McCaskill Turns Cameras On Missouri Press Core

Zweifel Champions Investing a billion in Missouri

Clint Zweifel Missouri Treasurer's Office Press Release

Treasurer continues tour promoting statewide $1 billion reinvestment

ST. JOSEPH, Mo. - As Missouri and the country face economic crisis, State Treasurer Clint Zweifel discussed advancing his strategic initiative to create and retain jobs and reinvest $1 billion in Missouri while at the St. Joseph Area Chamber of Commerce today. Treasurer Zweifel has visited every corner of the state as part of his commitment to job creation and community reinvestment.

"Unemployment is at a 25-year high and 650,000 Americans lost their jobs in February," Treasurer Zweifel said. "As state treasurer, it is my job to bring real ideas to the table to move Missouri's economy forward, and that is exactly what Invest in Missouri does."

Invest in Missouri legislation, HB 883, removes the statutory interest-rate cap that restricts the amount of return taxpayers earn when their money is invested with community banks as state time deposits. Additionally, the legislation expands eligibility for the Missouri Linked Deposit Program. Between the two statutory changes, Treasurer Zweifel said his office would reinvest $1 billion in the state.

"Our existing law needs to be changed. It is preventing the state from obtaining competitive interest return on the taxpayers' money," said Rep. Tim Flook, R-Liberty, who filed HB 883. "Allowing for a competitive market place and expanding the Linked Deposit Program are the right decisions for Missourians in this tough economic environment."

Missouri statute currently ties state time deposits, similar to a 6-month certificate of deposit, to the return of U.S. Treasury securities maturing over a similar period. That yield has been as low as 0.20 percent of late. Removing the restrictive cap would allow the state to receive a yield closer to the rates offered by banks to an individual, business or any other government entity in Missouri. The market rate would be about 2 percent, resulting in increased returns to taxpayers of about $10 to $15 million per year.

"We are one of two states in the nation, and the State Government is the only government entity in Missouri, which restricts the interest rate taxpayers receive when their funds are invested in community banks," Treasurer Zweifel said. "Removing this archaic restriction allows my office to immediately place an additional $250 million in Missouri community banks, earn a fair rate and return $10 to $15 million to taxpayers' investments."

The Invest in Missouri legislation also expands eligibility guidelines for the Missouri Linked Deposit Program. The Linked Deposit Program is designed to place state funds with community banks at below-market rates so the community bank can issue loans to borrowers at a reduced rate. Loan savings are usually 2 to 3 percent to the borrower. The program's $720 million statutory cap is only about 30-percent utilized. Expanded eligibility guidelines would open up the state's small business, job creation, agriculture and alternative energy programs to more businesses and farmers. Local government assistance linked deposits also become available as part of the legislation.

The legislation has been assigned to the Financial Services Committee in the House, but is not scheduled for a hearing. Treasurer Zweifel said Sen. David Pearce, R-Warrensburg, has filed Senate Bill 542 regarding the Missouri Linked Deposit Program, which has been assigned to the Governmental Accountability and Fiscal Oversight Committee. The senate bill is not scheduled for hearing.

"Reinvesting $1 billion in Missouri is a nonpartisan issue," Rep. Flook said. "We are doing this with no new spending and no new programs, which is something Democrats and Republicans can agree on."

"It is critical we make a difference in the lives of those struggling right now," Treasurer Zweifel said. "The responsible decision requires us to act to reinvest $1 billion in the state, incentivize job creation and retention and get taxpayers a fair return on their money."

Invest in Missouri Web site: http://www.treasurer.mo.gov/TreasurersEconomicDevelopment.asp

Missouri Linked Deposit Program: http://www.treasurer.mo.gov/LinkedDeposit.asp

Track HB883 here: http://www.house.mo.gov/content.aspx?info=/bills091/bills/hb883.htm

Track SB542 here: http://www.senate.mo.gov/09info/BTS_Web/Bill.aspx?SessionType=R&BillID=968243

Carnahan Files Civil Action Against Stifel

Missouri Secretary of State Robin Carnahan - Press Release

Action Aims to Return Frozen Savings to Hundreds of Investors

SAINT LOUIS, MO - Secretary of State Robin Carnahan, working with the Missouri Attorney General's Office, filed a civil enforcement action today against investment firm Stifel, Nicolaus & Company, Incorporated, for misleading their customers who bought auction rate securities. Over 1,200 investors were left holding $180 million in frozen securities they have not been able to access for over a year.

