Mari Nakashima, Communications Director for the Nevada Republican Party, issued the following statement in response to the State Treasurer, Kate Marshall, announcing her candidacy for the special election in Nevada’s 2nd Congressional District.

“Kate Marshall is a reckless politician who brought the Treasurer’s office to an all time low when she blew $50 million in taxpayer money on a Wall Street gamble. Whether it’s making a sloppy investment, or foolishly depending on their advice, Marshall has a history of choosing big banks over the interest of Nevada taxpayers. Nevadans across the state are tightening their belts and fighting to keep their businesses open, we can’t afford to send an ambitious Marshall to Washington while we’re still paying for her past mistakes.”

Meet Kate Marshall and Her $50 Million Dollar Mistake:

State Treasurer Kate Marshall Blew $50 Million In Taxpayer Dollars Gambling On Wall-Street Banks:   “Nevada … did have about $50 million in exposure to the failed Lehman Bros. bank.” (Ben Spillman, “State Treasurer,” Las Vegas Review-Journal, 10/17/2010)

“Add [Nevada] State Coffers To The List Of Victims Of Wall Street’s Decline:”(David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

Under State Treasurer Kate Marshall, Nevada Taxpayers Lost $50 Million Investing In Wall-Street Banks: “The state faces a $50 million loss on an investment with Lehman Bros., the Wall Street bank that failed … according to a confidential memo from Treasurer Kate Marshall obtained by the Las Vegas Sun.” (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

“Marshall Acknowledged In An Interview That Because Of Lehman’s Bankruptcy, The State Could Lose Its Entire Outlay” Of $50 Million: (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

Marshall Heeded Advice From Big Banks While Blowing Off Taxpayer Interests: Marshall, a Democrat, said she heeded advice from Wachovia … The company advised her not to withdraw the money from Lehman despite signs that the investment bank was about to fail. (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

KATE MARSHALL: “We totally relied on Wachovia for their advice.” (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

Then - Assembly Minority Leader Heidi Gansert, R-Reno: “[U]Ltimately, The Treasurer Is Responsible To Make Investment Decisions, Even Given Outside Advice.” (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

Lt. Gov Brian Krolicki: “The Lehman Loss … [A] First Loss From Securities Lending In The State’s History.” (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)

Lt. Gov Krolicki: Under Similar Circumstances, “We Didn’t Lose A Dime:” “Securities lending, if done prudently and appropriately, is a great revenue producer … [o]ver 16 years, we didn’t lose a dime, and that was with the pitfalls of Enron and WorldCom.” (David McGrath Schwartz, “$50 million could go the way of Lehman Bros,” Las Vegas Sun, 2/21/2009)