Flowers to the Cash Board on portfolio: "You break it, you own it"
Delaware's treasurer is taking pride in a new report that shows success for the state's investment portfolio.
WDEL's Amy Cherry reports.
The report shows the state's $2 billion investment portfolio has grown by more than $43 million throughout Chip Flower's three-year tenure.
"This shows that there was nothing wrong with the treasury, that the treasury has and continues to perform at a very high level," he says.
Flowers says his conservative investment strategy, which rewards managers based on performance and merit, has paid off. Going forward, he hopes the Cash Management Policy Board, which now has full control over the portfolio by legislative mandate, will follow his lead.
"As Colin Powell once said dealing with the war in Iraq, 'If you break it, you own it,' so that's my advice to the Board, but we wish them well,'" Flowers told WDEL.
"When you say 'We wish them well,' it makes it sound almost like you're not a part of the board and you are," said Cherry.
"Yes, certainly, I'm going to continue to make contributions, but on many occasiond, as you know, I am repeatedly outvoted," Flowers said.
Flowers said he's unsure what route the Board will take in the coming months, but "whatever the Board wants goes,"
"The legislature has put the taxpayer money in the hands of the Board now, so the treasury may be outvoted, so we're going to see how that experiment works.
Meantime, Flowers is still pushing for his proposed Honest Way Amendment, which calls for term limits and financial disclosure for members of the volunteer Cash Management Policy Board.
Copyright © Jul 30, 2014, WDEL/Delmarva Broadcasting Company. All Rights Reserved.
Advanced permission from Delmarva Broadcasting Company required for publication or rebroadcast.