Treasurer Vows To End Missouri Relationship With French Bank

A bank in Paris that has held some of state government’s money is linked to the Iraq oil-for-food United Nations scandal. State Treasurer Sarah Steelman expects to end that relationship tomorrow when her investment committee quits doing business with a broker-dealer who handles some of the state’s overnight cash investments. Steelman says there’s no indication any of Missouri’s money was used in any of the oil-for-food dealings. The broker-dealer is owned by BNP, the Paris bank. The State uses several broker-dealers to place money not needed for cash-flow purposes in short term interest-bearing accounts. The Treasurer’s Office reports the State has placed $50-Million with this particular broker.