Muni shenanigans no surprise in Chicago
P
ublic pensions in Illinois are in rough financial shape, so news that the Securities and Exchange Commission slapped the state with securities fraud charges for allegedly misleading municipal bond investors about how it funded its pension liabilities struck a nerve with InvestmentNews.com readers, who pointed out that politics and politicians in the state have been, well, less than pristine.
“Does anyone on the planet not see Chicago and Illinois politics as the pits — lacking honesty, transparency and integrity? It goes back a long time, with Blago [former Illinois Gov. Rod Blagojevich] ... just the latest in a long line of criminals from that area. I hope it is not a bad omen that Obama is from there, [along with] his previous and current chiefs of the White House staff. Cheating on muni bond disclosures? Pffft! Amateurs.”
Brandon_Rigney
“All is well. Rambo and Obama are transparent. There is no deficit problem. More taxes will solve everything! Move along.” — Route 66
“The scam is unraveling. Turns out that government debt is not an investment after all, but a giant Ponzi scheme. Investors beware, muni bonds are never repaid except with more borrowing, and it's high time that those who have risked money in these scams lose their shirts. That way, the market will send a message that government debt is a scam so people will stop investing.” — pduffy
“We've lived with a one-party system for many, many years. No checks and balances here in Illinois.”
— Woodfield Financial Advisors
“Absolute silence from the Chicago television media. Story broke, and not a peep on two of the three major networks I was able to check out. Wonder whose pocket they're in?” — MICHAEL_DAVERN
“Any word from Illinois state securities regulators? Kinda deafening silence.” — Caustic_Commoner
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