AFTER LOSING $115 MILLION IN LEHMAN INVESTMENT, TREASURER CHARGES PENNACCHIO $79.50 FOR OPRA REQUEST

By Andrew Pratt | December 11th, 2008 - 10:57am
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Release Date: 
Dec 11 2008
Teaser: 

The state Treasurer should release all documents on the state's reckless $178 million investment in Lehman Brothers, not nickel and dime senators who request information.

Morris Plains, NJ -- The State Treasurer has yet to give State Senator Joe Pennacchio (R-Morris/Passaic) a single document requested under his OPRA request concerning the New Jersey State Investment Council's failed Lehman Brothers investment. The State lost $115 million of $178 million invested in just three short months after Lehman Brothers was turned down worldwide for investment capital.In a letter directed to Senator Pennacchio, the Treasurer's office, which oversees the Investment Council, has requested $79.50 from the Senator for a limited number of documents. Pennacchio has been requesting documents from various administrative sources concerning the Lehman Brothers Investment for months. Pennacchio said he "would personally pay the $79, but demanded all documents be produced immediately.""It is obvious that we are being stonewalled," said Pennacchio. "New Jersey's citizens have a right to know why and how the Investment Council lost $115 million of $178 million invested in a short period of time this summer prior to the sub-prime market collapse. The Lehman investment had huge risks and there were obvious personal ties to the New Jersey Investment Council when this failed decision was made. I wish the Treasury was as concerned with the $178 million investment as they are with getting $79.50 from an elected official doing his job."For more information visit www.senatenj.com

Go Get Them Joe

Give them the stinky fish. Its amazing that we can't get more press coverage of this loss and the impact on the taxpayers - maybe we need a media bus tour since the mainstream media isnt taking it to the streets.

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