Report: 'New Jersey losing $22,000-a-day with swap for bonds never sold'

The story of the day may be Dunstan's McNichol's report that New Jersey is paying $657,000 a month - about $22,000 every day - to the Bank of Montreal "for an interest-rate swap approved by state officials and linked to bonds that were never sold."

"The interest rate swap, an agreement between borrowers to exchange fixed and variable-rate payments on a set amount of debt, was arranged in 2004 to protect taxpayers against rising borrowing costs. The strategy backfired after officials decided against issuing the securities," McNichol wrote for Bloomberg.  "The payments... show how elected and appointed officials failed taxpayers by agreeing to financial strategies they didn't fully understand. New Jersey spent $21.3 million in 2008 to exit three contracts signed when James Florio and James McGreevey were governors. The state's transportation trust fund is giving almost $1 million a month to a Goldman Sachs Group Inc. partnership in an agreement linked to bonds that were redeemed."

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Dusty McNichol joins Bloomberg

The well liked and talented Dunstan McNichol, who spent fifteen years as a Star-Ledger and The Record statehouse reporter before taking a buyout last year, has joined Bloomberg as their New Jersey state government reporter.  McNichol was part of the Star-Ledger team that won the Pulitzer Prize in 2006 for their coverage of Gov. James E. McGreevey's resignation.

 

Is the New York Times back?

Is the New York Times back?
The New York Times sent a reporter to Trenton to cover the Governor's 2009 State of the State address.

Some encouraging new from the New York Times: the paper of record that has closed its Trenton news bureau and pulled their New Jersey reporting team, sent one of their top-flight reporters, David Chen, to the statehouse yesterday to cover Gov. Jon Corzine’s State of the State Address.  This is the NYT’s second story on the New Jersey governor this week; on Sunday, freelancer Dunstan McNichol wrote about Corzine’s future prospects.  Chen ran the Trenton bureau for the NYT before being assigned to New York City Hall.

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McNichol writing for New York Times

It should not go unnoticed that The New York Times’ Sunday “New Jersey and the Region” section included a story on the 2009 race for Governor of New Jersey.  It was written by freelancer Dunstan McNichol, the respected veteran Star-Ledger statehouse reporter who took a buyout last year.  This was the second story on the gubernatorial race this month; last week, David Kocieniewski, who in the days of Donald DiFrancesco and Bob Torricelli covered New Jersey almost daily, covered the entrance of Republican Christopher Christie, the former U.S. Attorney, into the field of potential Corzine challengers.

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Star-Ledger wins honors

Star-Ledger wins honors
Politicker.com managing editor James Pindell was elected to the Capital Beat Board of Directors

Capitol Beat, an association of Capitol Reporters and Editors, gave out awards over the weekend for the bets of statehouse reporting in 2008.  The Star-Ledger won honors in three categories: In the Single Report category, first place went to Susan Livio and Mary Jo Patterson for their story on “Problems Beset Program for Troubled Kids”  Patterson, the wife of former Star-Ledger political reporter David Wald (now the spokesman for Attorney General Anne Milgram) has taken the newspaper buyout, while Livio will remain at the Star-Ledger.

Dunstan McNichol and John Martin won second place honors in he In-Depth Reporting category with their story “Waiting in pain” McNichol and Martin have both accepted buyouts. Joe Donohue, who is leaving the Star-Ledger to join the Gov. Jon Corzine's administration, won an Honrable Mention in the Beat Reporting category.

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Gossip from the Star-Ledger

Sources familiar with the Star-Ledger newsroom say that Robert Schwaneberg, Joe Donohue, Rick Hepp, Dunstan McNichol, Kate Coscarelli, Matt Reilly and Tom Hester Sr. are among the veteran reporters who have accepted a buyout agreement.   Josh Margolin, Claire Heininger, Susan Livio and Tom Martello are part of the group that will stay on.

Wake-Up Call

Morning News Digest: February 9, 2010

Garden State Equality fires new broadside at Dems Smarting over the state Senate's refusal to pass marriage equality and disillusioned at the moment with the Democratic Party majority, Garden State Equality’s 85-member Board of Directors unanimously decided against giving financial contributions to political parties and their affiliated committees. ...

Wally Edge

A handwritten note left behind during a Senate Budget and Appropriations Committee meeting indicates that Senate Majority Leader Barbara Buono (D-Metuchen) would support a plan to require all current public employees to contribute at least 1.5% of...
As New Jersey braces for another snowstorm, noteworthy is Hamilton Mayor John Bencivengo’s website, where residents can use “Snow Plow Sal” to monitor the movements of snow plows to determine when their street will be plowed.  Hamilton also has...
Just before leaving the Senate Presidency, Richard Codey (D-Roseland) appointed Orange Mayor Eldridge Hawkins to the Congressional Redistricting Commission.  Now his successor, Stephen Sweeney (D-West Deptford) is considering making his own...
Mark Anton, the Chairman of the Suburban Propane Gas Corporation, was a half-term Republican from Essex County who was elected in a 1953 special election after Alfred Clapp, who had mounted an unsuccessful campaign for the GOP gubernatorial election...
Assemblyman Herbert Conaway (D-Delanco) has dropped his bid for Burlington County Democratic Chairman, notifying party leaders by letter this weekend.  That leaves Gary Haman as the leading candidate to replace Alice Furia, who took over last...

Contributors

Everybody needs to start a new job with a list of priorities and Chris Christie is no exception. There might be a thousand things that need to get done... more »
A new Governor and Legislature offer the perfect opportunity to re-think the Trenton status quo and for experienced observers and practitioners to offer their best ideas on improving the... more »
 I grew up in a neighborhood in Newark, New Jersey where gambling was part of every day life.  Many of my relatives gambled.  The guys gambled on games, and... more »
Due to a highly inappropriate breach of etiquette by President Barack Obama in his State of the Union Address, the recent U.S. Supreme Court decision in the Citizens United... more »
When life is bad---natural disasters, families losing homes or jobs, an attack on our country, health crises--people come together and do things that are inspiringly good.  After the... more »
Our new Governor suffers from no lack of advice.  Much of it, contained in the transition reports, deserves prompt attention.  Obviously, economic prosperity benefits everyone, and – as... more »
The agenda has been ambitious.Jobs.  Homeland security.  Iraq.  Afghanistan.  Healthcare.  Energy.  Banking.   Taken together, the Obama Presidency has all the makings of a compelling story -- action, adventure, emotion,... more »
The new regime pushes the only conservative off the Budget Committee.   This is a direct result of pressure from a certain Republican County Chairperson who was hired by Garden... more »
Now that  the dust has finally settled after the grueling campaign for governor, there are a number of lessons that we can draw from this election. First and... more »
A  few years ago, my brother Paul gave me a birthday present of Tim Russert’s book, The Wisdom of Our Fathers. Great book. Read it cover to cover. Or skim... more »
New Jersey's spending and borrowing spree over the past three decades is coming home to roost.  State debt has increased 700% under both Republican and Democratic administrations, and spending... more »
On January 11th New Jersey’s 213th Legislature ended its session, followed the next day by the commencement of the 214th Legislature, with newly elected officials being sworn into office,... more »
On January 6, 2010, several newspapers published articles with titles like “no more aid for struggling cities”, “Christie will cut state aid” and the like; furthermore, in the body... more »
New Jersey Governor Chris Christie, you target teachers. That’s not a positive note to start your tenure. You forget that the Teachers’ Union makes decisions on its own, such... more »