MINOT, N.D. — Even stopped clocks are right twice a day, the saying goes.
Yesterday, the North Dakota Democratic-NPL sent out a news release asking some pertinent questions about some genuine problems at the State Investment Board though, as is their wont, they managed to muddy their message with an insipidly partisan attack on completely unrelated lines and a bit of personal score-settling from the party’s new chairman.
First, some background.
The SIB seems to be in the thrall of a consultant named Callan, hired by the board to hire other money managers for the state’s Legacy Fund. Reporting from our Patrick Springer revealed that Callan “has received payments from 12 of the 14 companies that manage the investments for the $8.7 billion Legacy Fund.”
When Treasurer Thomas Beadle, who was just elected to that office last year and is by law a member of the SIB, sent a letter to Callan to inquire about past accusations of pay-for-play against the company, he was castigated by some of his fellow board members who also sought to create a new policy limiting the ability of board members to speak to the news media.