The action, filed March 12, alleges that Stifel, Nicolaus & Company and Stifel Financial Corporation, as well as certain individuals, violated the Missouri Securities Act and Missouri Merchandising Practices Act. Hundreds of Missourians bought investments that Stifel told them were safe, "same as cash" or "like a money market."

"Other financial institutions across the country did the right thing and made their investors whole, but Stifel has refused to guarantee that they will take care of their customers," Carnahan said. "Investors call my office every week and desperately need access to their savings. My office is taking action to ensure these investors are made whole as quickly as possible."

The North Carolina Secretary of State, Elaine Marshall, commented that this action will benefit investors all across the country. "Some time ago, our Securities Division determined that there are Stifel, Nicolaus & Company investors in North Carolina who continue to be adversely affected by the collapse of the ARS markets in February 2008," said Marshall. "We strongly support Secretary Carnahan's vigorous efforts to help Stifel's ARS investors in North Carolina, Missouri, and across the country, and we look forward to working with the Missouri Secretary of State's Securities Division to make all those investors financially whole."

When the auction rate market collapsed in February 2008, investors were left without access to their money. The action alleges that even though Stifel was aware that conditions surrounding the ARS market were deteriorating, Stifel neglected to inform its customers of the risk to their savings. After the auctions stopped, complaints began to pour into the Secretary of State's Office.

The lawsuit calls for Stifel to pay immediate restitution with interest to all auction rate securities purchasers; pay penalties; make payments to the state that will go toward investor education; and reimburse the state for its legal and investigative costs.

"This lawsuit asserts a very simple concept: Stifel misled consumers about a financial product it was selling," said Doug Ommen, Chief Counsel of the Attorney General's Consumer Protection Division. "As a result of Stifel's misrepresentations, consumers have undergone tremendous hardship."

Although Stifel recently announced it would buy back these securities over the next three years, it refuses to make any guarantees, stating that the offer is contingent on "market conditions and future events." For investors like Grant Medlin, the offer provides little comfort. "Stifel's buyback announcement gives me no guarantee about when or if I'll get my savings," said Medlin, a 46 year-old investor and business owner from Franklin County, Missouri. "I'm glad the Secretary of State's Office is fighting to get my money back."

Stifel sold auction rate securities to investors all over the country. Working with the North American Securities Administrators Association, at least six states are investigating Stifel's sales practices.

"State and federal regulators have been successful in providing investor relief for those who bought ARS from many of the firms that acted as underwriters in the now-frozen auction rate securities market," Secretary of the Commonwealth of Massachusetts William F. Galvin said, "but regulators across the nation must continue our efforts, as in Missouri, to assist those thousands of investors who purchased these auction rate securities and whose assets remain frozen."

Last year, investment banks across the country agreed to buy back auction rate securities from their clients. In Missouri, Wachovia Securities and Commerce Bank worked with the Secretary of State's Office to return $9 billion to over 40,000 investors.

For more information regarding investments and fraud protection, visit the Secretary of State's online Missouri Investor Protection Center at www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at 1-800-721-7996.

Department of Justice Grants Missouri $40 Million In Stimulus Funds (Itemized Amounts Posted Below)

ADAIR COUNTY
County
*
KIRKSVILLE CITY
Municipal
$48,388

BOONE COUNTY
County
$63,210
COLUMBIA CITY
Municipal
$264,768



BUCHANAN COUNTY
County
$17,038
ST JOSEPH CITY
Municipal
$109,894



CALLAWAY COUNTY
County
$15,675
FULTON CITY
Municipal
$23,683



CAPE GIRARDEAU COUNTY
County
$41,913
CAPE GIRARDEAU CITY
Municipal
$114,154



CEDAR COUNTY
County
*
EL DORADO SPRINGS CITY
Municipal
$12,949



CLAY COUNTY
County
$16,697
EXCELSIOR SPRINGS CITY
Municipal
$36,631
GLADSTONE CITY
Municipal
$33,053
LIBERTY CITY
Municipal
$32,542
NORTH KANSAS CITY
Municipal
$19,594



