David Lemoine

It was quite a week for Democrats in Denver and it would appear that our State Treasurer has recovered 20 million dollars that was all but written off earlier in the year.  And a local developer is discussing the purchase of the Biddeford’s downtown trash plant (MERC). See all of this week's Winners & Losers. | CLICK HERE

I hate to be a bother, I really do. But could someone please tell me where my 20 million dollars has gone. I can’t seem to find it anywhere.

State Senate Republicans are demanding answers as to how the state lost nearly $20 million with an investment gone bad. They are asking State Treasurer David Lemoine to appear before the Legislative Council as soon as possible.

However, Democratic leaders have said that it is unnecessary for him to appear before the council, and the matter will be handled within the Appropriations Committee Dec. 12 and 13.

The investment was in Mainsail II commercial paper. The assets were frozen when the company’s rating slipped from highest to subprime within two weeks over the summer.

The reliably docile Senate Republican Leader took a whack at State Treasurer Dave Lemoine for squandering 20 million tax dollars by investing in Mainsail II, a poorly rated subprime mortgage company.