do I really have to say it???
Posted on 03/11/2013 7:58:57 PM PDT by Libloather
For the second time in history, federal regulators have accused an American state of securities fraud, finding that Illinois misled investors about the condition of its public pension system from 2005 to 2009.
In announcing a settlement with the state on Monday, the Securities and Exchange Commission accused Illinois of claiming that it had been properly funding public workers’ retirement plans when it had not. In particular, it cited the period from 2005 to 2009, when Illinois also issued $2.2 billion in bonds.
The growing hole in the state pension system put increasing pressure on Illinois’ own finances during that time, raising the risk that at some point the state would not be able to pay for everything, and retirees and bond buyers would be competing for the same limited money. The risk grew greater every year, the S.E.C. said, but investors could not see it by looking at Illinois’ disclosures.
(Excerpt) Read more at nytimes.com ...
Can we put the entire state in jail?
do I really have to say it???
There’s probably not a single politician in Ill with the integrity to be ashamed by this.
So this sanction means nothing.
Yeah, so the tax payers get to pay the fine while the crooks get a promotion and a raise...
Illinois, my home state, is a hopeless cause. The Dems have run the General Assembly for all but 2 of the last 30 years and the majority of people in this State care less about the hell hole Illinois has become than if a candidate has a D next to his name. Nothing short of the Second Coming will save this place.
Yes. Somehow we need to make politicians PERSONALLY responsible for their actions.
It’s a damn shame, too. Most of Illinois is perfectly normal. It’s 5 counties causing 95% of the problems.
True, 97 counties vs 5 counties. The only thing our state government has a surplus of is corruption. Fitzpatrick pulled the plug so quick on Blago to save Obama. No doubt about it IMHO.
Amish counties, I would guess? Am I close? Mennonite? Seventh Day Adventist? Mormons?
No but here’s our chance...we’re a representative government, right? And our representatives who did this on behalf of the people are mostly Democrats. SO, put THEM in jail!
The SEC committing a random act of governing.
It may just be elevating the level of crime to the Feds. By pulling this plug (about which they've HAD to know for a very long time) the Feds may be planning to put the State into receivership.
Like the way DC is run? You'll LOVE it in Illinois!
No penalties, no problem. No need for a solution. The correct response would have been to jail whomever signed off on the issuance of the bond.
Add Dan Rostenkowski, Jesse Jackson Jr. Al Capone and several handfuls of other Illinois’ finest. Kinda makes you proud, doesn’t it?
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