August 19, 2010
RE SETTLEMENT WITH "NEW JERSEY" ON FACT THAT HUGE SPENDING AND BOND SELLING WHEN PENSION COSTS WERE OUT OF CONTROL. DON DI FRANCESCO GAVE PUBLIC EMEPLOYEES A 9% RAISE IN THE PENSION, WHICH IS NOW IN THE HUNDREDS OF BILLIONS OF DOLLARS. OTHER CROOKED, NEGLIGENT LEGISLATORS AND EMPLOYEES FOLLOWED BY NOT SHOWING THE TRUE FINANCIAL CONDITION OF NEW JERSEY. WHY DID YOU LET THESE CROOKED, NEGLIGENT PEOPLE AT THE HELM OF NJ GOVERNMENT, WHO WERE SCREWING ALL NJ TAXPAYERS, OFF THE HOOK AND SETTLE WITH "NEW JESEY". THE PEOPLE OF NJ ARE PRACTICALLY INTO BANKRUPTCY BECAUSE OF THESE CROOKED, NEGLIGENT POLITICIALS WHO WERE SIMPLY BUYING VOTES FOR THEMSELVES AND WHO SCREWED THE PEOPLE WHO HAD INACCURATE, UNTRUTHFUL INFORMATION ONOUR FINANCIAL CONDITION SUBMITTED TO THEM. THIS IS FRAUD. WHY ARE THOSE WHO COMMITTED THIS FRAUD "SETTLED". WE WANT THEM PROSECUTED AND IN JAIL WITH THEIR ASSETS SEIZED. THIS SHOULD NOT BE ALLLOWED TO GO ON. YOU HAVE ALLT HE DETAILS. THIS IS JUST ONE CROOKED GOVT AGENCY ALLOWING STATE GOVT AGENCIES TO CONTINUE DOWN A FRAUDULENT TRAIL. THIS NEEDS TO BE STOPPED. THOSE WHO DID THIS AND PUT NJ IN THE FINANCIAL HOLE WE ARE IN NEED TO BE PROSECUTED. THIS IS CRIMINAL AND SHOLD NOT BE A "SETTLEMENT". WASHINGTON — The government says the state of New Jersey has settled civil fraud charges for failing to inform municipal bond investors that it was underfunding its largest pension plans.
The Securities and Exchange Commission announced Wednesday the settlement, saying New Jersey was the first state ever charged for violations of the securities laws. New Jersey neither admitted nor denied the allegations. No financial penalty was levied against the state.
The SEC had alleged that the state sold more than $26 billion in municipal bonds between 2001 and 2007 to raise money for its contributions to two state employee pension funds. But the bond sale documents failed to disclose that the state couldn't make the contributions without raising taxes or cutting services, the SEC said.