Local Politics

Moore Calls Lawsuit 'Frivolous'

Posted February 15, 2008

— State Treasurer Richard Moore on Friday called a lawsuit filed against him by a state employees group frivolous and said it was politically motivated.

The State Employees Association of North Carolina sued Moore last month over records about the state's $90 billion pension fund. The group began requesting records about the fund's management last March, after a Forbes magazine article criticized Moore for accepting campaign contributions from employees of investment banks that sought to handle pieces of the fund.

SEANC stepped up its campaign for the records this week with full-page newspaper ads across the state.

Moore said his office has complied with the records requests, adding that the pension fund is among the top performers nationwide.

"There are no records that we haven't given. This is the most trumped-up thing I have ever encountered," he said at a news conference Friday morning. "All the money is accounted for. We've got nothing to hide."

Moore said SEANC is needlessly scaring workers and retirees about their pensions.

"I will not stand here and allow people to scare folks for politics," he said. "They're going to deny that this has anything at all to do with politics. My response to that is, 'Come on, shame on the SEANC leadership, and shame on (Lt. Gov.) Beverly Perdue.'"

Perdue is Moore's chief rival for the Democratic nomination.

SEANC spokesman Erica Baldwin denied any political motivation behind the suit.

"It's unfortunate that the treasurer is making this political," Baldwin said.

The organization isn't questioning national reports that rank North Carolina's pension account the second-best-funded in the country, she said. Rather, SEANC is concerned about Moore's political fundraising on Wall Street.

"We are wondering what motivation is behind the decisions of hiring investment fund managers," she said.

Still, Moore pointed to the timing of the attacks less than three months before the primary and to what he considers collusion.

For example, a color photograph of Perdue with a state employee hangs in the SEANC offices, while a small, black-and-white photo of Moore was moved to a prominent place in the organization's office this week, only after people questioned the Perdue shot.

A spokesman for Perdue's campaign said Friday that she is seeking SEANC's endorsement in the gubernatorial race. But the campaign's statement denied any involvement in the dispute between the group and Moore.


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  • whatelseisnew Feb 15, 2008

    I usually am not for new laws, but here is one we need to have. The State Legislature will be forever banned from using the word FUND when it comes to taxpayer money. One exception to this law is they can use the word SLUSH Fund because ultimately that is how they treat our money.

  • twixandbetwwen Feb 15, 2008

    Sir Richard of Moore has forgotten that he is in the political fight of his life and the NCSEA is a group of votes that he needs. Not that it will matter because he is going to be a Democrat that will be swept out of office in NC because the people of the state are tired of the Jim Blacks, Mike Weaselies,Joe Hackneys and Marc Basenights and it is time for a Republican sweep. Another Albatross on these people is the DOT MESS.

  • Mom2two Feb 15, 2008

    I am a lifetime Democrat and I wouldn't vote for either one of them. We need a definite change from the Jim Blacks and Rep Wrights and those that collaborated with them.

    If Richard Moore has nothing to hide, why don't the employees have the information they are trying to get? I think it is a stalling tactic, because if it were all out in the open there would something there for his opponents to attack; not necessarily that the investments are bad, but they might "look bad" politically. "Just stall 'em until after the election, and then I'll be forthcoming."

    They both stink.

  • ratherbnnc Feb 15, 2008

    Think again "tricky dick"

  • ms b Feb 15, 2008

    Particularly when you consider that the Governor in his infinite wisdom took money OUT of the retirement fund to balance his budget. I think we have the right to know where this investment money is and who we are paying - isn't that supposed to be a matter of public record?

  • willis2 Feb 15, 2008

    Last time someone said told me not to worry about my investments I lost big time. Looks fishy, smells fishy, wonder if it's fishy?

  • blackdog Feb 15, 2008

    ...sounds just like a lawyer doesn't it ...?.....

  • lilwil Feb 15, 2008

    Let us know how our money is being invested. State employees have a right to know.

    I have to agree with one post, something is fishy here.

  • NCSUPackfan Feb 15, 2008

    The State Employees just want to know what firms he gave their money to for investing, that's it. Why is that such a difficult list to come up with. Maybe they're all contributing to his campaign. Hmmm.

  • tgcmisc Feb 15, 2008

    Looks like we will have an interesting race for the Guv's chair...

    Bev, I DO NOT WANT ANY COAL FIRED PLANT, has drawn her battle lines...The "union" ad is hilarious...

    Richard, I KNOW HOW TO INVEST YOUR MONEY...but won't tell you, will ELIMINATE all the wasteful studies and commissions that Bev was party to...

    If Richard will "clean up" DOT...he MIGHT get my vote...

    Don't know which one would come out first if you put them in a bag and shook them....