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Md. Housing Official Quits Amid Pay Probe of Adviser
[FINAL Edition]
The Washington Post (pre-1997 Fulltext) - Washington, D.C.
Author: Tapscott, Richard
Date: Jul 23, 1994
Start Page: b.01
Section: METRO

[Trudy P. McFall], who left after 13 years with the agency, declined to comment on [Thomas P. Caine]'s pay or [J. Joseph Curran Jr.]'s investigation. She said she resigned because her superior, Department of Housing and Community Development Secretary Jacqueline H. Rogers, had decided to become more personally involved in managing bond financing.

In addition to receiving state money as an adviser on housing bonds, Caine also received payments of $15,000 to $50,000 over time to do cash-flow analyses when Maryland sold bonds through its dealers, including Merrill Lynch & Co. Inc., state officials said. Those funds came out of the bond proceeds and were disbursed to Caine mostly by Merrill Lynch, which handled the bulk of Maryland's bond sales, officials said.

Among the issues under investigation is whether the alleged dual-compensation arrangement made it easier for Caine and his firm, CGMS Inc., of New York, to bid on the adviser contract every two or three years. Since Rogers became secretary in 1988, she said, CGMS has been the only qualified bidder for the contract.

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