Janet Cowell, controller of NC’s purse strings, who “failed to report” $771 million in losses on her treasury reports, who lost millions from state employees’ pensions last year investing in the facebook IPO, does not need any additional leeway afforded to her position. Unfortunately, that is exactly what the North Carolina General Assembly is proposing.
According to the Carolina Journal, Senate Bill 558 was brought forward in response to a request from the woman, herself, and is scheduled for a hearing:
“A treasurer’s office memo said that under the current investment limits, it is difficult to maintain a 7.25 percent rate of return. The proposal troubles Bob Williams, president of State Budget Solutions, a national, nonprofit think tank advocating state budget reform. “If it works, it’s great,” Williams said. “If not, the taxpayers are on the hook for a lot more.” Williams said that the states with pension systems that are in the deepest trouble are the ones most often widening their investment portfolios into areas where they typically have not ventured.”
Call your senators TODAY and let them know that Janet Cowell’s record of risky pension fund investments does not merit greater leeway! Vote NO to SB558.