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Wednesday, September 24, 2008

Moore money: NC pension funds could be loaned for bailout

Posted by on Wed, Sep 24, 2008 at 2:17 PM

NC Treasurer Richard Moore tells the Triangle Business Journal that he'd loan some state pension funds to the bailout fund if the interest rates were high enough. He wouldn't loan all of it, of course, but to give this some context, the state's pension fund totals $72 billion--just 10 percent of the money the Wall Street panhandlers are seeking.

This use of pension funds is troubling, particularly considering Henry Paulson's pitiful proposed bailout plan is  so heavily skewed toward Wall Street and has no government or judiciary oversight or review.

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