Pension Fraud by New Jersey Cited by SEC


Inquiring minds are looking at the fraud comitted by the State of New Jersey and remembering the ten most feared words in the English language:

State accused of falsely claiming it had been properly funding public workers’ retirement

Federal regulators accused the State of New Jersey of securities fraud on Wednesday for claiming it had been properly funding public workers’ pensions when it was not.

The Securities and Exchange Commission said the action was its first ever against a state, and only its second against any government over the handling of a public pension fund. The first was the city of San Diego. More may be in store; the agency announced in January that it had a special unit looking into public pension disclosures. The S.E.C. has been trying to assume more authority over municipal securities.

The commission settled its suit with New Jersey by issuing a cease-and-desist order, which the state accepted without admitting or denying the findings. No penalties were imposed.

STOP THE PRESSES!!!!!!! A government has lied to its citizens! Not much of a headline, is it? Typical dog-bites-man stuff.

Oh, and those 10 ‘most feared words’?

“I’m from the government and I’m hear to help you.”

So, at least you know that Surviving California is smart than our Vice President. We can count to 10 correctly while Joe Biden said “jobs” was a 3-letter word.

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