Saturday, June 12, 2010

Creative Accounting: Robbing Peter to Pay Peter.

ALBANY — Gov. David A. Paterson and legislative leaders have tentatively agreed to allow the state and municipalities to borrow nearly $6 billion to help them make their required annual payments to the state pension fund.

And, in classic budgetary sleight-of-hand, they will borrow the money to make the payments to the pension fund — from the same pension fund.

When companies do this sort of thing, people go to prison.

More.

1 comment:

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