November 28, 2007
Republicans demand answers from treasurer
Maine Republican leaders are asking for an investigation into the state treasurer's risky $20 million investment of state funds this summer.
Sens. Carol Weston and Richard Rosen yesterday said they want legislative leaders to look into State Treasurer David Lemoine's $20 million investment this August in a fund called Mainsail II, which held corporate bonds backed by subprime mortgages. Halfway through the state's 23-day investment period, the fund's assets were frozen by the Bank of New York.
Lemoine says the state still may recoup its initial investment, but Weston and Rosen said they want a list of all the treasurer's previous investments to make sure no others are at risk. They also said Lemoine should be replaced if he cannot adequately explain why he chose to invest in Mainsail.
Sens. Carol Weston and Richard Rosen yesterday said they want legislative leaders to look into State Treasurer David Lemoine's $20 million investment this August in a fund called Mainsail II, which held corporate bonds backed by subprime mortgages. Halfway through the state's 23-day investment period, the fund's assets were frozen by the Bank of New York.
Lemoine says the state still may recoup its initial investment, but Weston and Rosen said they want a list of all the treasurer's previous investments to make sure no others are at risk. They also said Lemoine should be replaced if he cannot adequately explain why he chose to invest in Mainsail.
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