State Treasurer Kate Marshall Announces Recuperation of $50 Million from Lehman Bankruptcy
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State Treasurer
"At the time of the Lehman Brother bankruptcy, I promised I would do everything within my power to recover every last dollar," said Nevada State Treasurer
"Kate demonstrated her leadership in guiding
"Understand that this bankruptcy went against conventional wisdom by the financial industry and impacted governments on a global scale" said
"Some states sold their bonds immediately, while
States across the country were taken aback by the
The
Background
On
Prior to the collapse, the State's securities lending agent purchased
Marshall's recovery strategy, reviewed by
-On
-On
bonds at an initial price of
-On
Lick here to view Table: http://www.nevadatreasurer.gov/PublicInfo/PR/2014/TO/2014-09-17_State_Treasurer_Kate_Marshall_Announces_Recuperation_of_$50_Million_from_Lehman_Bankruptcy/
By consistently following this course, the State Treasurer's Office has recovered the
Marshall's Lehman recovery plan is another example of Marshall's successful financial strategy to keep
The State has been able to maintain a AA rating through the financial crisis largely through its fiscally conservative and sound management practices, a main scoring area by the rating agencies and a strength they recognized. Marshall has maintained ample reserves for the payment of the State's general obligation bonds (nearly prepaying a full year's debt service), restructuring the State's debt portfolio to both maintain these reserves and to issue bonds so the State could finance capital projects, and producing a decline in net debt per capita by rapidly paying off the State's debt. Marshall also achieved AAA ratings for the State's unemployment insurance bonds in 2013 and the State's highway debt in 2014 which is extremely remarkable when you consider
In 2013, Marshall lowered the unemployment tax paid by businesses in
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