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Chicago Treasurer: City Investments Safe

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The Dow finished up almost 500 points Tuesday…making up some lost ground from yesterday’s huge drop. But the wild swings of Wall Street aren’t hurting the city of Chicago’s investment portfolio.

Stephanie Neely is the treasurer of the city of Chicago. It’s her job to handle the city’s cash and investments…she’s responsible for anywhere from $5.5-$7 Billion. Today she had some reassuring words.

NEELY: The city’s portfolio of money is safe.

She says her first duty is to protect the city’s money.

NEELY: Typically I invest about 3 months. I’m tracked against a 90 day treasury bill. I only invest in very secure securities so I don’t invest in the stock market. I invest in US treasuries and agencies so the money is very safe.

Neely says the city’s cash situation is also okay and will improve once property taxes come in.

I’m Adriene Hill, Chicago Public Radio.

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