TNInvestco gets slapped

The Comptroller audits ECD's handling of TNInvestco:

In other words, according to the State Comptroller's office, the problems they found are not with the TNInvestcos — who have put to work about $90 million of the $140 million at their disposal — but with ECD's record-keeping and management of the program.

"Without adequate documentation, top ECD officials might have difficulty determining if the required investment strategy benchmarks are being met and if investments are free from fraud, waste or abuse," the Comptroller's report says. "Furthermore, the lack of documentation raises questions about how accurate reports can be provided to the governor’s office."