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Giannoulias Calls Out Governor on Abandoned Pension Plan
Produced by Tony Arnold on Tuesday, December 02, 2008
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Illinois' Treasurer Alexi Giannoulias has some sharp words for the governor. The treasurer wants to re-organize the state's pension system and he says Governor Rod Blagojevich dropped the ball on the plan years ago.
There are multiple pension systems in Illinois. Giannoulias is reintroducing the idea of one board to oversee all the pensions' investments, saying it will save millions. He says the governor tested the idea out when he first took office, but backed off once some top contributors said they didn't like it.
GIANNOULIAS: The cost of this corruption can be measured in the millions of dollars in unnecessary costs that the state pension systems have paid over the past five years so that corrupt political insiders could protect their criminal behavior.
Giannoulias acknowledges, though, that he hopes to get the governor's support on the plan. Blagojevich's office did not respond to the treasurer's criticism, but released a statement saying pension funds need a variety of investment managers.
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