By Amy Cherry 5:18pm, November 26, 2013 - Updated 10:31am, November 27, 2013
State Treasurer Chip Flowers (WDEL/File)Delaware's state treasurer suffers an apparent setback in his battle with a state panel that controls Delaware's $2 billion cash management portfolio.
WDEL's Amy Cherry reports.
The Attorney General's office opinion rules that the Cash Management Policy Board has sole legal authority to make investment decisions regarding the portfolio, and that the treasurer is subject to its directives.
Flowers, who's long sparred with the board, says this isn't a setback at all for him.
"We're not going to be giving million dollar paychecks to people's friends at banks because they have some sort of equity or investment in those banks. We're going to do it the right way, which is the honest way," says Flowers.
"So if that's what the board recommends you're going to ignore it?" I asked.
"We're not going ignore anything," laughs Flowers. "We're going to respect the opinion, but as you know, AG's opinions are non-binding," Flowers says.
He calls the unprecedented opinion "peculiar."
"I've showed it to many lawyers who basically just laughed at the opinion. To be frank with you, they said that was just a gross misinterpretation of Delaware law," Flowers says.
Flowers calls the whole process "corrupt."
"I'm sure there might have been some backroom deal that I wasn't invited into, and I'm quite OK with that. At the end of the day, we're going to make sure we do it the right way, the honest way," Flowers says.
Flowers says he looks forward to the next round of lies people are going to throw at him, and he says this fight is far from over with plans to have the issue resolved in the courts.
"You're not going to be giving money to people's friend, and I know there's a threat for bills, but I don't take threats lightly," Flowers says.
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