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Almost 10 years ago, our country was coping with a series of corporate accountability crises in the wake of Enron, World Com and other breakdowns in organizational governance. Widespread public outcry led to responses through our legal system and in Congress. There were hundreds of lawsuits in an effort to retrieve squandered funds, and lawmakers responded by passing the Sarbanes-Oxley act. The time for New Mexico to pass similar legislation is now.
Currently, a similar crisis faces state pension and investment funds across the country and here in New Mexico. Our State Investment Council (SIC) has been drained by scandal costing over $5 million in legal fees. State funds finished 2009 in the very bottom one percent of performance nationwide, down a whopping $2 billion. Like those affected by Enron, our citizens and state should press legal actions to get our money back. We must also address the state investment fund’s inherent structural flaws much like Congress did with Sarbanes-Oxley to prevent further deterioration of investor confidence and improve performance.
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