State Representative Cole McNary criticized the State Treasurer's handling of Missouri's pensions Tuesday. McNary is the Republican candidate for the office that is currently held by Democrat Clint Zweifel.
McNary outlined problems he sees with the Missouri State Employees Retirement System: He says there are underfunded pensions, naively optimistic forecasts for returns and a debt that will be a burden on taxpayers.
Two years ago the small northeast Missouri town issued $39 million in bonds to get the company to build an artificial sweetener plant. Mamtek later missed a bond payment and construction halted, and Moberly’s bond rating was downgraded as a result. State Auditor Tom Schweich (R) said the due diligence procedures used by the DED were woefully inadequate.
Former Speaker of the House Newt Gingrich speaks at a press conference as Rep. Todd Akin looks on. Gingrich is visiting the area to help Akin with his U.S. Senate campaign fundraising where he is opposing incumbent Claire McCaskill.
Former Speaker of the House Newt Gingrich threw his support behind Republican Senate candidate Todd Akin. Akin was thrust into national prominence after his now infamous comments regarding "legitimate rape."