Monaghan's Bank Opens
Mon, Aug06, 2007 - Category: Town
AveWatch was the first
to report back
in May that Tom Monaghan's Florida bank project
changed its application name to "Shamrock Bank
of Florida". Today, Naples Daily News reports on
that change, and the opening of a physical
location for the bank in Naples.
The article mentions: "The new bank’s chairman is CPA Paul R. Roney, the only director who does not live in Naples." Naples Daily News failed to state why he isn't in Naples. Chairman Roney lives in Michigan where he works as CFO of Tom Monaghan's Ave Maria Foundation. NDN also failed to state that Roney is the CFO for Ave Maria University, Ave Maria School of Law, and is Tom Monaghan's business partner in Nua Baile, the company that partnered with Barron Collier Company to make "Ave Maria Development" (AMD) - the developer of Ave Maria Town and a number of businesses orbiting the Town's creation, including Ave Maria Utilities.
In addition to Roney, Tom Monaghan and Timothy Kaiser are also on Shamrock's Board. All three happen to serve together on the board of another for-profit venture, "Ave Maria Financial Corporation".
Is this the vision?: A faculty member receives his paycheck from Tom Monaghan as AMU Board Trustee and Paul Roney as AMU CFO. The professor, an at-will employee, got his paycheck because he followed policies approved by Tom Monaghan (Trustee) and also implemented by Tom Monaghan, who also serves as AMU Chancellor. The professor goes home to his house purchased from Pulte / Ave Maria Development, of which Tom Monaghan is a part owner in AMD. Part of the sale of his house went to benefit AMU via the agreement that exists between AMD and AMU. The professor turns-on the light at his desk, powered by Ave Maria Utilities, of which Tom Monaghan is a part owner through AMD's management of Ave Maria Utilities. He signs his mortgage payment to Shamrock Bank, managed by Paul Roney (bank chairman) and Tom Monaghan (bank trustee). He then writes the check for his children to attend Ave Maria Grammar and Prep School, run by Ave Maria Foundation/College employee Dan Guernsey, and whose Board includes AMU's Fr. Fessio. He also writes a donation to the place where he attends daily mass, Ave Maria Oratory, a place of worship that is "located in the boundaries of the Diocese of Venice, and is not related to the Diocese of Venice" (according to the Bishop, NDN, 3/22/07).
Conflict of interest: a situation when a professional in a position of trust has competing personal or professional interests; when duty to one interest influences decisions in another interest; a conflict of interest exists even if no unethical or improper act results from it.
Naples Daily News: full text
AveWatch: background on Shamrock Bank
The article mentions: "The new bank’s chairman is CPA Paul R. Roney, the only director who does not live in Naples." Naples Daily News failed to state why he isn't in Naples. Chairman Roney lives in Michigan where he works as CFO of Tom Monaghan's Ave Maria Foundation. NDN also failed to state that Roney is the CFO for Ave Maria University, Ave Maria School of Law, and is Tom Monaghan's business partner in Nua Baile, the company that partnered with Barron Collier Company to make "Ave Maria Development" (AMD) - the developer of Ave Maria Town and a number of businesses orbiting the Town's creation, including Ave Maria Utilities.
In addition to Roney, Tom Monaghan and Timothy Kaiser are also on Shamrock's Board. All three happen to serve together on the board of another for-profit venture, "Ave Maria Financial Corporation".
Is this the vision?: A faculty member receives his paycheck from Tom Monaghan as AMU Board Trustee and Paul Roney as AMU CFO. The professor, an at-will employee, got his paycheck because he followed policies approved by Tom Monaghan (Trustee) and also implemented by Tom Monaghan, who also serves as AMU Chancellor. The professor goes home to his house purchased from Pulte / Ave Maria Development, of which Tom Monaghan is a part owner in AMD. Part of the sale of his house went to benefit AMU via the agreement that exists between AMD and AMU. The professor turns-on the light at his desk, powered by Ave Maria Utilities, of which Tom Monaghan is a part owner through AMD's management of Ave Maria Utilities. He signs his mortgage payment to Shamrock Bank, managed by Paul Roney (bank chairman) and Tom Monaghan (bank trustee). He then writes the check for his children to attend Ave Maria Grammar and Prep School, run by Ave Maria Foundation/College employee Dan Guernsey, and whose Board includes AMU's Fr. Fessio. He also writes a donation to the place where he attends daily mass, Ave Maria Oratory, a place of worship that is "located in the boundaries of the Diocese of Venice, and is not related to the Diocese of Venice" (according to the Bishop, NDN, 3/22/07).
Conflict of interest: a situation when a professional in a position of trust has competing personal or professional interests; when duty to one interest influences decisions in another interest; a conflict of interest exists even if no unethical or improper act results from it.
Naples Daily News: full text
AveWatch: background on Shamrock Bank