Monday, 11 March 2013 11:56
Illinois settles SEC fraud case
SPRINGFIELD, Ill. (AP) - The federal government is charging Illinois with securities fraud, claiming it misled investors about the health of its pension system.
Gov. Pat Quinn's office said Monday that the state has agreed to settle the Securities and Exchange Commission case. Assistant budget director Abdon Pallasch (AB'-dun PAL-lish) says the state is promising better financial disclosures but admitted no wrongdoing.
The case revolved around more than $2 billion of municipal bonds sold from 2005 to early 2009 to pay state obligations to public-employee pension programs.
The SEC charged that the state did not adequately inform investors that a 50-year funding plan adopted in 1995 did not adequately cover pension liabilities.
The five pensions systems are now $97 billion in debt and a solution is lawmakers' top priority.
Gov. Pat Quinn's office said Monday that the state has agreed to settle the Securities and Exchange Commission case. Assistant budget director Abdon Pallasch (AB'-dun PAL-lish) says the state is promising better financial disclosures but admitted no wrongdoing.
The case revolved around more than $2 billion of municipal bonds sold from 2005 to early 2009 to pay state obligations to public-employee pension programs.
The SEC charged that the state did not adequately inform investors that a 50-year funding plan adopted in 1995 did not adequately cover pension liabilities.
The five pensions systems are now $97 billion in debt and a solution is lawmakers' top priority.
Published in
Local News
Thursday, 07 February 2013 23:33
Mizzou still winless on the road in SEC
COLLEGE STATION, Texas (AP) - Fabyon Harris had 17 points, including the game-winning 3-pointer with 12 seconds left, to help Texas A&M to a 70-68 victory over No. 21 Missouri on Thursday night.
The loss dropped the Tigers (16-6, 5-4 Southeastern Conference) to 0-5 in true road games. They have won three games at neutral sites this season.
Laurence Bowers was wide open when he hit a 3-pointer to give Missouri its first lead of the game, 68-67, with 53 seconds left.
Harris turned it over on Texas A&M's next possession, but Phil Pressey gave it right back with a turnover to set up the winning score for A&M (14-8, 4-5).
Ray Turner blocked a shot by Keion Bell with 2 seconds left to secure the win.
Alex Oriakhi led the Tigers with 15 points.
The loss dropped the Tigers (16-6, 5-4 Southeastern Conference) to 0-5 in true road games. They have won three games at neutral sites this season.
Laurence Bowers was wide open when he hit a 3-pointer to give Missouri its first lead of the game, 68-67, with 53 seconds left.
Harris turned it over on Texas A&M's next possession, but Phil Pressey gave it right back with a turnover to set up the winning score for A&M (14-8, 4-5).
Ray Turner blocked a shot by Keion Bell with 2 seconds left to secure the win.
Alex Oriakhi led the Tigers with 15 points.
Published in
Sports