Archive for the ‘Uncategorized’ Category

State Treasurer Chip Flowers Releases Independent Report

Monday, July 23rd, 2012

Press Release Issued by Delaware State Treasury

Delaware State Treasury Releases Investment Consultant’s Independent Report on State Investment Portfolio
Credit Suisse Presents Objective View of Historical Performance, Recommends Changes

DOVER, DE — Delaware State Treasurer Chip Flowers today released an independent report (the “Report”) on the State of Delaware‟s investment portfolio (the “Portfolio”), invested by the Treasury pursuant to certain guidelines adopted by the State‟s Cash Management Policy Board (the “Board”). The extensive 60-page Report conducted by Credit Suisse Securities (USA) LLC (“Credit Suisse”) presents an objective view of the risk and performance of the Portfolio and the State‟s investment managers, from a historical and state-by-state comparison. The Report also provides a number of substantive recommendations for (i) improving returns of the Portfolio while maintaining or reducing the current level of risk and (ii) addressing potential shortcomings in the Portfolio.

In short, from a historical perspective, the Report found that while the Portfolio performed close to certain benchmarks over the past seven (7) years, there was an overall decline in absolute (and in some cases, relative) performance of the Portfolio in recent years. Though a portion of the Portfolio‟s decline was attributable in part to market conditions, the Report found structural issues that can be addressed to optimize the Portfolio. Further, compared to other states similar in size of invested funds and/or “AAA” credit rating, Delaware‟s Portfolio ranked below the average and median in overall performance over the last five (5) years.

Other areas highlighted in the Report are as follows: (i) the need for benchmarking with improved risk management and performance criteria; (ii) the lack of specific guidelines issued to the State‟s investment managers; (iii) the lack of ability to adapt the asset allocation to achieve higher potential returns without increased risk; and (iv) the need for improvement in transparency and disclosure practices surrounding the Portfolio. The Report provides recommendations for incremental changes to the State‟s current investment policy to allow for a more efficient Portfolio structure with the potential to access higher returns at a lower or similar level of risk. In addition, the Report suggests asset allocation targets, risk management policies and the adoption of criteria to allow for the open and competitive selection and monitoring of the State‟s investment managers to execute such strategy.

“This independent report provides further evidence beyond the Delaware State Treasury‟s public reports and analysis that there are structural issues with the State‟s investment portfolio that need to be addressed. We are pleased that Credit Suisse diligently evaluated all aspects of the State‟s portfolio with regards to performance, investment objectives and optimal asset allocation and the report provides significant and concrete recommendations for change. Many of the findings and recommendations outlined in the Report align with the concerns and suggestions previously expressed by the Treasury. While the Treasury‟s multiphase plan has substantially improved the performance of the portfolio over the past year, we are now at a point where action is required by the Governor, his Administration and the Cash Management Policy Board to support the recommendations of the independent report. In these challenging fiscal times, the recommendations of this report will enable the State to potentially achieve a higher level of return by maintaining or some in cases, reducing our risk exposure.” State Treasurer Chip Flowers stated.

Treasurer Flowers further stated, “We look forward to a productive analysis and discussion of the report with the Governor, his Administration and the Board and are hopeful that these incremental changes will be implemented in a timely fashion. As Credit Suisse notes in the report, the safety and stability of public credit funds is instrumental to the financial health of the State of Delaware.‟ It is the Treasury‟s hope that this report will inspire action on this important issue so we can best manage our state funds in a manner that best serves the People of the State of Delaware.”

In the interest of transparency and full disclosure, the Report is available in full on the Treasury‟s website (treasury.delaware.gov). The Treasury has also separated the Report by topic and included graphs and charts on its website to assist Delawareans in the analysis and review of the Report‟s findings.

For more information on the Delaware State Treasury, you can visit www.treasury.delaware.gov, send an email to statetreasurer@state.de.us, or call 302-672-6700. Information about Credit Suisse can be found at www.credit-suisse.com.

