Walnut : Investment Policy Studied
Worried about the nationwide savings and loan crisis, the City Council last week asked the city treasurer to recommend revisions in the city’s investment policy.
“Obviously, S&Ls; are having a problem,” Councilman William Choctaw said. “I’d like to see our policy redone.” He expressed concerns that even deposits insured by the FDIC or FSLIC were not secure. “There is no ‘safe’ in savings and loans,” he said.
City Treasurer Christine Londo says the city has about 3% of its approximately $30 million in investments at thrift institutions. The recommendations for revised investment guidelines are expected to be presented at the council’s July 25 meeting.
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