Buried in the pages of the Wall Street Journal was a story about New Jersey's state pension fund.
On June 9, 2008, The New Jersey Division of Investment, which manages about $81.5 billion in holdings for the state's retirement plans, snapped up $120 million in newly-issued common stock and another $60 million in a preferred stock offering.
Today:
The fund sold about half its stake at a loss recently and the rest will likely be worthless.
And here is the interesting point about why New Jersey invested in the fund:
The point is that the state invested in Lehman Bros. because it wanted to prop up the investment bank's flagging reserves. Lehman employs 2,000 people in New Jersey.
So in other words, Lehman Brothers lied about the health of its business to the state of New Jersey and probably scared them about how job losses could look in an election year.
And now John McCain wants us to privitize social security.
The one thing that is always true about Wall Street and big corporations is that they want to socialize the losses but privitize the gains.
Obama NEEDs to address this and explain why it is so importent NOT to privitize social security.
Business do NOT care about the American people; Business care about ONLY MONEY.