Day: June 30, 2013

We're gonna have drama after all!  Democrats vs. fellow Democrat Chip Flowers.  I support the Democrats not named Chip Flowers, and so should you. Here's why. Chip Flowers claims that he has the power to invest state money, money that goes to fund state pensions. He is the only treasurer in memory to make that claim. Other treasurers have recognized that the responsibility for making these determinations rests with the Cash Management Policy Board, of which the Treasurer is but one member.  Flowers wants to play cowboy in search of higher investment returns.  He's even hired some guy to look at how to increase performance. He hasn't hired anyone to warn him of imprudent risk. This is precisely the type of fiscal irresponsibility that left scores of public pension funds in shambles  throughout the country following the financial scandal. Delaware, which had invested its money prudently and conservatively, remained in strong fiscal condition, and so did state pensions. If Chip Flowers wants to gamble, let him do so at a racino or online or in the market with his own money. As a pensioner of the state, the last thing I want is for him to do is play the market with our money. The proposed bill essentially does to Flowers what earlier legislation did to the Sheriff of Nuttingham--make clear that he can't overstep his bounds and/or create new imaginary powers for himself.  For the sake of my fellow pensioners, I hope it passes.