For the past week or so we've been reading the story of Manny Choy, a local resident who volunteered his time to lead the city's Comprehensive Plan review committee. Choy was also a member of the "investment team" that managed investment for the city of Springfield, Mass.

In a move made by Merrill Lynch, one of the city's investment advisers, the city invested $13.9 million in a Collateralized Debt Obligation, and has suffered a catastrophic 90% loss on that investment. Ouch. Merrill Lynch said that the city made the decision, the city says that Merrill made the decision without approval. Springfield and the Massachusetts Secretary of State are looking into it.

Here in Saratoga Springs, readers will likely remember that Choy was appointed to be the chairperson of the Comprehensive Plan review committee, during the Keehn administration.

Now, I still consider myself a relative neophyte to much of what went on in Saratoga Springs previous to my taking this post in November, and so I'm not fully up on the Comprehensive Plan. I have not yet had the chance to form an opinion on it one way or another, but what I do know is what I was told today by a few members of the committee: that Choy was an effective leader who got the committee's task done, in the face of a fractured city Democratic party. Whether you agree with the committees findings or not, whether you disapprove of Choy's appointment or not, it seems impossible not to respect that kind of leadership.

One of my fellow Saratoga Springs bloggers, with whom I often find myself in agreement, slammed Choy last week, saying "If a parallel can be drawn between land use planning and investment planning we can safely say Manny provides the bridge... for it seems needless risk is at the heart of everything he does."

Well, Ben, that doesn't seem entirely fair. The Comprehensive plan "concept" that Choy lobbied for may very well be reckless, I don't feel qualified to make that judgment, but to call his investment strategy reckless is, I feel, a bit of a reach.

Many municipalities invest money, and many, said local bankruptcy attorney Ron Kim, invested in sub-prime mortgages, "because those investment vehicles were rated very highly, because they're mortgages."

I won't even pretend to have a grip on the endlessly complex sub-prime mortgage crisis, but I think it's safe to say that the crash in that sector took pretty much everyone by surprise. Remember, people like Choy, who are employed by financial institutions and likely have tremendous wealth in stock options, are feeling the declining values too -- albeit much less so than anyone holding a mortgage.

And here's another reason not to jump on Choy's back. The Boston Globe reported over the weekend that there are suspicious ties between one of Choy's investment team mates, Carl J. Kipper, also under subpoena, and Stephen Lisauskas, executive director of the Springfield Control Board. According to the Globe's report the two had known each other for years.

The report also cites Springfield City Council President as saying that he was concerned about their relationship. "Why would they be channeling business to Albany N.Y.?" he asked.

Well, it seems to me that if there was any wrong-doing, it likely came as a result of this questionable relationship, and not as a result of Manny's participation in Springfield's investments.

So, on a day on which we pause to honor Rev. Dr. Martin Luther King Jr., let's remember what he said about acceptance, and remember that just because we disagree with some one doesn't make them a bad person, and doesn't mean everything they have ever done, was done for bad-hearted and misguided reasons.