Morning Roundup: State treasurer under fire for Facebook stock deal

State Treasurer Janet Cowell is coming under fire from state employees and retirees who are raising questions about the pension fund’s management after it invested in Facebook – which saw its value tank after its stock market debut. Cowell, a Democrat, did not respond to questions about the Facebook deal, but a spokeswoman downplayed the loss and defended the investment firm.

The law firm chosen to represent the state in its lawsuit against Facebook is also generating questions. Bernstein Litowitz Berger and Grossmann gave Cowell’s campaign more than $75,000 since her 2008 election to the post, according to state records. Read more here.

Political headlines:

--Could Tropical Storm Isaac soak the Democratic convention, too?

--American Atheists and Adams Outdoor Advertising are removing two Charlotte billboards slamming Christianity and Mormonism after the national atheists’ group said it received an outpouring of public anger and threats.

--Gary Pearce and Carter Wrenn, well known Tar Heel political strategists, map out the Obama path to victory for NPR.

--Charlotte boosters are bringing together a group of senior public relations professionals to help the Democratic National Convention host committee tell the city’s story to the some 15,000 journalists who will be here.

--Charlotte-Mecklenburg police on Friday unveiled a series of road closures and other restrictions in Ballantyne during the Democratic National Convention, increasing speculation that President Barack Obama may be staying in the area that week.

--AP: North Carolina's Supreme Court has tossed out lower court rulings that found a local government could be sued for negligence for a teenager's drowning at a park it operated.

--Hundreds of N.C. National Guardsmen will be sent to Charlotte to provide security at several “critical infrastructure” sites around venues for the Democratic National Convention.