NEW JERSEY AT RISK FOR ANOTHER $60 MILLION DOLLARS IN LEHMAN BROTHERS LOSSES
By Dan Mulligan | September 14, 2008
As was posted this past Friday on the Save Jersey Blog New Jersey’s Pension fund has recently reported $50 million dollars in losses from investments it has made in Lehman Brother.
Today Fox Business News is reporting Lehman Brothers pending bankruptcy and New Jersey stands to have another $60 million dollars in losses.
In a recent Bloomberg.com interview fund director William Clark said the following about New Jersey’s losses to date on its Lehman investments…
"Look, I am really not happy about making a mistake in this Lehman investment,'' Clark said. ``You think something comes down in price and that it looks really cheap. It was a mistake a lot of people have made and we have made as well.''
In the end the losers here are our State Employees and it will be you and I the taxpayers of New Jersey who will have to continue to pay for the bad financial decisions of the Corzine administration.
The entire Bloomberg.com article can be found at:
http://www.bloomberg.com/apps/news?paid=20601087&sid=aM7UkYmMrJUs&refer=home
The entire Fox Business News story can be found at:
http://www.foxbusiness.com/story/markets/report-lehmans-future-takes-shape/
The original Save Jersey Post can be found at:
http://blog.savejersey.com/2008/09/12/50000000-in-losses-for-the-new-jersey-state-employees-pension-fund-on-lehman-brothers-gamble.aspx
As was posted this past Friday on the Save Jersey Blog New Jersey’s Pension fund has recently reported $50 million dollars in losses from investments it has made in Lehman Brother.
Today Fox Business News is reporting Lehman Brothers pending bankruptcy and New Jersey stands to have another $60 million dollars in losses.
In a recent Bloomberg.com interview fund director William Clark said the following about New Jersey’s losses to date on its Lehman investments…
"Look, I am really not happy about making a mistake in this Lehman investment,'' Clark said. ``You think something comes down in price and that it looks really cheap. It was a mistake a lot of people have made and we have made as well.''
In the end the losers here are our State Employees and it will be you and I the taxpayers of New Jersey who will have to continue to pay for the bad financial decisions of the Corzine administration.
The entire Bloomberg.com article can be found at:
http://www.bloomberg.com/apps/news?paid=20601087&sid=aM7UkYmMrJUs&refer=home
The entire Fox Business News story can be found at:
http://www.foxbusiness.com/story/markets/report-lehmans-future-takes-shape/
The original Save Jersey Post can be found at:
http://blog.savejersey.com/2008/09/12/50000000-in-losses-for-the-new-jersey-state-employees-pension-fund-on-lehman-brothers-gamble.aspx
I'm not sure how the state employees loose anything... we the people will have to make up the shortfall. Again. Still?
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Another great post, Cranbury Conservative. This could emerge as a major issue in 2009. Someone has to pay for this bad investment: figuratively, literally, and if there's any justice left in NJ, politically as well....
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