just in in-tray, about goldman wastrelism at busy government work, fractal scaled down ... masters of the universe, lord of planet earth, treasurer of the empire, and now, governor of new diaper deflation pants that is worn by the wastrel lot in new york
Don't buy New Jersey munis!
(and NJ is led by another former GS head honcho)....
pajamasmedia.com
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. . . .
While Clark delivered his report to the State Investment Council in Trenton, Gov. Jon Corzine was in Atlantic City promising a convention of local government officials that he would let them postpone about a half-billion in payments they are scheduled to make to the pension funds in April.
Specifically, Corzine proposed letting local governments skip paying $541 million of the $1.1 billion due. They would gradually work their way back to full payments by 2012 under his plan.
Cutting the payments in half may avoid a big surge in property taxes, but it also will add to the shortfall in the pension accounts dedicated to local government workers, police and firefighters.
One analyst translates things thus:
The state of New Jersey is insolvent. Bankrupt might be a better word. New Jersey is $60 billion in the hole on pension funding and the Governor is planning on skipping payments in a "pension payment holiday" until 2012 so as to not increase property taxes. To top it off, the ongoing plan assumptions are 8.25%. Sorry NJ, that simply is not going to happen.
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