David Lemoine: Blame it on the Dog

AUGUSTA (Dec 14): Late last summer, State Treasurer David Lemoine invested $20 million in short-term Maine funds in a high risk offshore venture. In November, the Treasurer meekly informed the Appropriations Committee that the investment had gone south. Now widely reported, Lemoine blames Merrill Lynch for the problem and seems to take no personal responsibility for the loss of our tax dollars. This in a time when the state deficit is closing in on a $100 million and probably headed for $200 million before the legislative session closes in the spring.

Reminds me of the lyrics of my friend Warren Nelson’s song “Blame it on the Dog”. It goes like this:

“Blame it on the dog. Blame it on the dog. When something real bad happens, blame it ooooon the dog.”

Lemoine is claiming that the funds will eventually be returned, albeit without interest. That’s a cover story not supported by investment professionals. The funds are likely gone or at best tied up and greatly diminished. Sure, fire the boys at ML but accept some personal responsibility for an irresponsible act Mr. Lemoine.

In Maine, the majority party appoints the State Treasurer. He is not elected and the position has no prerequisites for experience. The Democratic Maine legislature appointed Lemoine, a lawyer without an investment background, to this important post. Lemoine had termed out as a legislator from Old Orchard Beach and his party cronies decided to help the gentlemen out with a patronage plum: the position of Treasurer of the Great State of Maine.

It’s an important position with great responsibilities. For instance, the treasurer serves on the following boards:

* Finance Authority of Maine
* Maine State Housing Authority
* Maine State Retirement System
* Maine Municipal Bond Bank
* Maine Government Facilities Authority
* Maine Health and Higher Education Facility Authority
* Baxter State Park Investment Committee
* Adaptive Equipment Loan Board
* Maine Educational Loan Authority
* Maine Public Utility Financing Bank
* NextGen Investment Advisory Committee

The treasurer manages the state’s 37 bank accounts, controls all state revenue receipts and issues over two million checks and a half million electronic payments each year. David Lemoine is responsible for investing money from the state's cash pool (an average daily balance of $675 million). The treasurer manages revenue forecasting, assists with CMIA compliance, and acts as trustee for a number of state trusts. He issues the state's general obligation bonds and coordinates Maine's presentations to bond rating agencies. He distributes monthly revenue sharing funds to almost five hundred municipalities and manages Maine's unclaimed property.

That’s quite a responsibility for a guy whose only experience with finance appears to be balancing his own check book. Is it too much to ask that the state appoint a treasurer with a financial management background?

Can you imagine this happening in the private sector? Would any Maine company appoint someone to manage company finances who had no financial credentials? And what do you suppose would happen to an employee who blew $20 million in the course of thirty days on a speculative investment that verged on a spin of the roulette wheel? Look, we all know patronage is part of the political menu. (To the winner goes the spoils). The majority party gets a taste - maybe a truck driver here, a toll booth operator there. Fine. I can deal with that, but a STATE TREASURER? That’s beyond the pale.

The Democrat leadership of Maine should fire Lemoine and start a search for an experienced individual with a financial and accounting background. Shame on them for the appointment in the first place, but now they can at least correct the wrong.

We can do better than this. –H-

athenahealth Arrives in Maine

BELFAST/ROCKLAND (Dec 4, 07): We had big news last week as Jonathan Bush, CEO and President of athenahealth, announced the purchase of the former Bank of America (MBNA) property on Rt. 1 in Belfast. Situated on 53 acres, the 134,000 s.f. facility will house 100 to 150 jobs in the next year and up to 500 more in coming years; it's great news for our area and our state.

athenahealth went public in September and was one of the top three I.P.O.s in 2007. With patented software and an industry leading system, athenahealth presents promise that the ten year old company is about to take off. Belfast stands to see a stronger tax base and a fully employed workforce. Underemployment should be a thing of the past.

While all of the economic development entities in this state work together to try to make things happen - DECD, KWRED, PBRCC, CEI (and other lettered acronyms), in this case the kudos go to Maine & Company - Matt Jacobson, its president and CEO and Peter Del Greco, the deal maker. We've worked together for two years now to bring athenahealth to Maine. And Dave Tassoni, now managing director of athenahealth in Maine, showed his management capabilities in driving the process. Maine owes all three a major debt of gratitude.

