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Rutherford Speaks to Kiwanis
Illinois State Treasurer Dan Rutherford says the state's finances are in bad shape.

The former Illinois State Senator spoke to the Galesburg noon Kiwanis Club Tuesday, as part of a statewide trip to promote the "Cash Dash" program that lets people check to see if the state has some of their unclaimed property or cash.

Rutherford says the state not fully funding pension liabilities and other things are bad, and increase the state's debt.

Rutherford says all that bad news is bad for the state as a whole.

"The rating companies -- Standard & Poors, Fitch, and Moody's -- you average what the bond ratings are, Illinois has the second worst bond rating next to California," Rutherford said. "About two days later when I went public with [a White Paper concerning the state's debt and bond rating], Moody's sent me an e-mail. 'Mr. Treasurer, you are right on the average. Moody's, however, has you worse than California.' That doesn't make a Treasurer's day."

Rutherford says, however, he's backing off a threat he made to tell bankers not to lend any more money to Illinois, citing the debt problem, and came to that conclusion after meetings with economists in New York City.

Nevertheless, he says the state has "an addiction to debt."


(State Treasurer Dan Rutherford speaks to the Galesburg Noon Kiwanis Club Tuesday.)
07 13 11 by Newsroom
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