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Bucco: Corzine Administration's Non-Response to SEC Complaint Appalling
By Andrew PrattSenator Tony Bucco said this after reading the Corzine administration's typically dismissive response to a Republican complaint asking the federal Securities and Exchange Commission to direct the Corzine administration to provide greater disclosure about state fiscal problems to potential investors in state bonds. The complaint asked the Corzine administration to disclose to potential investors that the state's unemployment fund faces a deficit projected at $3 billion by mid-2011, that the Transportation Trust Fund lacks a long-term funding method, and that about $1 billion in income tax revenue supporting the current state budget results from surcharges slated to expire after one year.
The treasurer's office called the request for greater disclosure "frivolous" and refused to address the complaint's underlying concerns in comments to potential investors.
"Only Governor Corzine and the industry that peddled destructive subprime debt could believe it is 'frivolous' to disclose multibillion deficits and structural funding problems to the public and potential investors, '" Bucco said.
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