Concerns arise over ballot issue as Montana State Fund loses $26 million
Reader Comments
| October 3, 2008 |  View for printing |
Montana State Fund managers learned last week that they may have lost $26 million when the stock market tanked.
At the same time, voters in the state received an informational pamphlet describing the pros and cons of Constitutional Amendment 44, a provision approved by the 2007 Legislature to allow up to 25 percent of all state trust fund assets to be invested in stocks.
"Talk about the worst time in the world to send that out," said one of the proponents, state Sen. Dave Lewis of Helena. "Markets around the world are crumbling, and we're arguing for increased investment banking."
By ERIC NEWHOUSE • Tribune Projects Editor
Full Story: http://www.greatfallstribune.com/app ... 1/810040303
Reader Comments:
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Just a clarifiction: Montana State Fund did not "loose" the $26m. Those are unrealized losses, due to the goings-on in the markets. They represent about 2.6% of our total portfolio, which has been performing well. Montana State Fund doesn't control our investments. By law, the Montana Board of Investments has the control, and makes adjustments as they see fit. MSF gets a quarterly report. As I said, the BOI has done well, and as a result, MSF has been able to consistently strengthen reserves against adverse development of claims. |
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