Missouri Tax-payers' Money is Safe
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Missouri Tax-payers' Money is Safe

Date: September 16, 2008
By: Jack Cunningham
State Capitol Bureau

Intro: Missouri's investments are stable despite the recent stock market turmoil according to the State Treasury.

Jack Cunningham has more to report from the State Capitol

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Missouri's investments remain solid while three large financial firms suffer in the stock market. Lehman Brothers filed for bankruptcy and Bank of America bought out Merrill Lynch, while American International Group, A.I.G., deals with a mounting debt. Missouri Treasurer Director of Investments Mark Mathers says the state is in the clear.
Actuality:  MATHERS1.WAV
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Description: So if anything, we're in better shape than we were last week, but the portfolio itself doesn't have any holdings of Lehman Brothers, or for that matter Merrill Lynch or A.I.G.
Mathers also said the state cannot use those investment groups because state policy prohibits it. Reporting from Jefferson City, I'm Jack Cunningham.
Intro: Missouri's safe investments prevent economic problems.

Jack Cunningham has more to report from the State Capitol.

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OutCue: SOC

Missouri Treasurer Department policies prevent the state from being a part of the stock market crisis.

Director of Investments Mark Mathers says Missouri invests in fixed income assets like government securities and commercial paper.

Actuality:  MATHERS2.WAV
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Description: The portfolio's not at risk in any way. We have unrealized gains in the portfolio.  So we're in sound shape, good shape, and the tax-payer's money is safe.

Mathers says that the Department instituted policies last year that prohibit them from considering doing business with Merrill Lynch, Lehman Brothers, and American International Group, A.I.G.

Reporting from Jefferson City, I'm Jack Cunningham.