Sunday, October 12, 2008

NM Treasurer James Lewis Working With Banks to Open Credit Lines.

James Lewis
On Friday, the New Mexico Business Weekly's Kevin Robinson-Avila reported New Mexico's permanent funds and pensions have been battered by the meltdown on Wall Street, but aggressive action by fund managers has helped mitigate the impact:
In the July-through-September quarter, the funds managed by the State Investment Council (SIC) and the pensions managed by both the Public Employees Retirement Association (PERA) and the Education Retirement Board (ERB) declined by a total of $3.21 billion.

We decided to talk to State Treasurer James Lewis. He gave us the early word: Investors and consumers need to be reassured that the economic rescue plan will inject liquidity into the markets and that banks doing business in the state still need to open lines of credit, before investor and consumer confidence is restored.

Lewis also said he wants those accountable for the crisis to face justice, including indictments and prison sentences.

Lewis, has been on at least one teleconference, with other state treasurers and the U.S. Treasurer, said the State's Investment Council Oversight Committee will meet this week to review how well fund managers have mitigated the impact of the financial meltdown here.

Lewis said the state has taken a defensive posture and is working with economists at UNM to navigate this financial crisis.

Photo Credit: MG Bralley

No comments: