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Senator Joseph Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following statement after the committee chair denied him his right to question the state Treasurer about why he has refused to provide a full accounting of the state’s disastrous losses on an ill-advised investment in now-bankrupt Lehman Brothers:
“This state has filed a suit that may recover a tiny portion of what was lost in the Lehman Brothers incident. Since this disastrous investment came to light, I have stated that I fear that a lawsuit against Lehman would be used to block an open and candid discussion about how this state is investing billions of dollars of pension money.
“No one should be allowed to use a legal maneuver to prevent vital questions about this investment from being answered. I expected members of the Corzine administration to try to block the truth. I am disappointed that the chair of this committee, whose members have long prided themselves on following the highest traditions of senatorial conduct and bipartisan courtesy, has decided to shut down important debate on so weak a pretext.
“This lawsuit is unlikely to return anything but pennies on the dollar of losses sustained by New Jersey taxpayers. I believe it was filed primarily to give the Corzine administration cover as it attempts to avoid accountability for this terrible investment decision. The more important public issue is the continuing strain that pension underfunding and state investment policy are putting on our state budget, and senators should continue to question the treasurer until he provides the answers that taxpayers need.
“I will continue to seek reforms in the operation of our pension system on behalf of taxpayers, government employees and retirees. They deserve no less for the hard work they put in every day.”
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August 26, 2009
