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Senators Push for Answers on Pensions in New Jersey
ny times ^ | April 12, 2007 | MARY WILLIAMS WALSH

Posted on 04/16/2007 12:15:00 PM PDT by george76

State senators from both political parties said at a hearing on Wednesday that they had been shocked to learn that they had voted again and again in recent years for measures that had left the state pension in great distress, and they faulted the state treasury for failing to explain to them the risks of what they were doing.

“I had no idea we were in the company of some of the same corporations that I have condemned for not funding their pensions,” said Senator Shirley K. Turner, a Democrat from Mercer County. “And now, it seems, we’re in the same boat, and sinking.”

The hearing, by the Senate Budget and Appropriations Committee, was called in response to a report in The New York Times last week that described how New Jersey has diverted hundreds of millions of dollars that should have gone into its pension fund, using unorthodox steps authorized by governors from both parties over a number of years.

In response to The Times article, Gov. Jon S. Corzine of New Jersey has said that the state will change certain accounting procedures. He has also asked the state attorney general to investigate, with outside actuarial help, whether tax requirements, securities laws or other rules have been violated.

The attorney general, Stuart Rabner, will have to walk a careful line in such an inquiry, however. He is currently representing the State of New Jersey in lawsuits, filed by several employee groups, that accuse the state of failing to fund workers’ pensions lawfully. In those cases he is arguing that the state has acted legally.

(Excerpt) Read more at nytimes.com ...


TOPICS: Crime/Corruption; Extended News; Government; US: New Jersey
KEYWORDS: corruption; corzine; pension; pensionfund; pensionfunds; pensions; ponzi; taxes
" shocked to learn ..."

hehehe

.

1 posted on 04/16/2007 12:15:01 PM PDT by george76
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To: george76

“State senators from both political parties”. Covering the dims by the nyt.


2 posted on 04/16/2007 12:17:32 PM PDT by Parley Baer
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To: george76
And state pension are freaking unbelievable - nothing like them in the private sector...
3 posted on 04/16/2007 12:21:07 PM PDT by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: traviskicks; LS; FreedomProtector
The I.R.S. said it had no record that New Jersey had ever requested to have its pension plans qualified.

“Just because the attorney general says it’s qualified does not mean it meets the requirements of the Internal Revenue Code,” said Andy Zuckerman, director of employee plans, rulings and agreements at the I.R.S.

.

4 posted on 04/16/2007 12:22:53 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: 2banana; Grampa Dave

New Jersey may need the help of Burkle and friends to sort this pension fund mess out ?

/s


5 posted on 04/16/2007 12:24:38 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76
" shocked to learn ..." hehehe .

I'm shocked! Just shocked to see that there's gambling here!

6 posted on 04/16/2007 12:27:20 PM PDT by Omega Man II
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To: george76; All
What NJ taxpayers and their elected representatives should be SHOCKED about is NOT that state-government-financed pensions (includes local teachers) have been inadequately funded.

What NJ taxpayers and their elected representatives should be SHOCKED about is that NJ state-government-financed pension funding supplies state-government-financed pension benefits higher than the retirement benefits that the average NJ citizen-worker will ever see in their lifetime.

7 posted on 04/16/2007 12:31:44 PM PDT by Wuli
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To: Wuli
I'd bet dollars to donuts that the state pension fund has also loaned money to or invested money in some unscrupulous companies like Global Crossings or other union-fraud enterprises. The legislators are worrying about investing in evil corporations like Exxon but don't mind pumping the huge taxpayer provided sums into companies which are run by democrat operatives and their moneymen.

The word 'pension' should become synonymous with Ponzi, Pyramid and Scheme. Persions are an outdated socialist concept and should be entirely removed from public companies, government entities and anywhere else they exist. In every case they are proposed, there is an inherent (and sometimes inevitable) risk that taxpayers will incur the unfunded liability. Even workers are better off with a 401K than a pnesion because they can out-earn the pension AND there is no chance it can be taken away from them or 'un-promised' to them.

8 posted on 04/16/2007 12:40:40 PM PDT by bpjam (Never Give Up, Never Surrender (Unless Nancy Pelosi gives you permission))
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To: george76
Gee, those liberals always boast how great government can be and they're "shocked" when it screws up. Hahahahaha

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

9 posted on 04/16/2007 12:42:24 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Parley Baer
The New Jersey Republicans are as corrupt and liberal as the Democrats. The Garden State is a shining example of liberal governance.

"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus

10 posted on 04/16/2007 12:44:55 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: george76
they faulted the state treasury for failing to explain to them the risks of what they were doing.

That is rich! Perhaps they should take the time to study something before they approve it? And would they have listened to the Treasurer anyway?
11 posted on 04/16/2007 12:51:09 PM PDT by P-40 (Al Qaeda was working in Iraq. They were just undocumented.)
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To: P-40

the politicians need someone else to blame. If not the state treasury, it will be anyone but themselves.


12 posted on 04/16/2007 1:10:09 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

Corzine is right in the middle of this.Tricks he learned while at Goldman Sacs


13 posted on 04/16/2007 1:12:18 PM PDT by advertising guy (If computer skills named us, I'd be back-space delete.)
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To: P-40

bingo. Legistators in NJ or Washington should have enough time to read bills and should do so. Sounds like both parties pilfered money from the pension funds for other uses to the sound of ‘I didn’t know’.


14 posted on 04/16/2007 1:12:22 PM PDT by ex-snook ("But above all things, truth beareth away the victory.")
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To: ex-snook

This reminds me of what some of the politicians were saying about the Patriot Act...about voting for it without taking the time to read it.


15 posted on 04/16/2007 1:17:21 PM PDT by P-40 (Al Qaeda was working in Iraq. They were just undocumented.)
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To: george76

“And now, it seems, we’re in the same boat, and sinking.”

Could be a line from a country song.

I didn’t believe I was lying, thieving scum,
Till momma dropped a can of Ajax on me.
And now, it seems,
we’re in the same boat, and sinking.


16 posted on 04/16/2007 4:36:57 PM PDT by sergeantdave (Ice-cubes melting in the sun is an act of God. Get over it, Gore.)
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To: george76

No problem, just call Billy Jeff Clinton in to handle any pension shortage like he did in Arkrazy decades ago. His ChiCom friends still have big pockets.


17 posted on 04/16/2007 5:04:22 PM PDT by Grampa Dave (GW has more Honor and Integrity in his little finger than ALL of the losers on the "hate Bush" band)
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To: george76

Burkle, Billy Jeff Clintoon and Jake Reno would be glad to help out with NJ’s pension fund.


18 posted on 04/16/2007 5:05:37 PM PDT by Grampa Dave (GW has more Honor and Integrity in his little finger than ALL of the losers on the "hate Bush" band)
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To: P-40
I’m all shook up. Wow a bunch of dems don’t know what the f**k they were voting for. Genius wall street gov didn’t either. You know the gov who broke NJ law racing to join Imus at Ruetgers. What a f**ked up state. You get the government you deserve.
19 posted on 04/16/2007 5:13:12 PM PDT by mimaw
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To: Grampa Dave

Burkle and friends have helped lots of other government pension funds...and helped themselves even more.


20 posted on 04/16/2007 5:14:56 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: sergeantdave

I like your country song.


21 posted on 04/16/2007 5:15:49 PM PDT by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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