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Friday, March 15, 2013

SEC Accuses Illinois of Fraud - Michael and Lisa Madigan Don't Care




On Monday, the Securities and Exchange Commission (SEC) accused the State of Illinois of breaking federal law and misleading bond investors of the true health of the state's pension funds between 2005 and 2009.

However, House Speaker Michael Madigan, who is largely responsible for creating the mess and his daughter, Attorney General Lisa Madigan, who is largely responsible for looking the other way and supporting the fraud, said that nobody has lost money...yet.

Keep that in mind if you ever break the law and there's no obvious victim.  Just call it the Madigan excuse.

Illinois continues to have the worst credit rating in the United States.

3 comments:

Al Kohollick said...

Mike Madigan always makes money for his investors......he could care less about the long term financial health of State government.....he is a poor choice to represent the 84th District.

Anonymous said...

Shouldn't Lisa Madigan have to recuse herself from these issues? How can she enforce the laws her Dad breaks?

Anonymous said...

Kind of like Bonnie BF Frank saying that Fanny-Mae was ok during the crash.