Sunday, August 22, 2010

With Democrats running the show

New Jersey is "the first state of the union ever charged with violating federal securities laws."
New Jersey failed to disclose in 79 state bond offerings between 2001 and 2007 (totaling $26 billlion) that two public employee pension funds were underfunded. According to the SEC, the failure to disclose masked
the fact that New Jersey was unable to make contributions to [the pension funds] without raising taxes, cutting other services or otherwise affecting its budget. As a result, investors were not provided adequate information to evaluate the state's ability to fund the pensions or assess their impact on the state's financial condition.
Who was NJ Governor during that period? 2001 was the last year of Christine Whitman's tenure, Jim McGreevey served two years and resigned in a scandal that revealed his homosexuality, then it was Jon Corzine who was, before running, a U.S. Senator and before that the CEO of Goldman Sachs, a securities management and investment banking firm.

I can only hope Utah hasn't been doing this, or I'm screwed.


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