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Published on Thursday, Nov 13, 2008
Duty of a prosecutor
In the Oct. 30 story ''Prosecutors, police at odds,'' it was reported that Assistant Summit County Prosecutor Gregory Peacock, in his closing argument in a murder trial, claimed that Akron Police Detective Bertina King had betrayed fellow officers to protect a gang member.
He apparently did not elaborate further, and the matter has now created strained relations.
As an assistant prosecutor and an officer of the court, it is incumbent upon Peacock to come forward with evidence to back his allegations, which, if true, are a very serious matter.
If Peacock has evidence of wrongdoing on King's part it should be thoroughly investigated by the police or by an outside agency such as the sheriff's office. If substantiated, King should be disciplined or prosecuted if the allegations prove to be criminal.
If, however, Peacock's comment was an offhand remark made in a moment of anger or frustration, he needs to say so immediately. In that case both Peacock and the prosecutor's office owe King and the entire Akron Police Department an apology and Peacock should be disciplined appropriately.
Anything less than a thorough vetting of this matter casts a shadow over both the Akron police and the prosecutor's office and is a serious disservice to the law-abiding citizens of Akron and Summit County.
Charles E. Colitre
New Franklin
Akron's split personality
I find it amusing that the majority of Akron voters voted for an untested Barack Obama, giving more control to our government, but yet took away decision-making from our local elected officials with a spotless track record with the defeat of Issue 8 and passage of Issue 9. I'd like to propose we change the name of our city from Akron to the City of Sybil.
John Mercer
Akron
Let the judge decide?
I have been hearing a lot of ideas on how to solve our economic crisis and foreclosure problem. Some ideas are well-informed and seek to address the root of the crisis while others seek a quick fix.
An idea of particular concern is Barack Obama's proposal to give the bankruptcy courts the ability to modify the terms of existing mortgage loans to lower the principal balance and interest rates, and lower individuals' monthly payments to allow them to stay in their homes.
We all want people to be able to stay in their homes. However, there are several problems with this proposal in addressing the most important issue of the economic crisis.
The failure of many banks and investment firms, as well as our current credit crunch, can be traced directly to these institutions' investments in asset-backed securities or pools of mortgages. Due to high mortgage-default rates and prolonged and increasingly severe decrease in the value of real estate, these pools of assets have become significantly less valuable.
In fact, in its current state, the market cannot accurately value these assets or pools, therefore these pools cannot be traded and this has severely reduced the liquidity of these institutions.
These pools of loans do have value, and eventually this value will be determined and these assets will again be able to be traded, unless Obama's plan is adopted.
Imagine trying to value a pool of loans where the principal balance of the loan is subject to change on the whim of a bankruptcy court judge. Now, let's consider the fact that the government soon plans to purchase some of these pools and resell them when the markets settle down. Will these pools be able to be valued and sold, or will the American taxpayer be left with the bill?
Bob Hoose
Uniontown
Duty of a prosecutor
Get the full article here.
Comments
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Posted 05:01 AM, 11/13/2008
Bob Hoose:
I realise that this whole pooling issue creates an extremely complicated problem of tracking these assets. I am wondering if it is possible that we can provide bail-out loans for homes, whereas the principal loan amount should stay the same.
The purchase price for the home was known by the consumer; the value is always at risk. I would be satisfied with re-negotiating the loan for these people, only.
What is disturbing to me is that home purchases of late have been looked at as money-making investments. In that respect, a home is the worst kind of investment, except for the fact that you have a place to live, possibly the rest of your life. If these people bought their home with the thought of selling it at a profit after reaching some level of equity; well I just think that's stupid.
As far as the risk taking financial institutions, well they should eat the losses if loans cannot be paid. If they fail, so be it. I am absolutely against us taxpayers continuing to pay for their greedy practices.
Posted 07:13 AM, 11/13/2008
There are interesting statistics in an article titles "Net Drain In Home Ownership at the website for the center for responsible lending. The stats are for 1998 - 2006
15,175,609 sub-prime loans loans originated
56% of those loans were refinances
38% of those loans were for home purchases and of those 9% of those were for first time home owner
Their conclusions are that 29% of all the sub-prime loans were for second or investment homes -- and 56% of all sub-prime loans were refinances.
Should we reduce the principal loan amount for those people who chose to get a second or investment home or should we reduce the principal loan amount for those people who took equity out of their home and spent it and now have to pay it back. I don't think so. It is very complicated.
Posted 08:56 AM, 11/13/2008
@Nick
Amen. This is the right perspective. Unfortunately, this informed, sensible approach will not see the light of day in this Congress.
Posted 11:19 AM, 11/13/2008
John Mercer has absolutely NO IDEA what it is like to be a middle- or working-class Akronite. He is completely out of touch with the everyday lives of most people.
Don't believe me? Take a look at a a recent gift he made to an auction at The Akron Art Museum:
Visit the Mercer house, “Wingfoot Landing,” on beautiful Nantucket Island. A two night, three day stay for two couples during the 13th Annual Nantucket Wine Auction in May of 2009. Includes a guided tour of the island and a wine dinner hosted by John Mercer. Dates subject to change. Does not include airfare or Wine Festival fees.
Value: $2,000
Donated by John and Vicki Mercer