Del. treasurer discusses portfolio report - WMDT 47 News - Delmarva's Choice

Del. treasurer discusses portfolio report

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DOVER, Del. (AP) - State treasurer Chip Flowers is releasing details regarding an independent report he commissioned from Credit Suisse on Delaware's investment portfolio.

Flowers, who planned to discuss the report Friday, has recently quarreled with Gov. Jack Markell over the hiring of Credit Suisse and the role of the state's cash management advisory board, which is filled with the governor's appointees, in overseeing the portfolio.

Markell's office had language inserted into this year's budget bill that authorizes the board to approve 1-year-extensions for any existing contracts for banking or investment services that expire this fiscal year. The bill also says the treasurer is not otherwise authorized to retain banking or investment services without the consent of the board, and that funds in the treasurer's custody must be invested consistent with board guidelines.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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