White House Salutes Delaware State Treasury

Tuesday, May 15th, 2012

Press Release Issued by Delaware State Treasury:

For immediate release, May 15, 2012
Contact: Deputy State Treasurer Erika J. Benner at (302) 672-6700 or erika.benner@state.de.us

White House salutes Delaware State Treasury’s efforts to empower Delawareans

DOVER — The White House highlighted Delaware State Treasurer Chip Flowers on Monday as one of three state treasurers who are “empowering Americans to make smart financial decisions.”

A statement from the White House’s Office of Intergovernmental Affairs stated: “Under Delaware State Treasurer Chip Flowers’ leadership, Delaware has created an Economic Index, which summarizes key state and national economic data in a clear and coherent way so that Delawareans can better understand their state’s finances. Flowers’ office also issues a monthly Prosperity Portal which provides financial education resources for everyone from young adults and families to small businesses. Attending college, caring for the elderly, getting married, and so many other key life moments can bring on great financial challenges. That’s why Flowers’ office, like so many others, provides these types of helpful resources.”

Upon learning of the news, Flowers stated, “I am deeply honored and appreciative that the White House is recognizing the importance of the Delaware State Treasury’s Economic Index and Prosperity Portal in promoting economic and financial information to Delawareans. Over the past year, with the support of the General Assembly and Delawareans, we have modernized and revamped this important office to meet the challenges of today’s 21st century global economy. Without question, the Economic Index and Prosperity Portal are just a few of the many innovative ideas that have been developed to assist Delawareans in our collective effort to restore prosperity to the First State.”

The White House statement also saluted the work of Maryland State Treasurer Nancy Kopp and Rhode Island State Treasurer Gina Raimondo for their efforts to promote financial literacy in their states.

In a recent proclamation marking National Financial Capability Month, President Obama declared, “the resilience and ingenuity of our people are driving our economic recovery, and as we lay the foundation for an America built to last, we must also promote a financial system that is fair and sound for all…. We recommit to ensuring everyone has access to the information and tools that empower them to operate safely and smartly in the marketplace.”

About the Delaware State Treasury

The mission of the Delaware State Treasury, the cornerstone of the state’s financial system, is to restore economic prosperity to the First State by providing critical financial services for the People of the State of Delaware. Led by Delaware State Treasurer Chip Flowers, the Delaware State Treasury works with public, private and nonprofit organizations to present financial clarity to all Delawareans through its four divisions – Executive Office of the State Treasurer, Office of Finance and Treasury Services, Office of Disbursements and Reconciliations and the Office of Economic Policy. For more information on the Delaware State Treasury, you can visit www.treasury.delaware.gov, send an email to statetreasurer@state.de.us, or call 302-672-6700.

State Treasurer Flowers Releases January 2012 Delaware Economic Index

Friday, January 6th, 2012

Immediate Release

State Treasurer Chip Flowers and the Delaware State Treasury have released the January 2012 edition of the Delaware Economic Index, which rated the state’s economic climate over the past (60) days as ‘Fair’.  For additional information or to obtain a copy of the Index, please visit www.treasury.delaware.gov.

State Treasury Releases Economic Index

Saturday, November 5th, 2011

Dover, Delaware – The Delaware State Treasury released a copy of the Delaware Economic Index on October 31, 2011.  The index rates the state of the Delaware economy over the previous 60 days as ‘Fair’ – no change since the prior period.  For a copy of the index, please visit the Delaware State Treasury’s website at treasury.delaware.gov or click here.

Response to Opponent’s (Third) False Negative Mailing

Friday, October 29th, 2010

In response to his declining poll numbers, our opponent, Colin Bonini, through his secret political action committee, has issued another false and nasty negative mailing. Our campaign is preparing an official response which will be issued shortly.

In light of our current economic crisis, we are disappointed that our opponent continues to offer the people of Delaware negative and false mailings and radio ads. Delaware deserves better.

Poll: State Treasurer’s Race is Even (The NewsJournal)

Wednesday, October 6th, 2010

By Sean O’ Sullivan (October 6, 2010)

[In pertinent part]

In Delaware’s lower-ticket races, there is a dead heat in the competitions for state treasurer.

