Merlene Bailey Martinez

Last week, we reported that the Social Security Board decided to terminate Merlene Bailey Martinez as C.E.O. for insider trading at the S.S.B. We also reported that chairman Lois Young is opposed to the termination. Young is out of the country for health reasons so the acting chair is Dennis Jones. The board’s decision was taken following an audit by Panell Kerr Foster which investigated and interviewed staff and found that the C.E.O. did not have the best interest of the S.S.B. when she encouraged some staff members to participate in a mortgage write-off program offered by the government. While the board decided to terminate Bailey, it gave her an option to resign before another board meeting today. The Board also decided that if she did not resign, it would then move to terminate her forthwith. But Bailey was chauffeured to work this morning as if it was business as usual. Up to late this evening, the Board was still in meetings and we have been unable to confirm if Bailey has resigned. The board is comprised of the government representatives, the private sector and the unions. The decision to terminate Bailey Martinez was discussed at length with most board members voting in favor last Monday.

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