Pensions

State Senator Joe Pennacchio asks how two top Lehman executives and one former Lehman executive on New Jersey's investment council could have let the state lose more than $115 million in three months investing in the now-bankrupt Wall Street investment bank.

Unelected officials aren't telling the public how they lost more than $115 million of pension money. It's time for the governor to step in on behalf of workers, retirees and taxpayers. The governor needs to investigate and fully report how the investment in Lehman Brothers was made.

The possibility of litigation shouldn't block rapid and full disclosure of what led up to the state's disastrous investment in Lehman Brothers.

Reasonable risks are necessary to make money in stocks. Buying more than $100 million in stock in a company that few other investors would touch sounds reckless.

12th District Republican candidates Jennifer Beck, Declan O’Scanlon and Caroline Casagrande today called for the 11 public officials indicted on federal charges by U.S. Attorney Chris Christie to resign immediately from their offices, saying that despite a presumption of innocence they would not be able to do their jobs effectively with a cloud of suspicion hanging over their heads.

12th District Republican legislative candidates Jennifer Beck, Declan O’Scanlon and Caroline Casagrande today criticized Ellen Karcher and Mike Panter for their prime sponsorship of a law which could allow corrupt elected officials like recently indicted Newark Mayor Sharpe James and federally indicted Senator Wayne Bryant to keep their pensions even if convicted of job related crimes.

ASSELTA WELCOMES PENSION SYSTEM INVESTIGATION - FINDS ALLEGATIONS ALARMINGAsselta also calls on State Treasurer and Director of Pensions and Benefits to offer explanation and solution to Budget Committee             Senator Nicholas Asselta, (R-1),  issued the following statement regarding media reports that the  State pension fund is under investigation by the Federal Security and Exchange Commission (SEC):