Government Duplicity

The financial crisis is much worse than government is willing to admit.

At every level, financial reporting gimmicks are used to hide the true state of insolvency. The Federal Government plays their own games to hide the inevitable defaults. States do the same. From the WSJ comes the following:

… the Securities and Exchange Commission (SEC) filed fraud charges against New Jersey for misrepresenting its financial obligations, particularly its pension obligations, and misleading investors in its bonds. New York—and many other states—had better sit up and take notice.

Share/Save