"You have to have appropriate fiscal management to allow the state to do the rest of the work of the Legislature and the governor."
— David Lemoine, shortly before being sworn in as Maine state treasurer, Kennebec Journal, Jan. 4, 2005
"State Treasurer David Lemoine said the department will no longer invest tax dollars into such risky ventures."
— a Lewiston Sun Journal news story (Nov. 21, 2007) in which Lemoine explains how, in August 2007, his office invested $20 million in Mainsail II, an offshore fund backed by subprime mortgages, which failed 12 days later, a failure he did not disclose for three months,
"We think we will be paid. We think we will be paid in full."
— Lemoine, predicting the state will recoup all of its $20 million investment, Kennebec Journal, Nov. 27, 2007
"[Lemoine] said he believes the state will be paid back the $20 million, plus interest — but that it's impossible to know when."
— news story, Morning Sentinel, Nov. 28, 2007
"It's probably safe to say if we had known we would not have allowed that investment to proceed."
— Lemoine, explaining that a Merrill Lynch broker failed to disclose the risks associated with Mainsail II before the state invested, Kennebec Journal, Nov. 29, 2007
"We have a three-tiered screening process for figuring out where these funds go, and that process was in operation."
— Lemoine, explaining how his office guards against questionable investments, Bangor Daily News, Nov. 29, 2007
"This was in no way a subprime investment. . . . It now seems accurate to say that the Mainsail situation is the result of last summer's subprime investment concerns, but the situation developed despite the high quality ratings applied to both the company and its underlying assets. . . . I am confident the state will recoup the investment, so long as we do not succumb to panic selling."
— Lemoine, op-ed, Lewiston Sun Journal, Dec. 2, 2007
"Lemoine said he initially thought the state would get its money back relatively quickly and that he didn't see it as an emergency."
— news story, Lemoine, testifying before a legislative committee, explaining why he waited three months to reveal the problem, Morning Sentinel, Dec. 13, 2007
"Treasury had some of the most qualified professional advisers in the nation working with us when the Mainsail II investment was made last August."
— more Lemoine legislative testimony, Associated Press, Dec. 13, 2007
"Mr. Lemoine says he believes Maine will get all its money back with interest — eventually, and 'perhaps in more than one step.' "
— editorial, Bangor Daily News, Feb. 18, 2008
"Lemoine said Mainsail II still has assets that can be sold and the state's chances of getting its money back depend on what price those assets are sold at."
— news story, Lewiston Sun Journal, April 10, 2008
"Lemoine believes the state is in a good position among those owed money from the Mainsail II fund but he said he 'dare not' predict when the matter will be resolved."
— news story, Capitol News Service, May 15, 2008
