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Posts Tagged ‘SEC Sues New Jersey as States’ Finances Stir Fears’

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…)






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