Who is accountable for 'red cent' loss?

With a State Election looming in March and the inevitability of the Liberal Party winning office with Barry O'Farrell as Premier, has anyone considered the consequence of Cr Chris Holstein winning the Seat of Gosford and becoming the next State Member?

It absolutely horrifies me remembering his famous words in 2009 to the public, "we haven't lost one red cent".

Fast forward to October 2010 and it is reported in the Gosford Council Business Paper that Gosford Council's latest investment portfolio has matured bringing the losses to an incredible $38 million dollars with an expectation of more losses to come.

To date, no one has been made accountable for the appalling decision in 2005 to invest $100 million of our public funds in what was considered, even then, risky investments.

No one has explained to the people of Gosford why so much of our money was gambled away when other Councils risked little or in Wyong Council's case, risked none at all.

It was reported on the ABC 7:30 Report that Gosford Council had the most losses in the country.

So was anyone made accountable?

No, in actual fact, those who are responsible, who are complicit in this extraordinary scandal have been rewarded and, for Cr Holstein, he will no doubt be elected as the next State Member for Gosford to represent us in Parliament because people just don't care anymore.

Email, 14 Jan 2011 Debra Wales, Umina