Alameda County treasurer faces questions over removal of benchmarks, alleged portfolio losses
Supervisors raise possibility of conducting an audit of county's investment portfolio; Dispatches from Board of Supervisors, San Lorenzo, Pleasanton, and San Leandro
☕️MORNING BUZZ
—Alameda County Treasurer-Tax Collector Henry Levy came under fire on Friday as county supervisors pressed him on portfolio losses and his unexplained removal of investment performance benchmarks.
Supervisor David Haubert led the criticism, citing a recent citizen-led report that suggested the county’s investment pool has lost value.
“This is a complete misunderstanding of how a bond portfolio works,” Levy said. “Interest rates drive the bond market, not specific company performance.”
But Levy struggled to explain why he eliminated the benchmarks that had long appeared in monthly reports. He called the decision to formulate a new benchmark a “back burner project,” and at one point said he did not know why the benchmarks were removed.
Levy urged supervisors not to “fall for the lies and innuendo” and insisted the county’s portfolio remains strong. “I want to give you the assurance that we’re doing very well,” he said.
Some supervisors raised the possibility of hiring a third-party group to audit the county’s investment portfolio, which Levy welcomed.
The controversy unfolded as supervisors weighed a new ethical investment policy that could eventually require divestment from companies linked to human rights abuses. Levy reiterated that the board—not his office—has final approval of such moves.
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—More inside:
COUNTY NEWS: Supervisors revolt as board boss tries to cut off large number of public speakers.
County prepares to face damning state audit that found numerous failures for children, foster care youths.
Alameda County Planning weighs lifting San Lorenzo drive-thru ban sought by special interests.
CITY NEWS: Pleasanton proposes four-year water rate hikes averaging $20 annually, following steep hikes two years ago.
San Leandro wants to delay launch of recently approved Rent Registry, citing technology issues.
