Tribal Leadership Loses Millions of Our Children's Money - Where's the Outrage?

Don Rose, a candidate for Painttown, wrote an op ed piece for cherokeetimesonline.com pointing out that the tribe's endowment and per capita fund for tribal members under 18 years of age lost $60 million as of Dec. 31, 2008. He also notes that given January and Feburary were some of the worst months for the stock market, that figure may now be more than $80 million lost. Who's going to take responsbility for this? Apparently no one.
The chief, Tribal Council, the Investment Committee (made up of appointees approved by the chief and Tribal Council), and the broker in control of the funds all point the finger somewhere else. He points out that your broker doesn't always have your best interest at heart. He also points out the lack of outcry from tribal members. That's what's so disheartening. It makes me wonder how bad it has to get before the people get angry enough to rightfully dress down our leaders.
I'm outraged. For one, I haven't even become aware of this until Don's column. I've suspected that the tribe lost great amounts of money because I knew the committee, with the chief's and Council's approval, invested the children's funds heavily in the highly volatile stock market. However this seems to be par for the course for the current tribal leadership who feels we're better off being kept in the dark. Case in point, Cherokee County/Snowbird Council Rep. Angie Kephart stated to the Cherokee County Community Club last Tuesday, "The economy's been weakened a little bit." This statement was made to folks who live in the county with the fourth highest unemployment rate in the state, a rate of 12.7 percent as of last December, a rate well above the national average.
The other reason we should be outraged is no one was minding the store while a bear's been on the lose. The one's who should be the first to accept responsibility are playing the blame game instead.
Folks we should be outraged. This is your children's money, and the tribe's leadership has allowed it to be managed recklessly. It's very clear that when voters go to the polls, we have to elect leaders who will ensure that the Investment Committee will play a more active roll in investing these funds that will offset potential losses in the stock market and actually make our children money. With a child on the way, it's certainly of great concern to me what happens to these funds. If the current leadership isn't going to take ownership of this problem, then they need to hit the road.