Murphy Reprises Corzine’s Asset Monetization Plans, MMM Reprises ‘King of the Road’

Asbury Park Press graphic. Permission to use granted 11 years ago

Politico is reporting that Governor Phil Murphy is reaching back to the previous Goldman Sachs Administration in New Jersey by “launching an effort to identify state assets that could be leveraged to reduce New Jersey’s unfunded pension liability.”

Former Governor Corzine couldn’t sell his idea of selling New Jersey’s toll roads to investors (China) for a $30+ billion cash infusion to plug our chronic budget wholes. Will Murphy, who according to Politico is looking to sell more assets than toll roads,“numerous state assets, including property, buildings, roads, transit facilities, easements, air rights, naming rights and infrastructure, such as airports, bridges, water facilities, ports, parks and recreational facilities,” succeed where Corzine failed?

Politico says that Senate President Steve Sweeney supports the concept.

On January 21, 2008, MMM responded to Corzine’s scheme with a song parody crafted by Lori Gallagher, aka Mrs. Musings:

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Video: Phil Murphy explains how he’s different from Jon Corzine

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Phil Murphy — A Bloomberg, Not a Corzine

By Alan J. Steinberg

Alan J. Steinberg

Initially, I thought Phil Murphy, as a candidate for the New Jersey Democratic gubernatorial nomination in 2017 would be the second coming of John Corzine – a well-meaning yet out-of-touch gubernatorial candidate who would be unable to communicate effectively with middle class and working class New Jerseyans.

Murphy had been appointed by former Acting Governor Dick Codey in 2005 to chair an advisory commission regarding the state pension shortfall.  The commission’s implicit recommendation was a $12.1 billion tax hike – political suicide in New Jersey.  To me, this was the forerunner of the Jon Corzine asset monetization/toll hike proposal which doomed him in his reelection campaign against Chris Christie in 2009.

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Corzine and other MF Global directors reach new $64.5M settlement with investors

NEW YORK–Former Gov. Jon Corzine has agreed with other former directors and officers of MF Global Holdings, the failed brokerage that bet big on European bonds and lost, has agreed to settle an investor lawsuit for $64.5 million. U.S. District Judge Victor Marrero gave preliminary approval of the deal Tuesday, according to court filings, and scheduled… Read the rest of this entry »

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Ex-governor Corzine discussing plans to start hedge fund, report says

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Stalking Jon Corzine

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Christie Appoints Codey/Byrne Administrations Veteran to run the Department of Community Affairs

Governor Chris Christie has consistently thumbed his nose at New Jersey Republicans

Governor Chris Christie continued the transition of the Executive Branch of New Jersey’s State Government back to the Democratic Party today with his announcement that Charles A. Richman will become Acting Commissioner of the Department of Community Affairs on Friday when current Commissioner, Richard Constable, leaves government service after 13 years. Christie’s announcement said that Richman will be formally nominated to succeed Constable in the Commissioner’s post.

Richman, a career New Jersey bureaucrat with 40 years experience, served in the cabinets of Governor Brendan Byrne and Governor Richard Codey, on a acting basis.

Throughout his second term as Governor, Christie has appointed high profile Democrats to fill cabinet level and other important goverment positions when vacancies have occurred.

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How did N.J. get into this pension mess?

TRENTON — Some 800,000 people, working and retired, are beneficiaries of New Jersey’s pension system, a collection of funds going deeper into the red. It’s a system that Gov. Chris Christie, in his State of the State address last week, called “ an insatiable beast.” In boom years, New Jersey leaders shortchanged the pension system, and… Read the rest of this entry »

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Middletown Calls On Christie, Legislature To Allow Affordable Housing Funds To Assist Sandy Impacted Homeowners

Citing the shortage of federal and state funds available to assist Superstorm Sandy impacted homeowners in rebuilding their homes, the Middletown Township Committtee this week joined Marlboro Mayor Jonathan Hornik and Assemblyman Declan O’Scanlon in calling on the state legislature and Governor Chris Christie to put the more than $100 million in Affordable Housing Funds that are sitting dormant to work.

With a unanimous 5-0 vote, the committee passed a resolution on Monday, April 21, calling for legislation that would reinstate Regional Contribution Agreements (RCAs) “for the limited purpose of getting victims of Superstorm Sandy back in their homes during this time of need.”

RCAs were created in the original 1985 Fair Housing Act whereby towns with funds raised from developer fees or through bonding could transfer up to half of those funds to another community for the purpose of building affordable housing as required by the New Jersey Supreme Court’s Mt. Laurel decision.

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Former Governor Corzine’s Son Has Died At 31

UPDATE:  The NY Daily News is reporting that Jeffrey Corzine was found dead several days ago in a Mexico City hotel.   He had long struggled with drugs and alcohol.

Jeffrey Corzine, 31, the son of former New Jersey Governor Jon Corzine has died, according to a report in The New York Post.

Details about his death have not been reported.   Jeffrey worked as a drug counselor in California.

Governor Chris Christie issued an expression of sympathy to the Corzine family.

“My thoughts and prayers are with Governor Corzine, Joanne and the entire Corzine family on the tragic loss of Jeffrey. They are both devoted parents and the loss they have suffered is unthinkable. Mary Pat and I send our personal condolences and condolences on behalf of all the people of New Jersey to the Corzine family during these very sad times.”

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