Karen Peetz–Honesty and Integrity is an Issue For Her

Ms. Karen B. Peetz has been the President of The Bank of New York Mellon Corporation since January 01, 2013 and serves as its President of BNY Mellon NA. Ms. Peetz served as the Chief Executive Officer of BNY Mellon’s Issuer, Treasury & Broker Dealer Services since July 2008.

She was Chairman of the Pennsylvania State University’s Board of Trustees when the Consent Decree with the NCAA was signed. Ms. Peetz has a Bachelor of Science from Pennsylvania State University and a Master of Science from Johns Hopkins University.

Bank of New York Mellon will pay $714 million to settle state and federal charges that it engaged in a scheme to defraud clients by systematically adding hidden spreads to foreign currency trades executed on their behalf, government prosecutors announced Thursday.
BNY Mellon, based in New York, “admitted the factual details of its fraud” and will fire certain executives involved in the fraud, including the head of products management, David Nichols, who was named as a defendant in the federal lawsuit, according to New York’s attorney general and the U.S Attorney’s office in Manhattan. The trust and custody giant also will “reform its practices to improve and increase the information it provides to its customers,” the joint release said.
BNY Mellon had foreshadowed the settlement last month in a Securities and Exchange Commission filing in which it said it was revising fourth-quarter earnings downward by $598 million to account for the anticipated deal.
State and federal fraud charges in the matter were filed in 2011. A former currency trader for BNY Mellon in Pittsburgh, Grant Wilson, was previously identified as a whistleblower in the case.

Age 58

Total Calculated Compensation 5,532,958

She is connected to 225 board members in 6 different organizations across 7 different industries


Shame on Paul Suhey and Stephanie Deviney

Penn State trustee Paul Suhey admits relieving Joe Paterno of his head coaching duties in November 2011 over a late-night phone call was not the right tact. Stephanie Deviney, another trustee, is certain the whole board feels that way.“We apologize, we screwed it up as far as how we delivered the message,” Suhey said Friday in an interview. “Our decision, we’re not going to go back on. But we messed that up big time.“People are still so hurt by that, and you know, damn it, we screwed it up.”The Paterno decision will go down in the annals as the trigger of when Penn State alumni and diehard fans turned against the board, and the anger has not relented. They email the trustees, write letters — even call them out in advertisements in this newspaper. But, four trustees, in an interview with the Centre Daily Timeseditorial board, said they are committed to turning the corner, opening up and building on the progress the university has already seen in responding in the wake of the Jerry Sandusky abuse scandal. The trustees — Suhey, Deviney, board Chairman Keith Masser and Paul Silvis — said they hope the university community will meet them in the middle as part of moving forward.

Editor note:  It took them a year and a half to say this?? Shame, shame, shame on them.

Read more here: http://www.centredaily.com/2013/03/10/3532643/penn-state-trustees-were-trying.html#storylink=cpy

for more information on John Surma‘s role in destroying Joe Paterno, go to:


Panel “Discussion of Paterno Investigation Today

This Says it ALL

This morning(sunday) at 8 am CST or 9 am EST on ESPN “Outside the Line” there will be a panel discussion by the participants in the Paterno family-commissioned study of the Sandusky Scandal.

Also, tomorrow on Katie Courics talk show, Sue will be doing an interview with Katie.

Erickson May Have Broken Standing Order-Centre Daily Times

By Kevin Horne
The debate on whether or not the sanctions handed down to Penn State by the NCAA are warranted has been ongoing with Penn Staters and college football fans alike over the last several days. But one area that hasn’t been broadly discussed is whether President Rodney Erickson — without approval and vote from the Board of Trustees — had the authority to sign the agreement with the NCAA essentially accepting the sanctions without even a whimper of a fight.

Standing order IV of the Penn State Board of Trustees deals with “Matters Requiring the Approval of the Board of Trustees.”

According to provision 2-e of Standing Order IV, the following actions must be approved by the Board: Authorization to borrow money; authorization of persons to sign checks, contracts, legal documents, and other obligations, and to endorse, sell or assign securities.

Penn State President Rodney Erickson’s signature appears on the document that accepts the NCAA sanctions. Certainly, that agreement would be considered a legal document — and one that directly costs Penn State $72 million, with some experts saying it could amount to up to a half billion dollars in losses.

