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October 20th, 2010

Jamison Blasts Fitzgerald’s for IPERS Mismanagement

State Treasurer Candidate, Dave Jamison, responded to the claim made today that state officials “hope” to recover 80-90% of IPERS money stolen by Westridge Capital Management.
“Only a career politician and bureaucrat desperate to cover his colossal mistake would try to spin this as some type of success story.  No matter how you look at it, Mike Fitzgerald failed at the most important job he has – protect taxpayers money,” said Jamison.
Iowa Code 97B-7
2.  The treasurer of the state of Iowa is hereby made the
custodian of the retirement fund and shall hold and disburse the
retirement fund in accordance with the requirements of this chapter.


Merriam-Webster:  Custodian – one that guards and protects or maintains; especially : one entrusted with guarding and keeping property or records…

“Fourteen days before an election where Iowans are poised to oust incompetent incumbents, we hear our State Treasurer and Attorney General “hope” to recover stolen retirement funds.  Try sending a check drawn on the bank of “hope” to a retiree depending on their IPERS benefits,” Jamison added.

Fitzgerald is hiding behind AG Miller and using fuzzy math in “hopes” that Iowans won’t take note of his dereliction of duty. Between April of 2007 and February of 2009 Fitzgerald invested $500 million with Westridge Capital Management.

In 2009, when the SEC formally launched an investigation in to Westridge, it was too late.  Iowans lost $465 million in retirement funds.  Taxpayer savings were spent on $80,000 collector teddy bears, horse ranches and fancy homes. Iowans should have expected an annual return of 7% to 13% from a $500 million dollar investment; instead we see only the initial $35 million seized from a margin account and empty talk of “hope”.
“It is time Iowa has a treasurer who will put Iowa First. As our next State Treasurer, I will work to invest in Iowa and ensure due diligence is done on ALL investments.  On November 2nd Iowans will send new leaders to Des Moines,” stated Jamison.

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The Iowa Republican





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