CLINTON COUNTY
County
*
CAMERON CITY
Municipal
$10,393



COLE COUNTY
County
$18,742
JEFFERSON CITY
Municipal
$157,089



DENT COUNTY
County
*
SALEM CITY
Municipal
$14,482



DUNKLIN COUNTY
County
*
KENNETT CITY
Municipal
$22,660



GREENE COUNTY
County
$130,169
SPRINGFIELD CITY
Municipal
$501,595
REPUBLIC CITY
Municipal
$23,512
WILLARD CITY
Municipal
$10,904



BLUE SPRINGS CITY
Municipal
$43,276
GRANDVIEW CITY
Municipal
$90,641
INDEPENDENCE CITY
Municipal
$416,746
JACKSON COUNTY
County
$36,802
KANSAS CITY
Municipal
$3,643,889
LEES SUMMIT CITY
Municipal
$62,699
RAYTOWN CITY
Municipal
$41,572
SUGAR CREEK CITY
Municipal
$10,052



JASPER COUNTY
County
$47,536
JOPLIN CITY
Municipal
$189,802
CARTHAGE CITY
Municipal
$13,801



LACLEDE COUNTY
County
$15,845
LEBANON CITY
Municipal
$33,735



LAWRENCE COUNTY
County
*
AURORA CITY
Municipal
$17,549
MOUNT VERNON CITY
Municipal
$10,904