The telephone poll of 801 randomly selected Delaware voters was conducted from Sept. 27 to Oct. 3 and has a margin of error of plus or minus 3.5 points.

In the race for state treasurer, Democrat Chip Flowers, who upset sitting treasurer Velda Jones-Potter in the primary election, was even with his Republican challenger, State Sen. Colin Bonini, with each receiving support from 38 percent of those polled.

The poll showed Flowers had stronger support upstate and among Democrats while Bonini led downstate and among Republicans. The poll showed 21 percent, mainly voters who identified themselves as independent, are undecided.

Poll director Peter Woolley, a professor of political science at Fairleigh Dickinson, said he does not expect many of those undecided voters to break for either Flowers or Bonini by election day. Instead, he said “these unsure voters will resolve their dilemma by not casting a vote in this particular race.”

To read the entire article, click here.

Thank You – Flowers Wins Democratic Primary

Wednesday, September 15th, 2010

Official Statement from Chip Flowers, Democratic candidate for State Treasurer:

“I am truly humbled and grateful for your support of my campaign. Because of your help, last night I was elected the Democratic candidate for State Treasurer.

With your continued support, I hope to be elected as your next State Treasurer so we can put ideas into action and make a positive difference for all Delawareans.

Again, thank you and I hope that I can count on you to make the election on November 2nd a success!”

To view a copy of Chip’s “Thank You” note, please click here.

Treasurer Candidates Chip In Their Own Funds (The NewsJournal)

Wednesday, August 25th, 2010

By Ginger Gibson (August 24, 2010)

Wilmington, Del. – Two Democrats running for state treasurer have loaned their campaigns a combined $280,000, augmenting the less than $60,000 they’ve collected in donations this year, according to the most recent filings.

In one of the few contested primaries for statewide office, Velda Jones-Potter, who was appointed to the seat in 2008, and Chip Flowers,  an attorney from Wilmington, are vying for the Democratic nomination. The primary will be held on Sept. 14 and the winner will face Republican state Sen. Colin Bonini.

The economy is keeping potential donors from opening the checkbooks, Bronstein said.

“Fundraising numbers across the board are down about a quarter if you look across the country,” Bronstein said.

Flowers said he doesn’t expect to get the money back, even if he prevails and donations start rolling in during the general election. He added that given the economy and his ability to self-fund, he isn’t inclined to start asking voters to donate.

“I want to show the people of Delaware that I’m willing to put my money where my mouth is and invest in ideas I believe in,” Flowers said.

In other races, candidates also reported sizable fundraising totals.

New Castle County sheriff candidate Trinidad Navarro has raised more than $33,000 since the start of the year. When he filed his first report in January, the then dark-horse primary challenger to longtime incumbent Mike Walsh reported just $34 in funds raised.

Walsh hasn’t filed his report yet and is the only candidate not to have done so. He was given an extension, Election Commissioner Elaine Manlove said.

Walsh said Monday night that he’s raised $20,000.

Democratic Auditor candidate Ken Matlusky reported $14,000 in funds raised, and his primary opponent, Richard Korn, reported $9,420.

Also notable were the filings for the primary in the 19th Senate district between former Georgetown Mayor Joe Booth, who won the seat in special election, and tea party-aligned Eric Bodenweiser.

Bodenweiser reported $17,570 raised — $16,000 of which was from himself. He started the year with nothing and spent $14,679.55, leaving him with $2,890.45 entering the last month of the primary.

Booth raised $7,450, but he started the year with $32,870.56 from previous campaigns. Going into the last month of the campaign, Booth has $27,003.16 to spend.

The winner of the primary will likely head straight to Dover because no Democrat has stepped up to run for the seat.

All candidates in primaries filed reports covering funds raised from Jan. 1 until last week.

Flowers, who jumped into the race before Jones-Potter announced she would seek election to the office, loaned his campaign $200,000 from his personal money, according to his campaign finance disclosure filed last week.

“I have been blessed with a successful business and have the ability to loan myself that amount of money,” Flowers said.

