The Chicago Sun-Times recently reported (“SEC hits Illinois with securities fraud charges, says Blagojevich budget office ‘misled investors’ on pension risks”) that,
“Illinois broke federal securities laws and “misled investors” in misstating [that means “lying about”—and that means fraud—a criminal offense] the true health of the state’s depleted pension funds between 2005 and early 2009, the Securities and Exchange Commission announced Monday.
“The finding of securities fraud doesn’t subject Illinois to any fines or penalties, but it amounts to another fiscal black eye for a state burdened by the worst bond rating in the country and completely underwater by inaction in solving its $96 billion pension crisis.”
Ooo—a “fiscal black eye”. Boy, I’ll bet Illinois is sorry now, huh? I’ll bet they cross their hearts and hope to die if they ever, ever do it again, hmm?
On the other hand, the fact that (other than Blagojevich) Illinois won’t suffer any criminal penalties or even criminal charges, might encourage the gov-co gangsters to do it again.