Treasurer Quits in W. Virginia; Losses on Investments Cited
A tearful state Treasurer A. James Manchin on Tuesday announced his retirement, effective the day before the state Senate was to consider removing him from office.
Manchin’s decision saves his $2,000-a-month pension, which he could have lost had he been ousted from office for his role in the loss of $279 million from an investment fund his office supervised.
“I cannot in good conscience ask the people of this state to endure the financial and emotional expenses that would accompany a lengthy political trial--and that’s what it would be, a political trial,” Manchin, 62, said during a West Virginia Day celebration marking the state’s 126th birthday.
Gov. Gaston Caperton will appoint a temporary successor to Manchin.
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