I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
Gov. Bill Richardson on Wednesday reappointed David Harris and named Catherine A. Allen (of the Santa Fe Group) and Doug Brown (of UNM’s Anderson School of Management) to the State Investment Council (SIC), complying with a new law that re-organizes the besieged state agency.
The new law requires multiple reforms at the SIC, including changing the makeup of the council, and was signed into law last week by Richardson. The law mandating changes at the SIC follows the agency’s emergence as a hotbed of questionable practices that led to a federal criminal probe and a federal securities inquiry.
“Catherine Allen and Doug Brown bring valuable financial and investment experience and a fresh perspective to the new State Investment Council,” Richardson said in the statement.
Brown is no stranger to Richardson. The governor appointed Brown in late 2005 to serve out the term of former state Treasurer Robert Vigil, who eventually went to federal prison on an attempted extortion conviction.
In his statement the governor went on to thank the former SIC board members whom the governor appointed but who were removed when the new law took effect last week.
“I want to thank Andrew Davis, Stephen L. Feinberg and Peter B. Frank, who served the state of New Mexico during challenging times,” Richardson said in his statement. “These men played an important role in helping us to reshape the council and provide more accountability to the state’s investment process.”
Under the new law, the State Investment Officer — the agency’s top staff member — is no longer on the SIC board and the board expands from nine to 11 members.
The removal of the State Investment Officer from the board comes after allegations that Gary Bland, the former State Investment Officer, resigned last October after several SIC members pushed for a no-confidence vote. Later, State Land Commissioner Patrick Lyons told the Associated Press that an internal inquiry had uncovered evidence that Bland had “pressured investment firms doing business with the state to hire certain third-party marketing or placement agents.”
Five of the SIC’s members under the new law serve on the board due to the offices they hold. Those include Lyons and State Treasurer James Lewis.
The remaining six SIC members are appointed by the governor and legislative leaders.
Richardson gets two appointments, which went to Allen and Brown. Legislative leaders get the remaining four appointments. They haven’t been announced yet.
