Assemblyman Michael Doherty

DOHERTY SLAMS CORZINE AND ABELOW'S
$3.5 BILLION FEEDING FRENZY FOR WALL STREET
SLAMS ISSUANCE OF $3.5 BILLION OF DEBT TO PAY OFF EXISTING DEBT

Assemblyman Michael Doherty today slammed reports that Governor Jon Corzine and Treasurer Bradley Abelow have approved a scheme to issue $3.5 billion of debt to retire $3.3 billion of existing debt."Jon Corzine and Brad Abelow will say anything to justify Wall Street deals that make his old Wall Street buddies rich at the expense of taxpayers," said Doherty, R-Warren and Hunterdon. "Today we are hearing that issuing $3.5 billion of debt at near junk-bond grade to retire $3.3 billion of debt is somehow good for taxpayers."

The Star Ledger today reports that the plan involves extending debt service payments on existing debt by an additional decade and using short term savings to engage in more spending. The extra $200 million will be given to global financiers. Corzine and Abelow have strong ties to the financial community as a result of their work on Wall Street.

"Of course if this scheme of incurring debt to pay off debt seems a bit shady, just wait for what is coming around the next turn," Doherty said. "Tomorrow we will be told that giving away thirty years of toll revenue and causing tolls to skyrocket in return for an up-front payment from a global financial consortium will be good for people who drive the Turnpike and the Parkway."

Jon Corzine indicated in his State of the State message on Tuesday that the rumored sale of the New Jersey Turnpike - and possibly the Garden State Parkway - might be included in his budget this year.

"Jon Corzine and Brad Abelow apparently believe that people on Main Street can be fooled by their Wall Street antics," Doherty said. "They should not underestimate the ability of New Jersey taxpayers to smell a rat. Our taxpayers have had plenty of experience at doing so with the folks who have been running Trenton in recent years."

#####

For more information, contact:
Assemblyman Michael Doherty/908-835-0552