets harder.

In the recent Evansville School Board Forum, Tris Lahti was heard to remark that "Who cares if we built a few too many sports facilities and the numbers are a little out of line with our peers."

Who cares?

One has to care because errors in planning cost everyone---taxpayers....students...parents...business....and teachers.......

The reason that it is important to involve the community in any decision about our schools is that we have a huge stake in the plan. Conflict of interest, whether it is in the form of an architectual firm who gets fees for building doing the planning..........or in the form of board candidates who have relatives on the school district payroll....is a detriment to objective review of our community needs.

Now more than ever, we in Evansville need experienced citizens who are committed to avoiding conflict of interest to run for our Evansville School Board. That is why I am running. I do need your vote on April 3rd. Every vote will count. It is spring break. Don't forget to vote.