No hearings. No approval from the governing body of Penn State. No alumni input. All President Erickson did was accept the NCAA quasi-dictatorship’s ruling without a fight, and move on.

Newly-elected Board of Trustees member Anthony Lubrano has been outspoken in his opposition to Erickson’s decision, and says the Board of Trustees did not have a part in the decision making process. “I am very disappointed … because I am going to be held accountable that I wasn’t part of the process that led to the agreement,” Lubrano told the Patriot News.

Lubrano also interviewed with ESPN radio. “As a board member, I was very disappointed that I wasn’t consulted, nor were most of the board members, before our school entered into this consent agreement,” he said. “I’m troubled that we did this before most of us had any knowledge of what we agreeing to. I’m deeply disturbed by the sanctions. I hold that the NCAA doesn’t have the authority to do this.”

Adam Taliaffero, former Penn State football player and Board of Trustees member, also took issue with the NCAA violations. Shortly after the announcement was made Monday morning, he Tweeted, “To answer if I’m ok with everything…No! Gathering my thoughts …Will check back in this afternoon..did that promote healing?”

If Lubrano and Taliaferro’s statements are correct, it’s clear that Erickson did not fulfill his obligations under Standing Order IV to receive approval from the Board of Trustees to enter into the NCAA consent agreement.

In an interview with the Centre Daily Times, President Erickson said that he signed the agreement out of fear that the NCAA would issue the “death penalty” to Penn State if he didn’t consent. “We had our backs to the wall on this. We did what we thought was necessary to save the program….This is the decision you make: Accept the consent decree or the (NCAA) board will go in another direction,” Erickson told the CDT. “So we accepted that, and I signed it on behalf of the university (Sunday) night.”

However, NCAA Executive Committee Chirman Ed Ray denied Erickson’s claims, saying “I can tell you categorically, there was never a threat made to anyone about suspension of play if the consent decree was not agreed to…That was never even a point of discussion within either the Executive Committee or the Division I board.”

Someone isn’t being honest.

According to the CDT, Erickson conferred with his “closest advisers and members of the board of trustees” to reach the decision, including Chairwoman Karen Peetz and acting Athletic Director David Joyner. When asked which other university personnel Erickson consulted, Penn State spokesman David La Torre wouldn’t comment.

It appears that President Erickson entered into a legal agreement with the NCAA unilaterally — essentially writing a $72 million check without the entire Board of Trustees approval — which would seem to be a direct violation of Standing Order IV.

So what can we do now? I’m not sure, but there’s no doubt Lubrano and Taliaffero aren’t the only board members pissed about this egregious violation of policy by our University president. I think it’s about time our administrators start sticking up for the Penn State community instead of succumbing to public pressure as Erickson did the second he dotted the “i” in his name Sunday night.

President Erickson said in his statement Monday morning, “Today we accept the terms of the consent decree imposed by the NCAA.”

Well, President Erickson, I’m not sure who “we” is. But I can tell you that it is not me, my fellow students, the State College community, our student athletes, our alumni base, or our Board of Trustees.

So who, then, are you working for, sir?

The Penn State child sex abuse investigation has already cost the university more than $12 million

excerpted from ABC News Lyneka Little


The university launched an Openness Website that follows the amount spent on legal fees and crisis communication. The financial figures, which were last updated in Feb. 2012, show more money being spent on the internal investigation and crisis management than on legal services and defense.

According to the Websites Openness page, by the end of Feb. the University spent more than $5.3 million on its internal investigation and crisis communication in the sex abuse scandal that rocked the University last year.

Two months later the figure would balloon even more.

According to the Centre Daily Times, by the end of April the University had shelled out close to $12 million in legal and other fees in connection to the child abuse scandal related to the case. Of the $11.9 million spent, more than half was spent on crisis management and for an internal investigation.

The university has spent $2.46 million for the board of trustees’ internal investigation, including $1.14 million to Freeh, Sporkin & Sullivan, former FBI director Louis Freeh‘s firm, according to Pennstatetrustee.com, a blog operated by Myke Triebold, a Penn State graduate. The website breaks down the fees with $111,164 going to Domus Inc. and $172,563 to Kekst and Company Inc., both for public relations for Freeh; $499,370 to Ketchum Public Relations for crisis management; $506,162 to Reed Smith LLP and $32,053 for “other” consultants and costs. (as of February)

With the college’s reputation at stake, Roskopf does not find the figure spent for crisis management surprising.