Treasurer Candidate Backtracks On Israel Investments

After proclaiming earlier this year that the State of Illinois should "divest from Israeli bonds", candidate Mike Frerichs has backtracked (once again).

From July of this year:

Frerichs’ criticism of overseas investments also is at odds with his past voting record. As a Senator, Frerichs has supported overseas investments , but now as a candidate for Treasurer, Frerichs is leveling harsh criticism at the Treasurer’s global investment strategy.
One country that would be singled out under Frerichs’ plan is Israel. The office of Treasurer currently has $25 million invested in foreign bonds, all with the country of Israel.
More than 80 states and municipalities in the United States currently invest in Israel bonds. Last month the state of Ohio invested over $47 million in Israel bonds. Today, an Israel Bond with a 10 year maturity pays nearly 1.4% above the U.S. Treasury rate for the same length. Since the introduction of the bonds in 1951, Israel has never missed or defaulted on a payment.

And then from this week:


Which really seems to nail home what Mike Frerichs' hometown newspaper the Champaign News-Gazette said about him:

“But [Frerichs] clearly doesn’t know what he really thinks, and, when candidates don’t know what they believe, they say whatever seems convenient at the moment.”

After Israel Gaffe, Did 10th Dems Organization Turn Their Back on Frerichs Campaign?

As Rich Miller over at Capitol Fax said about the 10th Congressional District in Illinois:

The North Shore is a crucial battleground area. Mark Kirk did well there and won statewide. Bill Brady fared poorly and lost. The area’s 10th Congressional District always features candidates attempting to outdo each other on pro-Israeli policies.

And by now, you've read how Democrat candidate for Illinois Treasurer Mike Frerichs supports a plan to end investment in Israel, while touting his so-called Illinois-centric investment strategy:

Over the last five months, Frerichs has delivered stinging criticism directed at the office of the Treasurer’s investment portfolio, specifically Illinois’ investment in other states and overseas. Frerichs countered with his own plan of exclusively Illinois investments, although he has not outlined how that plan would work or how it would meet the statutes restricting investments by the office of the Treasurer. One country singled out under Frerichs’ plan: Israel. The office of Treasurer currently has a total of $25 million invested in foreign bonds, all with the country of Israel.

Thus we hardly find it surprising that the 10th Illinois Congressional District Democrats - a group based in that *very* North Shore that aims to "help elect Democrats at all levels of government within Illinois’ 10th Congressional District" - would fail to display a Mike Frerichs for State Treasurer Sign in their booth at the Lake County Fair.

Check out their latest photo on their Facebook wall.  Note the Dick Durbin for US Senate, Pat Quinn for Governor and Lisa Madigan for Attorney General signs?  (we've put arrows next to them all in red for you)

Frerichs is notably absent.   Think the two events are related?  Has all of his support in the North Shore - even within a Democrat organization - dried up?

"It's Really Stupid" - The Mike Frerichs Campaign for Treasurer Story

Looks like the fine folks over at WLS Radio might have stumbled upon the new Mike Frerichs for Illinois State Treasurer campaign slogan:  "It's Really Stupid" seems to trump "Standing Tall for Illinois", doesn't it?

Have a listen as Lauren and Pat discuss Mike's latest move and how it is playing with voters and what "is really stupid" this week:


Here's the full transcript:

Lauren: Back with Pat Brady, just stumbled on some interesting news. 

Pat: Yeah, our Treasurer candidate Mike Frerichs, a Democrat, decided as we talk about our friends in Israel getting bombed and attacked, he wants to pull all of our investment, our Illinois investment, out of the state of Israel. It's about $25 million.

Lauren: Why doesn't he put that on his campaign slogan?

Pat: Yeah that's not going to work so well, I think that's an incredibly bad idea. I think he's runnin' with it.

Lauren: It's really stupid.

Pat: 24/7, everybody sympathetic to the state of Israel, and one of our candidates announces its a good idea - I don't think its a good idea.

Lauren: I'm with you on that.

Lincoln Report: Frerichs to Divest State Funds From Israel

The lead story over on The Lincoln Report is on State Treasurer's Candidate Mike Frerichs and his plan to pull back from investments overseas.  Here's how it looks on LincolnReport.com:

And the story has the details:

Frerichs’ criticism of overseas investments also is at odds with his past voting record. As a Senator, Frerichs has supported overseas investments , but now as a candidate for Treasurer, Frerichs is leveling harsh criticism at the Treasurer’s global investment strategy. 

One country that would be singled out under Frerichs’ plan is Israel. The office of Treasurer currently has $25 million invested in foreign bonds, all with the country of Israel. 

More than 80 states and municipalities in the United States currently invest in Israel bonds. Last month the state of Ohio invested over $47 million in Israel bonds. Today, an Israel Bond with a 10 year maturity pays nearly 1.4% above the U.S. Treasury rate for the same length. Since the introduction of the bonds in 1951, Israel has never missed or defaulted on a payment.