Illinois has become only the second state to be accused of securities fraud, with the SEC saying...

Illinois has become only the second state to be accused of securities fraud, with the SEC saying that it misled bond investors from 2005-2009 about the ever-worsening condition of its public workers' retirement plans by claiming that it was properly funding the scheme when it wasn't. However, while Illinois has agreed to a cease-and-desist order, it has escaped any fines and it hasn't had to admit any wrongdoing. (PR)

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Comments (9)
  • User 353732
    , contributor
    Comments (5168) | Send Message
    The culture of deception is an inevitable consequence of the matrix of bad government, bad debt and bad money that now defines much of US polity, specially in New York, California, Illinois and Michigan.


    When the polity itself has become a lie, then fraud becomes the norm because lies beget lies.
    12 Mar 2013, 05:12 AM Reply Like
  • phertz1
    , contributor
    Comments (39) | Send Message
    California state muni bonds are ok. The sales tax and income tax increase recently passed by the voters has taken care of the deficit. Comparing California to Illinois and Michigan is a disservice.
    12 Mar 2013, 05:25 AM Reply Like
  • chopchop0
    , contributor
    Comments (5351) | Send Message
    Par for course for Illinois and Chicago I'm sure. Blagojevich would be proud
    12 Mar 2013, 06:39 AM Reply Like
  • june1234
    , contributor
    Comments (4504) | Send Message
    After decades of doing not much but collect paychecks and put out budget requests to Congress SEC has been very busy lately. Did not know they knew how. I always thought they were just a federally funded internship program for wall street job seekers
    12 Mar 2013, 07:35 AM Reply Like
  • Modernist
    , contributor
    Comments (2083) | Send Message
    Illinois is getting groomed toothlessly, Europe will probably implode. What else is new?
    12 Mar 2013, 07:49 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4297) | Send Message
    Greece is the model. The Fed will step in and bailout the states. The alternative is anarchy. Homeland Security is raising its own army and purchasing all manner of armaments. Connect the dots and it is evident they are preparing for massive civil unrest.
    12 Mar 2013, 08:02 AM Reply Like
  • 6fujitsu0
    , contributor
    Comments (28) | Send Message
    what is the point of this SEC investigation (one might extend that to what is the point of the SEC....)? SEC investigates and finds wrongdoing, points it out, (anyone paying attention knows there was wrongdoing) and then nothing happens. No admission of guilt, etc. no prosecution of the key players that did the wrong. No one went to jail, no one lost any benefits, no one lost a job, no one was barred from working for the state or in this field in the future, There was not even a slap on the wrist with a wet paper towel. Does anyone believe they won't do it again? I don't. SO, what is the point of the SEC, does it seem to anyone like there is no point?
    12 Mar 2013, 08:50 AM Reply Like
  • Remyngton
    , contributor
    Comments (343) | Send Message
    Chicago scams ?????


    If there's anything we know about the politicians who serve there , it's that they are all , ALL , scammers


    12 Mar 2013, 09:31 AM Reply Like
  • TippingPoint
    , contributor
    Comments (166) | Send Message
    Illinois is a state that has become a wholly-owned subsidiary of public sector unions. The voting general public there only THINKS they are in a democracy. It's really like a mafia run state. It's done.....toast. The only question is when. Like Detroit, it may take awhile for the ship to founder and go under the waves. In the next couple of years they will have to cut benefits to current retirees most of whom are in Fla or other states----after milking Illinois for all the pay and benefits, Illinois retirees generally flee to a low tax state for retirement.
    12 Mar 2013, 06:35 PM Reply Like
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