Where my money at?

To quote the philosopher Doeboy, Where my money at?

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. You will recall that the State Treasurer’s office invested in Mainsail II commercial paper. 12 days later, the assets were frozen when the company’s rating slipped to subprime.

Just a few weeks ago, I did get a nice press release from the State Treasurer where it looks like “the authorities” have just opened up a world of hurt on those nasty Mainsail people. Yo check this out:

Receivers have been appointed to manage the wind down of Mainsail II, the company that defaulted on its debt to the State last August. “The next market resolution phase for the State’s Mainsail II investment is finally underway,” noted State Treasurer David Lemoine, as news came today that KPMG would manage the wind down. “This development appears to at last establish clear authority to find refinancing solutions that can be supported by secured debt-holders like Maine,” he added.

Wow! I wouldn’t want to run in to those bad asses any time soon. What does KPMG stand for anyway….Keep Pretending Maine GetsPaid?

And the beat down continues as our State Treasurer also announced that, “Until the Mainsail II matter is fixed and I am satisfied that the Merrill Lynch brokerage culture is trustworthy, this office will not bring Merrill Lynch into any of our bond deals.”

Mr. Treasurer, let’s also take a look at the other relationships we have with them, including the Maine State Retirement System, The Maine State Housing Authority and the Finance Authority of Maine. That might get their attention.

Something tells me, however, that Maine’s attempt to punish Merrill Lynch will get lost in the shuffle, considering Merrill Lynch just announced 1.96 BILLION in losses IN THE FIRST QUARTER of this year and is expected to lay off 2900 people.

So, I’m guessing that they will be a little light on staff availability for Maine’s bond sales.