Corruption Scandal in New MexicoIf
further evidence was needed that leaving any party (in this case the Democrats) in power for too long is bound to lead to problems, this story should provide it. Here are the basics:
The treasurer controls money from the sale of bonds, and that borrowed money is used for capital improvements in the state. The state receives the bond proceeds in one dose, but the money is spent over a period of time, often years.
During that time the state reinvests the unused money rather than letting it sit idle. In reinvesting it, the state can use commissioned investment advisers, and that, the federal allegations claim, is where Montoya and Vigil used the system to their advantage, demanding kickbacks from the investment advisers in return for state business. Good blogging on
what it all means by Joe Monahan.
Hat Tip:
Lucky Dawg.