LEWIS COUNTY
County
*
CANTON CITY
Municipal
$10,052



LIVINGSTON COUNTY
County
*
CHILLICOTHE CITY
Municipal
$14,312



MARION COUNTY
County
*
HANNIBAL CITY
Municipal
$54,692



PEMISCOT COUNTY
County
*
CARUTHERSVILLE CITY
Municipal
$10,904



PETTIS COUNTY
County
$15,845
SEDALIA CITY
Municipal
$95,582



POLK COUNTY
County
$15,164
BOLIVAR CITY
Municipal
$29,476



RANDOLPH COUNTY
County
*
MOBERLY CITY
Municipal
$10,563



SCOTT COUNTY
County
*
SIKESTON CITY
Municipal
$121,139



ARNOLD CITY
Municipal
$17,208
AVA CITY
Municipal
$15,334
BALLWIN CITY
Municipal
$11,756
BARRY COUNTY
County
$18,401
BARTON COUNTY
County
$10,563
BATES COUNTY
County
$12,949
BEL RIDGE VILLAGE
Municipal
$16,527
BELLEFONTAINE NEIGHBORS CITY
Municipal
$36,972
BELTON CITY
Municipal
$25,557
BENTON COUNTY
County
$17,719
BERKELEY CITY
Municipal
$63,551
BRANSON CITY
Municipal
$60,484
BRECKENRIDGE HILLS CITY
Municipal
$13,290
BRIDGETON CITY
Municipal
$53,840
BUTLER COUNTY
County
$29,305
CAMDEN COUNTY
County
$27,261
CASS COUNTY
County
$43,276
CHARLESTON CITY
Municipal
$13,971
CHESTERFIELD CITY
Municipal
$21,808
CHRISTIAN COUNTY
County
$81,100
COOPER COUNTY
County
$12,267
CRAWFORD COUNTY
County
$28,453
CREVE COEUR CITY
Municipal
$11,245
DALLAS COUNTY
County
$23,001
DE KALB COUNTY
County
$10,052
DE SOTO CITY
Municipal
$34,587
DELLWOOD CITY
Municipal
$13,460
DEXTER CITY
Municipal
$14,823
DOUGLAS COUNTY
County
$17,379
FARMINGTON CITY
Municipal
$39,187
FERGUSON CITY
Municipal
$45,661
FESTUS CITY
Municipal
$61,166
FLORISSANT CITY
Municipal
$42,765
FRANKLIN COUNTY
County
$29,476
GASCONADE COUNTY
County
$12,267
HARRISONVILLE CITY
Municipal
$14,653
HAZELWOOD CITY
Municipal
$61,336
HENRY COUNTY
County
$15,675
HILLSBORO CITY
Municipal
$11,415
HILLSDALE VILLAGE
Municipal
$17,208
HOLLISTER CITY
Municipal
$18,912
HOLTS SUMMIT CITY
Municipal
$10,393
HOWELL COUNTY
County
$43,958
JACKSON CITY
Municipal
$10,904
JEFFERSON COUNTY
County
$199,173
JENNINGS CITY
Municipal
$86,723
JOHNSON COUNTY
County
$16,527
KIRKWOOD CITY
Municipal
$26,068
LAMAR CITY
Municipal
$14,312
LINCOLN COUNTY
County
$38,676
MAPLEWOOD CITY
Municipal
$17,719
MARYLAND HEIGHTS CITY
Municipal
$16,186
MCDONALD COUNTY
County
$35,439
MILLER COUNTY
County
$33,565
MISSISSIPPI COUNTY
County
$11,927
MOLINE ACRES CITY
Municipal
$12,097
MORGAN COUNTY
County
$63,040
NEVADA CITY
Municipal
$23,342
NEW MADRID COUNTY
County
$17,719
NEWTON COUNTY
County
$43,447
NORMANDY CITY
Municipal
$23,172
O'FALLON CITY
Municipal
$29,987
OLIVETTE CITY
Municipal
$13,290
OSAGE BEACH CITY
Municipal
$17,208
OVERLAND CITY
Municipal
$32,031
OZARK CITY
Municipal
$13,630
PACIFIC CITY
Municipal
$20,105
PAGEDALE CITY
Municipal
$23,001
PHELPS COUNTY
County
$66,107
PINE LAWN CITY
Municipal
$25,898
PLATTE COUNTY
County
$15,845
POPLAR BLUFF CITY
Municipal
$41,913
PULASKI COUNTY
County
$58,610
RALLS COUNTY
County
$14,482
RAY COUNTY
County
$16,016
RICHMOND HEIGHTS CITY
Municipal
$20,957
RIVERVIEW VILLAGE
Municipal
$17,890
ROLLA CITY
Municipal
$41,913
ST ANN CITY
Municipal
$44,128
ST CHARLES CITY
Municipal
$79,396
ST CHARLES COUNTY
County
$114,835
ST CLAIR CITY
Municipal
$17,379
ST FRANCOIS COUNTY
County
$30,668
ST JAMES CITY
Municipal
$15,164
ST JOHNS CITY
Municipal
$12,097
ST LOUIS CITY
Municipal
$4,188,249
ST LOUIS COUNTY
County
$620,349
ST PETERS CITY
Municipal
$51,114
ST ROBERT CITY
Municipal
$22,660
STE GENEVIEVE COUNTY
County
$11,415
STODDARD COUNTY
County
$12,267
STONE COUNTY
County
$118,754
SULLIVAN CITY
Municipal
$11,586
SUNSET HILLS CITY
Municipal
$11,756
TANEY COUNTY
County
$51,795
TEXAS COUNTY
County
$21,468
TROY CITY
Municipal
$20,786
UNION CITY
Municipal
$16,527
UNIVERSITY CITY
Municipal
$122,673
VERNON COUNTY
County
$15,675
WARREN COUNTY
County
$29,305
WARRENSBURG CITY
Municipal
$20,275
WARSAW CITY
Municipal
$12,097
WASHINGTON CITY
Municipal
$14,141
WASHINGTON COUNTY
County
$29,476
WAYNESVILLE CITY
Municipal
$10,052
WEBSTER COUNTY
County
$20,445
WELLSTON CITY
Municipal
$10,052
WENTZVILLE CITY
Municipal
$14,823
WEST PLAINS CITY
Municipal
$20,105
WRIGHT COUNTY
County
$11,245

Sen. Jack Goodman Appointed to Missouri Tourism Commission

Missouri Senator Jack Goodman's Office Press Release

JEFFERSON CITY – Senator Jack Goodman (R-Mt. Vernon) was recently appointed to the Missouri Tourism Commission by Senate Leader Charlie Shields (R-St. Joseph). The commission is charged with determining all matters relating to policy and the administration of tourism promotion in Missouri, including issuing recommendations for tourism-related legislation to the General Assembly. “Missouri is not only a great place to live, but it is also a great place to visit—even for those who call Missouri home,” Sen. Goodman said. “As someone who lives in an area of Missouri particularly dependent on tourism, I understand the importance of continuing to promote our state as a family-friendly place to visit. I am looking forward to serving on the Missouri Tourism Commission and developing new ideas to bring visitors to our great state.” The Missouri Tourism Commission consists of 10 members, including the lieutenant governor, two senators, two representatives and five citizens.

