debt

"New Jersey Pays Goldman Sachs for Swaps on Nonexistent Bonds"

Headline of a Bloomberg News article Published on Oct. 23

Senator Steve Oroho, a Republican member of the Senate Budget and Appropriations Committee, said he doesn't understand how the Corzine administration can call the Republican complaint to the federal Securities and Exchange Commission "frivolous" when respected professionals in the investment community know that the complaint raises valid concerns.

Only Governor Corzine and the industry that peddled destructive subprime debt could believe it is 'frivolous' to disclose multibillion deficits and structural funding problems to the public and potential investors.

The governor Isn't Disclosing Fiscal Problems to Investing Public.

Governor Corzine should tell districts now if they are going to lose $35 million in debt service aid. Stalling until after the budget is passed isn't fair to the school children of New Jersey.

Governor Corzine keeps sticking his fingers in the dike as new leaks in the state's revenue stream develop daily. It's clear now that he's running out of fingers, Senator Bucco said.

When New York almost went bankrupt, it brought in Felix the Fixer and created Big MAC to sell long term debt and beg for a federal bailout. Governor Corzine's fiscal mismangement may force New Jersey to do the same in the very near future.

Senator Joseph Pennacchio, a member of the Senate Budget and Appropriations Committee, sent a letter to Treasurer David Rousseau seeking details of Governor Corzine's plan for refinancing state bonds. The governor's 2010 budget includes $361 million in "savings" from an unspecified debt restructuring. The treasurer has so far provided no details of how much debt will be restructured, how it will be accomplished or how much it will cost taxpayers.

Another day, another huge borrowing by Jon Corzine that was not approved by the voters.

The top Republican leaders in the New Jersey Legislature call on Governor Jon Corzine to say now whether he will ask for more toll hikes to pay for cost overruns on the trans-Hudson rail tunnel project.