His loan comes in addition to the $27,000 he raised in donations, mostly from attorneys and residents of the state.

Jones-Potter, who was appointed by Gov. Jack Markell to the seat when he vacated it, made two loans to her campaign, $55,000 in December of 2009 and $25,250 in May, according to her campaign finance disclosure filed on Monday.

Jones-Potter, whose husband is Wilmington Councilman Charles Potter, raised $31,940 in donations.

“She made a loan to the campaign and it’s going to be used however it needs to be used to help her win,” campaign spokesman Michael Bronstein said.

Contributions to both candidates were mainly small amounts from Delaware residents, with few donations approaching the $1,200 limit for statewide candidates.

After expenses, Jones-Potter reported $39,000 entering the last month and Flowers had $79,000 on hand.

Flowers thinks donors are waiting for the primary to end before before writing checks.

“Most Democratic donors, particularly in this climate, are saying, ‘We like Chip. We like the current treasurer, and we want to wait before we give money to either one of them,’” Flowers said.

Flowers Launches Delaware Economic Index

Thursday, July 8th, 2010

Summary Provides Key Economic Data in Easy-to-Understand Format

For immediate release, July 8, 2010

Contact: Larry Nagengast, Senior Advisor, 302-373-5254
larry@chipflowers.com

Chip Flowers, Democratic candidate for State Treasurer, today issued his first “Delaware Economic Index,” a sample of the user-friendly information he intends to provide Delawareans if he wins election in November.

The four-page report includes statistics and commentary on unemployment, housing, consumer confidence, interest rates, state spending and private sector business activity in Delaware. The data was compiled from a combination of federal, state and private sources. The “Delaware Economic Index” exemplifies the financial early warning system the candidate proposed in the Flowers Framework for Restoring Prosperity, his campaign plan for strengthening the State Treasurer’s office.

The index rates Delaware’s economy as “weak,” Flowers said, because unemployment remains high (8.8 percent statewide), federal stimulus funds allocated for the state are declining and the state’s gross domestic product (GDP) is expected to remain flat for the remainder of the year.

“Reports like the Delaware Economic Index will benefit all Delawareans by giving them quick access to easy-to-understand information about the economic activity that affects their daily lives. The Delaware Economic Index should also serve as a valuable resource to officials at all levels of government as they factor economic considerations into their policy decisions,” Flowers said. If elected, Flowers said he would issue Delaware Economic Index reports like this one on a monthly basis.

“The Delaware Economic Index is an example of how the state treasurer can deliver additional services to all Delawareans without adding to the cost of government,” Flowers said.

While releasing his first Delaware Economic Index report, Flowers called upon his opponent in the Sept. 14 Democratic primary, Velda Jones-Potter, to agree to a pre-election moratorium on using her name and photos in official emails and advertisements directed toward state employees. “One of the advantages of incumbency is that it gives a candidate the opportunity to run on his or her record,” Flowers said. “But incumbents should avoid the temptation to engage in self-promotion through communications in furtherance of valid state programs, such as deferred compensation for state employees, that had been in operation long before they assumed office.”

Flowers, a Wilmington attorney who lives in Middletown, is founder and managing member of the Flowers Counsel Group, LLC, which advises major businesses on contractual agreements for major purchases and mergers and acquisitions. His global and Fortune 500 clients include DuPont, AstraZeneca, Bank of America, Barclay’s Bank Delaware, ING Bank FSB, Harvard University and the Buccini/Pollin Group. Flowers majored in economics at the University of Pennsylvania and received his law degree and a Masters in Business Administration from Georgetown University. He later earned a Masters of Public Administration from the John F. Kennedy School of Government at Harvard University. Flowers previously worked in the White House Office of Political Affairs under President Bill Clinton. He was a Delaware delegate to the 2004 Democratic National Convention.

Flowers has outlined his proposals to strengthen the treasurer’s office in the Flowers Framework for Restoring Prosperity. To read the entire index, please click here.

