Democrat State Treasurer Kate Marshall’s judgment probably lost the state of Nevada $50 million in invested money.
She invested that much of Nevada’s $3.6 billion portfolio with Lehman Brothers. Lehman Brothers toppled in the Crash of ’08.
Democrats say they are concerned but (surprise) still absolutely trust their fellow political party member’s good judgment. Republicans (surprise) think she stinks. Former Treasurer Brian Krolicki points out it is the first loss in securities in the state’s history. On his watch, he adds, "we didn’t lose a dime, and that was with the pitfalls of Enron and WorldCom."
Look, I don’t have a dog in this political wrangling. Treasurer Marshall has a point when she tries to deflect blame from herself to the extraordinary market conditions. Anyone see the fall of Lehman coming?
But that said, the fact remains that Nevada residents are out $50 million at a time when they can least afford it. Forget the Democrat and Republican spinning. Save that for when she stands for re-election.
For now, this is between a state treasurer and Nevada residents. Since not all Nevadans can say this like the publisher of the state’s largest newspaper, allow me to speak on behalf of all Nevadans when I say: Treasurer Marshall, you must do a better job. Preserve and build Nevada’s financial investments, even in these times. Don’t lose money. Consider this a serious job performance warning.
And, for my fellow Nevada voters, let this be a reminder for taking the so-called "minor" constitutional offices seriously.