So, I am home in Maine this weekend and I have been following the NYT, but I have also been able to catch up on some local news and I figured I would share it with all of you.
I actually found an article in today's Kennebec Journal. It talks about the town of Richmond and how they are currently looking to divest the town's trust funds which are currently held by Wachovia. The town has lost over $43,000 in the past year and are now looking to put up a referendum proposing moving the funds to a more secure investor.
Overall, the town has more than $200,000 in the fund and uses them to assist residences with education and emergencies. Wachovia has sent the town a letter to assure the funds "are in good hands", but the town feels the loss they have suffered proves otherwise. Many towns have similar funds and Richmond is currently researching how these towns secure their funds and hoping to find a better way to do business.
Many residents want to ensure that the money they have invested is being used properly and are calling for more transparency.
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