How bad are Illinois’ finances? Would you believe bad enough to be called illegal by the SEC? According to The Chicago Tribune, “Illinois broke federal securities laws and “misled investors” in misstating the true health of the state’s depleted pension funds between 2005 and early 2009, the Securities and Exchange Commission announced Monday…’Municipal investors are no less entitled to truthful risk disclosures than other investors,’ said George S. Canellos, acting director of the SEC’s Division of Enforcement in a prepared statement. ‘Time after time, Illinois failed to inform its bond investors about the risk to its financial condition posed by the structural underfunding of its pension system,’ Canellos said.”
When you keep taking people’s money and lie to them about returns, isn’t that Enron Accounting and Ponzi Scheming? Shouldn’t you go to jail for that kind of fraud? Oh,w ait, the former Governor IS in jail. Who else should join him there?