Sarah Steelman Sends Attack Letter to Republican Leadership (FULL TEXT)rship

Sarah Steelman to GOP

MIssouri Wide Amber Alert - Focus KC Area

Missouri receives first recovery payment of $223 million today

FEB 28, 2008

Gov. Nixon opens new state funds strictly for recovery money to ensure accountability and transparency

JEFFERSON CITY, Mo. -- Gov. Jay Nixon's administration today created two new funds within the State Treasury where all federal recovery money will be deposited to ensure accountability and transparency. Gov. Nixon also announced that Missourians can track all federal recovery fund receipts and expenditures on the State's Web site, www.Transform.Mo.Gov.

"Transparency and accountability will be first and foremost when using these funds to create jobs and transform our economy, and that starts with the very first dollar," Gov. Nixon said. "We have worked with Sen. Nodler, Sen. Bray and Rep. Icet to establish a procedure for identifying these funds as they arrive, and segregating them so there will be clear accountability when they are used."

The newly created funds track the accountability measures that are called for in Senate Bill 313, which will likely be passed by the General Assembly and signed by Gov. Nixon into law in the coming days. The Governor and his administration thought it was important that these transparency measures be implemented before the funds begin to arrive, even though the General Assembly has not finished its work on this important bill.

The creation of these funds was done in preparation of the state receiving its first disbursement of recovery funds. The State of Missouri today received $223,227,955 in Budget Stabilization Funds from the federal Centers for Medicare and Medicaid Services; that money has been deposited in the new Federal Budget Stabilization Fund, one of the two new funds created, along with the Federal Stimulus Fund. The money received today represents an increase of 8.05% points in the federal reimbursement percentage for Missouri's Medicaid expenditures, as applied to the State's actual expenditures for October 2008 through February 2009.

"I appreciate Gov. Nixon retaining the federal funds we received today in a way that is consistent with the state Constitution and our intentions outlined in Senate Bill 313," said Senate Appropriations Chairman and bill sponsor Sen. Gary Nodler, R-Joplin. "Creating and using these funds are the best way to protect Missouri taxpayers because it makes the new federal funding separate, only lets us spend what we have, and lets taxpayers know exactly what projects and programs we invest in with this one-time funding. We will continue to work to get the bill to the Governor's desk ready for his signature as quickly as possible."

"The recovery money presents a tremendous opportunity to move our economy forward again," said bill sponsor Sen. Joan Bray, D-St. Louis. "With this money, however, comes a huge responsibility for transparency and accountability. I am glad Gov. Nixon created these funds, and I look forward to having the Governor sign Senate Bill 313 into law."

"We all appreciate that the Governor has taken the initiative to create these funds, because it will show accountability and transparency to Missouri taxpayers," said Rep. Allen Icet, R-Wildwood, Budget Chairman for the Missouri House of Representatives.

Carnahan Calls on Stifel to Provide Investors with More Than Empty Promises

Press Release Robin Carnahan's Office - Missouri Secretary of State
JEFFERSON CITY, MO - Secretary of State Robin Carnahan today responded to a statement made by Stifel Nicolaus, Inc. on Friday, February 27 that it "may" increase the amount of frozen auction rate securities it will voluntarily repurchase from its clients, "depending upon future circumstances."

Hundreds of Missourians who trusted Stifel's advice on where to invest their life savings have been unable to access their money for over a year. On February 11, Stifel announced it would voluntarily buy back only 10 percent or $25,000 of the auction rate securities it sold to each of its clients.

"Stifel's offer is inadequate, and their vague statement suggesting they 'may increase the amount' has risked the credibility they have with their customers," said Carnahan. "I have heard from dozens of investors who desperately need to know when they will have access to their savings. After many other banks have done the right thing and made their investors whole, it's time for Stifel to step up to the plate."

Investors have continued to regularly contact the Secretary of State's office, frustrated by Stifel's public statements. One investor, a 45-year old man from Beaufort, Missouri commented: "Stifel announced the partial buy back three weeks ago, but all of the auction rate securities they sold me are still frozen. My broker has no information on when they plan to make good on their promise. I need my savings."

Last year, investment banks across the country agreed to buy back auction rate securities from their clients. In Missouri, Wachovia Securities and Commerce Bank worked with the Secretary of State's office to return $9 billion to over 40,000 investors. Investors report auction rate securities were pitched as "same as cash" or "like a money market," and did not realize they were holding long-term bonds until the market froze in February of 2008.

For more information regarding investments and fraud protection,