The U.S. Securities and Exchange Commission (SEC) charged the state of New Jersey Wednesday with lying and withholding information to investors in billions of dollars worth of municipal bond deals.
The allegations involve $26 billion of bond offerings from 2001 to 2007 in which the state obfuscated its underfunding of public employee pension funds, creating a false impression of fiscal stability.
[Does this sound like Illinois?]
Click on the following for more details: Illinois Policy Institute - Blog - SEC Charges NJ -- is IL Next?
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