Illinois broke federal securities laws in misstating the true health of the state's depleted pension funds when going out onto the bond market between 2005 and early 2009, the Securities and Exchange Commission announced Monday.
The finding of securities fraud doesn't subject the state to any fines or penalties but amounts to a warning to potential investors about the state's past financial misdeeds.
"Rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law' because law is often but the tyrant's will, and always so when it violates the rights of the individual." Thomas Jefferson
RIGHT'S RIGHT 
Print view
Mon Mar 11, 2013 3:29 pm
reply
