26 Sep 2008

American Samoa legislator worried about safety of territorial moneys invested in US

10:04 am on 26 September 2008

An American Samoa lawmaker has requested a report from the Retirement Fund board on the impact of Wall Street's financial problems on the American Samoa Government Employees Retirement Fund.

Representative, Taotasi Archie Soliai, says he understands a healthy portion of the Fund is invested with Lehman Brothers Holdings, which recently declared bankruptcy, and with Morgan Stanley and Goldman Sachs which are also in financial trouble.

Although a bailout is currently being discussed within the federal government, Soliai says there are a lot of doubts about the long-term returns from those particular investments.

Soliai is chairman of the House Retirement Committee,which is currently reviewing two Administration bills dealing with the retirement fund.