Forrester For Governor

Corzine's No-Bid Record at Goldman Sachs: Part 2
Goldman--Sachs had $110 million in no-bid contracts with New Jersey
SEC charged the company with padding a NJ bond deal

During Tuesday night's gubernatorial debate, Jon Corzine told a statewide television audience that he "ran a company of about twenty thousand people for a number of years, I don't remember doing things with no bid contracts."
FOR IMMEDIATE RELEASE
OCTOBER 20, 2005
CONTACT; Sherry Sylvester
609-452-0101
210-241-5296

Corzine's No-Bid Record at Goldman Sachs: Part 2
Goldman Sachs had $110 million in no-bid contracts with New Jersey
SEC charged the company with padding a NJ bond deal

(West Windsor, NJ) During Tuesday night's gubernatorial debate, Jon Corzine told a statewide television audience that he "ran a company of about twenty thousand people for a number of years, I don't remember doing things with no bid contracts."

In fact, Goldman Sachs completed 16 bond deals with the state of New Jersey alone from 1997 to 1999, when Corzine was CEO, and 10 of those deals were non-competitive.

"If Corzine doesn't recall that Goldman Sachs, took New Jersey taxpayers for $110 million dollars on the 'no-bid' deals while he was CEO, he probably also doesn't remember that the SEC charged Goldman Sachs with padding 122 individual bond deals, including a $1.8 billion State of New Jersey bond deal," said Forrester Campaign Director Sherry Sylvester.

The SEC investigation revealed that Corzine's Goldman Sachs had overcharged many state and city governments with "excessive and undisclosed markups." Under Corzine's watch, the company had to pay $5.2 million to disgorge the ill-gotten gains it received from the overcharging. Goldman Sachs was also censured by the federal government.

Jon Corzine has called his experience at Goldman Sachs a business model, but in fact, there was a breakdown in corporate ethics and corporate responsibility under his watch. There is no reason to believe he won't do more of the same in New Jersey?

Paid for by Forrester for Governor