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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Wednesday, March 24, 2010

You can fool some of the people (II)

They way I see it, Treasurer Tim is guilty of securities fraud or voter fraud.

The Globe nails Tim Cahill this morning with the classic case in the difference between words and deed, producing his statement attached to a recent Massachusetts bond offering that makes no mention of his apocalyptic campaign view of Massachusetts health care reform.

The document is an important tool used by Wall Street to assess the creditworthiness of an entity such as a government looking to raise significant cash. Misrepresentation can amount to securities fraud (I'll just gloss over the irony of that in light of the recent history of Wall Street and credit rating agencies...)

Cahill, who found a home for himself on Fox News at the end of last week, including face time with Glenn Beck, has been importuning anyone who would listen on the campaign trail that health care reform was bankrupting Massachusetts.

Of course in typical Cahill fashion, he wasn't sure if he felt this way when the law was first passed because no one asked him.

The recently loquacious Cahill was absent yesterday when the Globe came to ask about the discrepancy between his rhetoric and his actions.

Cahill’s top deputy, Grace Lee, said the treasurer was not obligated to make further statements to potential bondholders because the rise in health care costs is outlined in great detail in the March 2 document. She said Cahill, in his stepped-up rhetoric, was merely highlighting those numbers.

“Treasurer Cahill fulfilled his fiduciary obligation to the market by signing the Official Statement, which showed by the numbers, the tremendous growth in health care spending in our state since the enactment of the 2006 state law,’’ Lee said in a statement.

So again, the question is: did Cahill lie to investors when he failed to mention his fears that health care was "bankrupting" the commonwealth -- or is he lying to voters trying to catch the Tea Party spark?

Inquiring minds want to know.

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