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
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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

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Go Get Them Joe

Submitted by VinCognito on December 11, 2008 - 12:26pm.

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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