posted 03-10-2007 09:16 PM            

George Mougios Reports-Common Sense

March 10-11, 2007

Many of you have been away for the weekend. Please be sure to read the past few reports I sent to you.

I wonder how People's Bank of Connecticut is doing with their offer to go 100 percent public? Those proxy solicitors must be going crazy trying to explain to depositors what that lengthy and confusing brochure containing the offer is all about. I have spoken with a few people and found that some votes for the offer were cast by people who have died or have abandon their accounts or moved. The fact that the Thrift regulatory agency allowed voting by telephone further confuses the issues.

People's Bank is in big trouble as it can't compete with all those new giant banks which have moved into their banking area. It seems that no one has heard of Norwick Goodspeed, the former Peoples CEO and a member of the law firm of Pullman & Bradley. It was Goodspeed who thought up the idea of the present structure of the bank with controlling interest being held by the Bank's officers.

I also could not locate the name of RUTH B. HOLLANDER, of Omega Engineering in Stamford, CT, who was a board member and at one time, the largest shareholder on the Bank. Several other long time directors are also missing from the proxy so I guess they are no longer on the board. I wonder why?
Especially, in the case of Mrs. Hollander who happens to be worth untold millions.

I saw the name of BRYAN J. HUEBNER in the proxy and I recall an incident that took place many years ago. I was selling a lot of People's foreclosures at a time when Peoples net profits were nil. I was given these deals by the now retired LOU ULIZIO, once a top officer. I told Lou that I owed the City of Bridgeport, back taxes and I may need a loan to pay all the taxes. Ulizio had agreed to grant it. But when I approached ULIZIO about the matter, in steps HUEBNER, a man with no personality nor any charisma, and stated in no uncertain terms that the Bank could not make such a loan. I suspect that the whole thing was orchestrated as Ulizio was a senior officer and could have overruled HUEBNER.

The whole matter came to a head when the Bank landed the National Rifle Association(NRA) account and then lost it due to the fact that WILLIAM T. KOSTURKO told me that I could not carry a weapon to the annual meeting. The loss of the NRA account cost the bank millions and JOHN KLEIN, the present CEO never forgave me. It was actually KOSTURKO who should have been blamed for the fiasco. At the time, KLEIN was the head of the Master Card and credit card division. He was furious when Peoples LOST the NRA account.

In all my deals with Peoples, KOSTURKO's staff took endless hours to write up contracts. I had one lawyer write up a one page document that he said would suffice while KOSTURKO's staff was still preparing a thirty page document.

The People's management is ENTRENCHED and unmovable. In other banks, if KOSTURKO made the same errors, he would have been fired years ago. But Peoples management is entrenched in that once one gets ON the board, one is never thrown OFF the board and can stay there forever as can the top officers such as KOSTURKO.
Many of the bank's mortgage customers all complain about the length of time KOSTURKO takes to cement a deal. KOSTURKO should be granted early retirement.

As my readers know, shortly after my wife, Ellen, took ill, I could not pay the back taxes and eventually the City took it over and had me thrown out into the street. Then, after storing my belongings and furniture for two weeks, they say they threw it out as state law states that the city can throw it out. But where did they throw it? I suspect that all furniture so taken doesn't get thrown out at all. I feel someone in city hall gets it all or sells it and pockets the money. I have ask the Governor to investigate this matter.

I asked for the law number and page in the state's statutes and all those city employees who quoted the law did not know the page and number etc.

People's Bank, as I have previously reported, was and is part of the CORRUPTION that goes on in Connecticut. More to come..

Incidentally, KLEIN is not Jewish, but most Kleins I know are Jewish.

JOIN THE FIGHT! THIS TIME I KNOW OUR SIDE WILL WIN!(Casablanca)