New Jersey needs a bailout too - DFWstangs Forums
 
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post #1 of 4 (permalink) Old 11-25-2008, 01:45 PM Thread Starter
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New Jersey needs a bailout too

Quote:
New Jersey's pension fund has lost more than $23 billion this year, dropping to its lowest level since 2003 as a collapsing financial market battered its investments, a new state report shows.

The latest losses -- nearly $9 billion in October, and another $3 billion so far this month -- mean the fund is now worth $57.8 billion, or less than half the $118 billion in benefits it is due to pay out over time.

"I don't think any of us in the division have ever seen anything like it," Bill Clark, Director of the state's Division of Investments and the chief steward of the fund, said today as presented the report to the State Investment Council in Trenton. "I'm not sure anyone alive has seen anything like it."
http://www.nj.com/news/index.ssf/200..._in_octob.html

Just have the federal government print up some more $$$.
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post #2 of 4 (permalink) Old 11-25-2008, 02:17 PM
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Good old New Jersey, the asshole of America...
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post #3 of 4 (permalink) Old 11-26-2008, 10:47 AM Thread Starter
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post #4 of 4 (permalink) Old 11-26-2008, 10:49 AM
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New Jersey should have invested with us. We give out a 8-9% return to all our state pension funds, they love us. And that's just the cash flow.
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