10/20/2010 - Buttigieg Releases Report On State Investments; Calls For Explanation

SOUTH BEND – Offering a long overdue look at the state’s investment portfolio, today Democratic State Treasurer nominee Pete Buttigieg released a simple, straightforward analysis of where and how Hoosier’s tax dollars money are invested.

Buttigieg’s “Report to the People” shines light on the millions of dollars lost in recent years due to overly risky investments in junk bonds, mortgage-backed securities and other toxic assets as well as questionable investments in foreign governments and companies with questionable track records.

“For far too long the state treasurer’s office has kept Hoosiers in the dark when it comes to where their money is and how it’s performing,” said Buttigieg, a South Bend businessman and Rhodes Scholar. “This lack of transparency has led to a lack of accountability and is part of the reason our money found its way into so many precarious positions.”

Buttigieg’s report focuses on funds managed by the Office of State Treasurer including the money obtained from the 75-year lease of the Indiana Toll Road, the State Police Pension Fund and where money from the state’s general fund is deposited.

“Our analysis has identified several areas of concern in the management of state funds,” said Buttigieg. “While few pension and trust funds have posted stellar returns in these economic times, it appears that Indiana is particularly exposed to unusual kinds of risk. It also appears that we are missing an opportunity to keep our state’s funds deposited close to home, and that our values are not always reflected in the kinds of securities held in our name.”

“I think Treasurer Mourdock owes the people of Indiana an explanation,” added Buttigeig. “I’ve asked him to debate, but he continues to make excuses, and I think we now know why. He’s unable and unwilling to defend the decisions he’s made as state treasurer.”

Buttigieg, who has offered a series of specific proposals for better investing the state dollars to create jobs, has also championed greater transparency in the office with a number of measures he would enact if elected.

“As state treasurer, not only will I move our money to safer investments, I’ll release simple, straightforward reports to the public on a regular basis so all Hoosiers know exactly how their money is performing,” added Buttigieg. “The more we, the people, know about what is happening with our money, the more accountable our government is for making the right decisions,”

“As an outsider, this report represents the best analysis my team and I can provide of how our money is being held. As state treasurer, I will be able to make much more extensive and detailed information available on our state’s funds, so that citizens can make their own decisions,” said Buttigieg “If elected, I look forward to the opportunity to show, rather than tell, how Indiana can have a stronger, safer, more accountable financial future.”

A resident of South Bend, Buttigieg (pronounced “Boota-judge”) graduated from Harvard and studied economics at Oxford as a Rhodes Scholar. Prior to leaving his job to become a full-time candidate, he worked in the private sector at a top consulting firm where he specialized in economic development, retail strategy, energy and logistics.

For more information on Pete Buttigieg or his campaign for Indiana State Treasurer please visit www.peteforindiana.com or call 574-889-0002.

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