Critical Minute – Something is Rotten in Harrisburg

Harrisburg is the capital of Pennsylvania. I repeat: Harrisburg is the capital of Pennsylvania.

In 2010, Forbes rated Harrisburg as the second best place in the U.S. to raise a family. But something is rotten in this sleepy, Pennsylvania hamlet of less than 50,000 people.

The city of Harrisburg has been charged by the Securities and Exchange Commission with misleading investors about its financial situation. Uh Oh… If you recall, we recently agreed with the actions of Spain and other EU nations to enhance their image despite fledging financial numbers…

The action puts governments across the state and country on notice to tell the truth.

The SEC is charging that Harrisburg gave misleading or false statements about its financial problems for two years while selling municipal bonds to investors.

This is the first time the SEC has charged a municipality with fraud in these circumstances.

City officials have admitted to wrongdoing and are now settling with the SEC. The mayor has also stated that the city has revamped its policies and procedures.

So, from all of us here at Critical Mention… yeah…

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