PROVIDENCE, R.I. -- General Treasurer Frank Caprio says the state is trying to free up $62 million in frozen state investments from a closed money market fund.
The fund was closed last month by the Reserve Management Corp. after investors withdrew billions of dollars.
Caprio told The Providence Journal that he's seeking permission from the Securities and Exchange Commission to transfer government-backed securities being held in Rhode Island's name to the state.
The state's money-managers would then attempt to sell them on their own.
Caprio said he thinks the state might have a better shot at selling the securities without taking a loss than Reserve Management Co. because of the negative publicity around Reserve's situation.
Caprio added that, despite the frozen investments, the state is in no danger of running out of cash.
(Copyright (c) 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
Fire tears through old Lawrence mill Cars collide; 1 into Peabody business building New Hampshire police seize 322,000 prescription pills Dump truck takes out utility pole in Topsfield Flaming truck leaves cloud of smoke in Framingham