I also want to congratulate Governor John Baldacci for creating the Pine Tree Zone program that he initiated when he first came to office. Pine Tree Zones create economic incentives that allow Maine to compete with other states to attract business and jobs to our state. The PTZ was critical to attracting this fine company and serves as the primary economic development tool in Maine. Thanks Governor. -H-

Return to Civility

ROCKLAND (Nov 23, 07): Friday night at 6:00 pm the Rockland community comes together again to light the community Christmas tree. Consisting of lobster traps stacked 34' high, it's a thing to behold. Lighting the tree has been a long time ritual in the Rock City; one I look forward to each year.

It's also the night that the new mayor and council is introduced to the crowd. I'll be introducing new mayor Hal Perry.

As we prepare to enter into a happy New Year, let us hope that this council returns the dialogue to a civil conversation. We're not going to agree on everything. Sometimes it may seem like we can't agree on anything. But can't we at least agree to treat each other with decorum and class?

I think this board has that capability and am looking forward to meetings where the rhetoric is dialed down, the grandstanding placed on hold and the business of the community being completed in a friendly and orderly manner.

Happy holidays! -H-

Aw Shucks. It Twarn't Nothin'

We keep a guest register on our desk. Recently I was thumbing through it and was thrilled with the comments I saw there and so I asked a volunteer to convert it to a word document. Here are the comments unedited:

2007 Penobscot Bay Regional Chamber of Commerce
Guest Register Comments

• Excellent
• Very Good
• Cool
• Love it here, come here all the time
• Wonderful
• Very, very pleased with service
• Great place, we’ll be back
• Great to see the beautiful coast of Maine
• Very well done
• A good place to visit
• Helpful for information on things to do in the area
• Congrats to all the volunteers, Great job!
• Very impressed, thank you
• Awesome
• Eager to come back
• Outstanding
• Maine is a beautiful place!
• Great work, friendly people
• Extremely helpful people
• Beautiful
• Great info
• We love it here, thanks for everything
• Great help
• Found just what I needed, thanks
• Beautiful Town
• Maineacks galore
• Nice welcome to Maine
• Spring in Maine is marvelous
• Love your new building, well done
• Love your town, lots of fun, very friendly people, thanks
• We love it
• Great place to spend your time
• Very informative
• Just splendid
• Send us some rain
• Beautiful facility
• Comfortable and informative
• Thank you Rockland
• Bravo
• We’re impressed
• Beautiful, well done
• Thanks for all the info and help
• Excellent Maine
• Just full of information, loved it
• Great addition to Rockland
• Very nice and the ladies behind the counter were even nicer
• Pretty area, friendly people
• Everyone is very helpful and kind, I love the floor
• We came for ten minutes and spent an hour
• The visitor center is sp interesting, I couldn’t leave it
• Wonderful, very inviting, nicely organized and displayed
• Wow, great job
• Excellent info display
• Very informative, and lovely layout and great display
• Very helpful
• Lovely harbor
• Staff very helpful
• Beautiful visitor center
• Wonderful destination
• You have been very helpful, thank you
• Most informative and enjoyable
• Such a beautiful and friendly area
• Helpful staff, great facility
• Beautiful town and great people
• Beautiful area, Chamber of Commerce very helpful and nice
• Gorgeous
• Glad we came
• A treasure
• Thank you very, very much for all your great help
• A great resource
• Thank you for the great directions
• So happy to visit here, people were so nice
• Very helpful with suggestions, thanks
• Breathtaking
• Wonderful, we will revisit
• Neat and friendly
• First time in coastal Maine, exceptional
• Loveable
• Love our Maine experience
• Wonderful, we will revisit
• Neat and friendly
• First time in coastal Maine, exceptional
• Loveable
• Love our Maine experience
• Great Center, beautiful town
• You folks are the best, thanks
• So glad to be here, have always wanted to visit Maine
• Outstanding, great improvement from last location
• Very informative, well laid out
• Lovely new complex, thanks for your help.
• Staff went out of their way to help us
• Rockland is a very special place
• What a great place! You'vedone a wonderful job here Thank you.
• Very good lots of fun. Very accommodating facility and staff
• Great visitor center and friendly folks
• Neat, staff has lots of great stories
• Perfect!
• Should have started here, lots of info
• Information Staff were extremely helpful
• It’s been great, Love the lobster
• Thank you for your hospitality
• Extremely nice building and people
• It was very informative and interesting
• Very helpful assistance, thanks
• Wow! Magnificent.
Great assistance from staff.
The people who work here are amazing

Congratulations to our fantastic staff and wonderful troupe of volunteers. Our members and the community at large should be pleased with the service they deliver. -H-