RSS Feed
Twitter
Facebook
Email
HomeIllinois and Loan Sharks
Posted by Larry Doyle on December 13th, 2010 7:10 AM |
-786525.jpg)
Those strapped for cash will go to great lengths to buy time and seek relief. This reality is not pleasant but it is reality. In a world awash in a sea of debt, the debtors will continually be faced with the prospects of devaluing, defaulting, or restructuring their debts. Prior to defaulting or restructuring, debtors will often resort to “unique strategies” to postpone the day of reckoning.
This reality very often plays out at the individual level or the small business level. When large corporate entities are forced to “unique strategies” to continue operations, that typically is not a very good sign. But what about municipalities? What does it mean when a city, state, or town is forced to a “unique strategy” in order to continue operations? Not a very good sign either, right? Right.
Well, indications are that the state of Illinois is resorting to a “unique strategy” and “paying up” in order to get short term financing. (more…)
New Jersey’s State Pension? Fuhgeddaboutit!!
Posted by Larry Doyle on August 19th, 2010 7:35 AM |
In a state that has a reputation for putting the ‘organized’ in ‘organized activities,’ is anybody surprised that New Jersey has been charged with misrepresenting the health of its state pensions? (The state has already settled). How do you think politicians get elected? Line the pockets of the unions with lavish pensions and perks, then stick it to future generations. This scam has been played for years. What’s new now?
The Wall Street Journal provides further details on this story in reporting, SEC Sues New Jersey as States’ Finances Stir Fears:
The Securities and Exchange Commission, in its first securities-fraud case against a state, accused New Jersey of misleading investors about the health of its two largest state pensions while selling billions of dollars in bonds.
State authorities settled the case without admitting or denying wrongdoing.
While it singled out New Jersey, the SEC is conducting several investigations into what other states disclosed about their weakened finances. (more…)
