November 30, 2007
Dems: No Treasury investigation
Maine Republicans are fuming after legislative leaders refused to call for an investigation into a state investment gone awry.
Democratic leaders denied a request made last week by Senate Republican Leader Carol Weston (R-Waldo) and Assistant Senate Republican Leader Richard Rosen (R-Hancock) to launch a legislative council investigation into the actions of the State Treasury after it invested $20 million in a subprime-backed fund that had its assets frozen this summer, according to a press release from the State Senate Republicans.
Republicans question why Democratic leadership in the Legislature took it upon themselves to pressure the Maine Cultural Affairs Council after a recent audit found up to $4,000 in state funds was spent inappropriately, but have decided to delegate authority over the risky multi-million-dollar investment, which State Treasurer David Lemoine maintains will likely be returned, to the appropriations committee.
Democratic leaders denied a request made last week by Senate Republican Leader Carol Weston (R-Waldo) and Assistant Senate Republican Leader Richard Rosen (R-Hancock) to launch a legislative council investigation into the actions of the State Treasury after it invested $20 million in a subprime-backed fund that had its assets frozen this summer, according to a press release from the State Senate Republicans.
Republicans question why Democratic leadership in the Legislature took it upon themselves to pressure the Maine Cultural Affairs Council after a recent audit found up to $4,000 in state funds was spent inappropriately, but have decided to delegate authority over the risky multi-million-dollar investment, which State Treasurer David Lemoine maintains will likely be returned, to the appropriations committee.
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