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Rutherford has Investment Plan
No matter what happens to the federal debt deal that's been reached, Illinois investments will be secure.

That's according to State Treasurer Dan Rutherford. The Republican spoke with reporters on a conference call Monday morning, and he says three-billion dollars of state investments was made available for trading today -- and the end result was an interest rate that was better than expected, gaining Illinois about 22-thousand dollars in interest.

Rutherford says, however, if the debt deal falls through, interest won't be the concern.

"We are prepared to move whatever liquid cash we would have and is anticipated over a 30 day period that will be about 7-billion dollars," he says. "We are prepared to move those into zero interest, but insured accounts so we will not lose any of the state portfolio. We also will not be gaining interest."

Rutherford says security is priority number one over interest, but he says long-term interest could be a problem.

About seven-billion dollars in state investments would get transferred almost immediately if the U.S. goes into default.
08 02 11 by Newsroom
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