Profile: Chip Flowers for State Treasurer (D) (The Examiner)

Monday, July 5th, 2010

Delaware State Treasurer: Chip Flowers for State Treasurer (D)

By Angel Clark

A comprehensive voter’s guide to Chip Flowers! In an effort to remain objective to all candidates, most of this information will be posted directly off of Chip Flowers for State Treasurer. Each candidate will be given the same luxury. Chip Flowers is a registered Democrat.

According to his website, “Chipman “Chip” Flowers Jr., a resident of Delaware since completing his college education, brings to the campaign for state treasurer a fresh perspective on the financial challenges facing Delaware, along with the necessary experience, education and values to restore prosperity to the First State.”

“After majoring in economics with dual minors in international relations and psychology at the University of Pennsylvania, Chip headed to Georgetown University, where he earned both a law degree and a Master’s in Business Administration, focusing on corporate strategy and mergers and acquisitions. While Chip attended Georgetown, he worked at the A. Philip Randolph Institute, the Congressional Joint Economic Committee and the White House Office of Political Affairs under President Bill Clinton.After completing his work at the White House, Chip worked as a mergers and acquisitions attorney at the Wilmington office of Skadden, Arps, Slate, Meagher & Flom, LLP, and served as chairman of the Multicultural Judges & Lawyers Section of the Delaware State Bar Association. In 2004, Chip was chosen as a Delaware delegate to the Democratic National Convention. During this time, Chip was selected to serve as Chief Democratic Analyst for Delaware nightly news, Delaware Tonight – a position he held until WHYY-TV recently eliminated the program.Chip then studied at the John F. Kennedy School of Government at Harvard University, earning a Master’s in Public Administration. While at Harvard, Chip earned the prestigious Don K. Price Award – the highest award given in the program.In 2006, he founded the Flowers Counsel Group, LLC, which specializes in mergers and acquisitions and procurement law, advising businesses on contractual agreements for major purchases. Under his leadership, the firm has grown steadily, becoming one of the state’s leading corporate law firms in providing corporate purchasing services for global and Fortune 500 clients, including Harvard University and Delaware corporate leaders such as DuPont, AstraZeneca Pharmaceuticals, Bank of America, Barclay’s Bank Delaware, ING Bank, FSB and the Buccini/Pollin Group.”

Chip’s affiliation’s are also listed on his website:

Delaware
Chair, Alexis de Tocqueville Society, United Way of Delaware
Board of Trustees and Board of Directors,Delaware Symphony Orchestra
Secretary, Board of Directors,OperaDelaware
Board of Directors, Nehemiah Gateway Community Development Corporation
Board of Directors, American Red Cross of Delmarva
Chair, Multicultural Judges & Lawyers Section,Delaware State Bar Association
Member, Metropolitan Wilmington Urban League
Board of Advisors, Trustees of Color
Board of Directors, Kuumba Academy Charter School
Board of Directors, Kalmar Nyckel Foundation
Delegate, Democratic National Convention 2004
Member-At-Large (Appointed), Executive Committee,Delaware State Bar Association
Director’s Circle (John Sloan Society), Delaware Art Museum
Democratic Analyst, WHYY Delaware Tonight
Columnist, Delaware Today
Columnist, In Re, Official Magazine of the Delaware State Bar Association
Other
Don K. Price Award, Harvard University, John F. Kennedy School of Government
Member, Warren Bennis Leadership Circle, Harvard University Center for Public Leadership
Member, Union League
Belknap Society Member, Massachusetts Historical Society
Fellow, Museum Council, Museum of Fine Arts
Inductee, Cambridge Who’s Who
Member, Harvard Club of Boston
Member, Harvard Club of New York
Member, NAACP

You can follow Chip on Twitter, “like” him on Facebook, or even watch his videos on Youtube!

You may contact Chip through his campaign at:

Flowers for Treasurer
1105 N. Market St., Suite 800
Wilmington, DE 19801
Phone: (302) 656-7360
Email: info@chipflowers.com

For a complete copy of the article, please visit http://www.examiner.com/x-54868-Delaware-Elections-2010-Examiner~y2010m6d26-Delaware-State-Treasurer-Chis-Flowers-for-State-Treasurer.