Marathon Pundit: Giannoulias defends purchase of SUV using funds of money losing investment

Yesterday the Chicago Tribune revealed that Alexi Giannoulias used $26,000 from an investment fund that lost $85 million to buy an SUV.

He's finally talking about it:

Illinois Treasurer Alexi Giannoulias on Monday defended using proceeds from the state's troubled college savings program to purchase a hybrid SUV, saying it was a cost-saving move that allows staffers to more effectively promote the Bright Start program.

While Giannoulias said the vehicle is primarily used to promote the savings plan, he could not give details on how and when the vehicle was used. He said his office would begin to keep a vehicle log, saying it was "probably an oversight" not to do so from the beginning.

The Tribune reported Monday that the $26,000 2008 Ford Escape Hybrid was paid for with money the state gets from the firm handling the program's investments, not from parents' investments. The treasurer's office said the vehicle has been used by Giannoulias and other staffers for a variety of work, not just related to the savings program.

But Giannoulias, who declined to be interviewed before the Tribune's first story, said Monday the SUV replaced a 10-year-old vehicle so employees have "a more efficient, quicker, less expensive way" to sign up families for the savings plan.