problem. it s one that puts the state in a $100 billion hole and will likely be a defining issue for the governor s race this fall. the democratic incumbent pat quinn has long insisted he inherited this financial mess, a pension system chronically underfunded and couldn t meet its obligation, but he said he should get credit for the pension overhaul he signed last december that he says will get the state back on track. it was hard. it was painful. it took political courage. but together, we got the job done. today, we can tell the people of illinois we stopped the bleeding. we turned the corner. and illinois is making a comeback. the legislation raises the retirement age for many state workers, scales back cost of living increases in an attempt to save $145 billion over the next 30 years, and it keeps the pension system solvent. but it s also left quinn fighting a two-front war, one
things like this don t happen overnight. you know, we re doing things to make sure everyday we try to make it faster and easier. one of the things i heard from gabe, in the beginning when he was dealing with programs we set up brand new at the end of may that it was confusing and difficult. each month it s gone by, it s gotten better and easier to deal with. that s great to hear. you can t expect things to be perfect off the bat. we had never done this before. except for folks in louisiana and mississippi after katrina, no one has done this before. the number of housing units is significantly different in terms of body of work that needed to be done. we petitions the extra $145 billion.
and that s the problem. i think it is the arrogance factor. can i ask you a question about that $145 billion fund? spitzer has a new book where he says he wants to use that power of that $145 billion to change corporate behavior in america in a fundamental way that relates to executive xe compensation, all the rest. do you want to use the pension fund that way, too? he see late to the game. we ve been working on those corporate governing issues for a long time but always through the lens of what s best to grow our pension fund. we re the sixth largest institutional investor. of course we have to look at issues relating to corporations but you have to do it not as a sheriff, as a steward and you have to do it responsibly. tell you something about new york voters they re gritty, they re tough and they re going to make the right decision because they want someone who has integrity, leadership and experience and once this issue of spitzer fades we ll be able to reconstitute a gover
she plans to plead not guilty. if found guilty, she could face 20 years in prison. apple s chief executive is denying allegations that his company avoided paying u.s. taxes. apple pays every single dollar that it owes. he disputed a report that found that the company had been shifting properties to foreign subsidiaries to avoid taxes. he said the outdated tax system has not kept up with the digital age. some senators agreed. i think congress should be on trial for creating a bizarre, byzantine tax code. apple is a great company, no company, no company should be able to determine how much it is going to pay in taxes. a staggering number for you apple is holding $102 billion of its total $145 billion of its cash overseas.
frankly, i am offended by the tone and tenor of this hearing. i am offended by a $4 trillion government bullying, beraiding and badgering one of america s greatest success stories. if anyone should be on trial here, it should be congress. i frankly think the committee should apologize to apple. i think they basically payed $15 million to $17 million in taxes in the u.s. a day anyway. and for more on that hearing and the rest of the business headlines, let s go to jeff cutmore live for us in london with the word on the street. hi, jeff. hey, brian. good morning to you. we know what this story is about, don t we? it s about money is tight. and it s definitely tight at federal government level. that s put the focus back on the tax story here. apple has about $145 billion of cash but $102 billion of that sat offshore according to the senators. tim cook at apple said, you know what? we paid all we owed. so we ll see where the story