Nov 7, 2023
This one surprised even me. It was a November 1st story by Whitney Downard in the Indiana Capital Chronicle that caught my eye a day after it ran. The story came following an announcement by Indiana State Treasurer Daniel Elliott that the state would purchase $35 million of additional Israeli Bonds, a 55% increase of the $65 million Indiana already held.
Not announcing the purchase would have been suspicious. A quiet announcement with no additional commentary would be equally so. Either of these options might lead Hoosiers to believe the purchase was being made purely for politics instead of wise financial strategy. It could have led members of the Indiana Public Retirement System, of which I am a member, to question the prudence of the purchase.
What surprised me was that Elliott put out a press release admitting, even celebrating, the move as if it doesn’t fly in the face of the principles to which he passionately subscribed earlier this very year. Now, I know a year is a long time. So, let’s review.
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