Indiana treasurer: Chrysler deal caused fund losses-WEB ONLY

Indiana’s treasurer says he won’t invest more state money in the corporate debt of companies receiving federal money after two funds he controls were stung by more than $1 million in combined losses in the Chrysler bankruptcy. Treasurer Richard Mourdock said today the Indiana State Police Pension Fund lost $147,400 and the Major Moves Construction Fund lost $896,000. Mourdock said the Obama administration put the financial interest of other parties ahead of secured lenders, such as the state, even though secured creditors are typically first to get paid in a bankruptcy. Mourdock said the move was “fundamentally wrong.”