Allen Alley warns: OR Retirement Fund at Risk...

Allen Allen, Republican candidate for Oregon State Treasurer
Email Notice, Received September 29, 2008

Oregon Retirement Fund at Risk in Current Financial Crisis - The impact of the current US financial crisis will linger for years and will have a long-term effect on Oregon. Now is the time for strong, decisive and experienced leadership in the Office of the State Treasurer. That's why I need your vote and financial support.

As your State Treasurer, I will take action to restructure our investment portfolio in order to rebuild capital. This is critical because the PERS fund has already lost over $6 billion in the past year - and that was before this latest wave of bad news. The recent collapse of Lehman Brothers alone cost the fund another $124 million. It is imperative that we stop the bleeding and put PERS back on track.

If we fall behind on our obligations, the state will be compelled to make up the difference during a time when economic activity is stagnant or, even worse, in recession. This situation could also adversely affect the state's credit rating, which would make issuing bonds to invest in our schools, roads and other infrastructure more difficult. It is hard to overstate how high the risks are right now.

My opponent recently stated that he believes that Oregon investments are doing fine. That's when PERS had lost over $6 billion. In addition, he takes every opportunity to promote the idea of implementing a sales tax on Oregonians. My opponent is dangerously out of touch. Right now we need leadership and that's what I will bring as your next State Treasurer.

Sincerely,
Allen Alley (see new campaign ad)