Newspaper article THE JOURNAL RECORD

Investment of State Funds Main Concern of Candidates

Newspaper article THE JOURNAL RECORD

Investment of State Funds Main Concern of Candidates

Article excerpt

Henry: "A primary goal would be to institute a viable form of internal security which would allow early detection of any mismanagement of funds."

Jackson: "Eliminate kickbacks. Keep state monies fully invested. Watch employees closely. Convince the Oklahoma taxpayer that his/her tax dollars only benefit the state of Oklahoma, not the employees of the state treasurer's office."

Maguire: "I would put out a quarterly report and make it available to the media - show were the state funds are invested and how we did.

"Would make a policy manual so employees, vendors and securities agents would know their duties and responsibilities."

Million: "To bring integrity and competence to the office of state treasurer. To install the proper combination of `hardware, software and peopleware' to implement sound financial controls on the investment of state funds.

"To remove favoritism and the appearance of favoritism from the treasurer's policies."

Nesbitt: "First, to adopt an attitude of prudence and responsibility in the management of the office. Second, to develop and implement standard management practices to prevent questionable financial transactions. Third, to adopt a policy of frequent auditing and public reporting of investment operations."

- What are your ideas about the way state funds should be invested?

Edwards: "As many funds as possible should be invested in Oklahoma and not just in Oklahoma City. When I took office, 63 percent of all state funds were in three banks, and none of those banks were outside the Oklahoma City limits.

"I believe money should be spread out throughout the state, but all banks are required to pay the same amount on the state funds they receive, whether it is in Oklahoma City or a rural area like Eufaula.

"I also think it is important that all our money is secured with a government guarantee. All our funds are collateralized. The number of bank failures that have occurred recently has decreased, but in 1987-88 we had quite a few. Not one penny of state money was lost, because it was collateralized."

Ford: "No high-risk trades."

Greeson: "First, state funds should be invested in the state of Oklahoma banks and other Oklahoma financial institutions that are insured, at the highest possible rate of return on our investments. Let's keep Oklahoma dollars in Oklahoma.

"Second, state funds should be invested in the federal government controlled securities at the highest possible rate of return, that are insured. …

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