Where Godfrey’s $6 million Check to SSB Went

What has snowballed into a full out scandal over Social Security mis-expenditure, started out 4 weeks ago on July 28, when, we asked the question: "is Social Security paying Glenn Godfrey's debt?" Turns out it had been, to the tune of $6 million. But on August 16th, Glenn Godfrey re-paid Social Security with this check, $6 million drawn on Godfrey's account at a financial institution in which he is a part owner, the Alliance Bank. It should have been the end of one branch of the scandal, but in fact, it has given rise to more questions. Godfrey paid out the money which was then deposited in predictably the Alliance Bank. A review of Social Security's banking position shows that the greatest portion of its cash resource is deposited in the Alliance Bank. It's money that can hardly be touched because of the precarious liquidity position in the banking system. Moreover, most of the $72 million that Social Security has in the bank comes from the $59 million netted in the sale of BTL and BECOL shares at midyear. Before that $59 million infusion, we estimate that the money Social Security had in the bank was less than $10 million. We have to make that estimate because the financial controller chose not to answer that question today.