On Wednesday, January 16, 2008, Mayor Domenic J. Sarno requested State Auditor A. Joseph DeNucci to undertake a full audit of the Merrill Lynch investment, which appears to have cost the City $13 million. The Mayor also called for an audit of all other current City investments.

"I am putting forth rigorous effort to find out exactly what transpired and how the City ended up where we are today," said Sarno. "I will not settle for anything less than an exhaustive and open review."

Click here to read a copy of the letter sent by Sarno to Auditor DeNucci today.