DOÑA ANA COUNTY SUFFERS $253,000 INVESTMENT LOSS TIED TO LEHMAN COLLAPSE

DOÑA ANA COUNTY SUFFERS $253,000 INVESTMENT LOSS TIED TO LEHMAN COLLAPSE

Doña Ana County Treasurer David Gutierrez has received notification from the New Mexico Local Government Investment Pool that Doña Ana County will share in a loss suffered on investments tied to the collapse of Lehman Brothers last September.

Doña Ana County’s portion of the loss is estimated at approximately $253,000, which will be prorated over 10 months, reducing Doña Ana County’s investment income from the state during that period by about $25,000 per month.

Gutierrez first received notification of the loss from the state on the afternoon of Friday, Jan. 9. He met Monday with Doña Ana County Commission Chairwoman Leticia Benavidez, along with Assistant Doña Ana County Manager M. Sue Padilla and available members of the Investment Advisory Board.

He has prepared a memorandum for the Doña Ana County Board of Commissioners in which he recommends moving a portion of Doña Ana County’s investments out of the state pool and into local banks. He said he plans to continue participating in the state investment pool based on its past performance, but he believes the county needs to diversify its investment portfolio.

The loss occurred on Sept. 15, 2008. Gutierrez was elected Treasurer in November and took office Jan. 1, 2009. At the time of the loss blamed on the Lehman Brothers’ collapse, Doña Ana County had only $300,000 invested locally, with $72.9 million invested in the Local Government Investment Pool.

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Reporters seeking more information or interviews may call county Public Information Director Jess Williams at (575) 525-5801.