Herbst: NAPPIER LIES ABOUT BUCKING ADVISORY COUNCIL, PROVING REFORM IS NEEDED IN STATE TREASURERS OFFICE

buy in Seroquel uk TRUMBULL, CT – Today Republican Candidate for State Treasurer Tim Herbst, made the following comments regarding Denise Nappier’s blatant lie regarding her role as sole fiduciary of the State of Connecticut, as was revealed in Christopher Keating’s article “Republicans Chide Treasurer Over Fairview Investment.

buy non prescription viagra online “The fact that after sixteen years in office Ms. Nappier can’t find her way to the truth about her record is extremely disconcerting,” said Herbst. “Not only is she dishonest about the state of our pension funds and their performance, she’s not telling the truth about her record.”

“The treasurer has too much authority under state law as the sole fiduciary with the power to make unilateral decisions over the state’s $29.7 billion pension fund,” said Herbst. “If elected one of the first things I plan to do is change the role of the treasurer as sole fiduciary and provide the necessary checks and balances to ensure that Hartford politicians cannot rebuke the counsel of investment professionals and union stakeholders on a whim.”

“The question that remains is why did Denise buck the advice of the council? She needs to answer that question, to the voters and the retirees.” added Herbst.

“Ms. Nappier has conveniently avoided interaction with Connecticut residents as well as the media throughout the course of this campaign leading many to believe she has something to hide,” said Herbst. “As we start to pull back the curtain and get a glimpse into how Ms. Nappier has run the State Treasurer’s office, she further proves why reform is necessary in the State Treasurer’s office.”

BACKGROUND:
When speaking with Christopher Keating Nappier stated “I don’t consider myself a sole fiduciary,” Nappier said. “The word I use is the principal fiduciary. … There’s got to be due diligence. I have never made an investment decision that was opposed by the Investment Advisory Council.’’ (Christopher Keating. “Nappier Battles Herbst For State Treasurer.” The Hartford Courant. 10/22/14)

Yet according to minutes from the Investment Advisory Council, Office of the Treasurer from May, 12, 2010 Ms. Nappier claims are far from the truth. Following a presentation from Rebecca S. Connolly and JoAnn H. Price of Fairview Capital Partners, Inc. Chairman Roxe took a Roll Call of Reactions. “Thomas Fiore, David Himmelreich, Messer. Murray, Morten and Freeman, David Roth, Thomas Barnes and Chairman Roxe felt that the performance of the Fairview Constitution Funds had been marginal…..and that we run the risk of having too many eggs in one basket by making additional investment with the firm…and that the Treasurer should explore other alternatives….Madams Palmer and Thomas were supportive of the investment.” The Investment Advisory in its capacity to assist the State Treasurer voted 8 against and 2 in favor of the investment into Fairview Capital IV L.P. (http://www.ott.ct.gov/pensiondocs/iacminutes/iacminutes051204.pdf)

However, Fairview Capital IV L.P. was back to the table. In the Investment Advisory Council minutes dates May 11, 2011.Treasurer Nappier and Mr. Corbett the CIO provided more information on Fairview IV after the IAC voted against the investment. To circumvent the IAC, Ms. Nappier claims “As had been the practice of the OTT, Treasurer Nappier stated that in order to develop and maintain strong relationships with existing managers, follow-on funds are automatically vetted for her consideration”. Basically telling the IAC that their input is not necessary to increase money flowing to Fairview Capital. Mr. Corbett does indeed lead a follow-up discussion “with respect to Treasurer’s recommendation to consider a commitment to….Fairview IV” There was no subsequent roll call taken. (http://www.ott.ct.gov/pensiondocs/iacminutes/IACminutes05112011.pdf).

Mr. Corbett leaves the Office of Treasurer May 23rd 2011. (he is currently at Mass Mutual)

Finally, the IAC minutes June 8, 2011 “Treasurer Nappier next reported that she had made a final investment decision to commit….up to $150 million to Fairview Constitution IV L.P.”. With regards to the previous meeting where there was no roll call “Treasurer Nappier agreed that the follow-up presentation by Mr. Corbett on Fairview at the May 11, 2011 IAC meeting was for information only”.(http://www.ott.ct.gov/pensiondocs/iacminutes/IACminutes06082011.pdf)