Milgram Is Right to Sue Merrill Lynch for Same Failure to Inform Investors
Senate Republican Budget Officer Tony Bucco (R-Morris) called on the Corzine Administration to take note of a lawsuit filed against Merrill Lynch by Attorney General Anne Milgram in state Superior Court yesterday. The suit alleges that the firm left out critical information about the its financial condition in order to sell the state $300 million worth of stock.
Senator Bucco wants the administration to finally admit to the public and to potential bond investors that New Jersey is facing an $8 billion structural budget deficit in addition to a $3 billion to $4 billion pending deficit in New Jersey’s unemployment fund. To date, the Governor, a former Wall Street banker, has not admitted the extent of New Jersey’s structural budget problems to the public or to potential investors in its bonds; at the same time the state is aggressively marketing the debt to middle-class investors.
Senate Republican Leader Tom Kean called on Governor Corzine to order an immediate meeting of the state’s Local Finance Board. The board should consider exercising emergency control of cities in turmoil because their mayors and other key officials haven’t stepped down after their arrests on corruption charges. Federal agents have accused the mayors of Hoboken, Ridgefield and Secaucus, and Jersey City’s council president of bribery and other crimes. Though many of these public officials benefited immeasurably from Governor Corzine’s political support, they have so far ignored his pleas to resign from office immediately.
Officials from Local, County, State and Federal Governments Worked Together to Save Facility
The 12th District Legislators, as well as officials from Freehold Borough, Monmouth County and House Representative Chris Smith, are happy to announce that the U.S. Post Office located in Freehold Borough, the county seat, will remain open.
12th District Legislators Condemn DYFS Decision to Limit Disclosure on Cases Involving the Deaths of Children
The Legislators of the 12th District have made a more open and transparent government a main cause during their times in elected office, and that goal does not end with lawmakers themselves. Governmental agencies, especially those whose duty it is to care for New Jersey’s most vulnerable citizens, should also be made to publically disclose that information which will keep them honest and in compliance with their missions.
In yesterday’s Star Ledger, there was an article concerning DYFS (Division of Youth and Family Services) and its refusal to make public the details of its prior actions when a child it has supervised dies from abuse or neglect. This point of view is antithetical to everything Senator Jennifer Beck, Assemblyman Declan O’Scanlon and Assemblywoman Caroline Casagrande stand for.
Senator Diane Allen, R-Burlington, was angered by reports that the Corzine administration has decided to withhold the details of investigations conducted after a child under the supervision of the Division of Youth and Family Services (DYFS) dies from abuse or neglect. The new policy of less disclosure was reported today in the Star-Ledger of Newark.
Rule Change Puts More Children in Jeopardy
Senator Kevin O’Toole, a member of the Senate State Government Committee, expressed dismay today over a proposed rule change that would permit DYFS to hide the agency’s past actions when investigating abuse that leads to a child’s death:
“This proposed rule change is quite simply unacceptable,” O’Toole stated. “Sweeping these tragedies under the bureaucratic rug can only lead to more heartbreak.”
State Senator Joe Pennacchio (R-Morris/Passaic) responded today to Governor Corzine’s reaction to the arrests on corruption of various elected officials by challenging him to once again open the books.
“Governor, it is always about money. If you want to find corruption, follow the money,” said Pennacchio. “It’s time that each and every single dime of money publicly spent should have total and open transparency. Let’s start with the $17 billion in Federal stimulus money whose designations still have yet to be explained.”
Assemblywoman Dawn Marie Addiego and Assemblyman Scott Rudder issued the following statements in response to the arrests of numerous elected officials by the FBI today:
“Corruption is not a partisan issue, it effects all New Jerseyans. The scope of this corruption is shocking. The arrests today represent a wide-reaching betrayal of the public trust and a sad chapter in our state’s history. This is disturbing behavior for anyone, but coming from elected officials and religious leaders makes it even more appalling,” said Addiego.
“The people arrested today have abandoned the very people they are designated to serve. The public has the right to expect honest, law-abiding representatives who are above reproach. The corruption, the arrogance and the greed demonstrated today is reprehensible, and they should resign immediately,” added Rudder.
Senator Christopher J. Connors and Assemblyman Brian E. Rumpf called on Daniel Van Pelt to resign immediately from his Assembly seat following his arrest in a sweeping FBI money laundering and corruption probe.
Senator Connors and Assemblyman Rumpf released the following statement:
“We are extremely disappointed and shocked by the news. That said, while we fully understand that under our legal system everyone is innocent until proven guilty, we are compelled to call on Daniel Van Pelt to resign from his Assembly seat immediately. Amid these serious charges, both of us intend to continue devoting our full attention to representing the people of the 9th Legislative District.”
Despite Rhetoric, Corzine Bureaucracy Wastes Time & Taxpayer Money
Senator Steven Oroho, R-Sussex/Morris, called on the Trenton Democrats to quickly move S-2453, which would repeal regulations issued by the Department of Environmental Protection (DEP) that mandate onerous educational requirements for volunteer municipal recycling coordinators.
New DEP regulations to implement the “Recycling Enhancement Act” contain a provision codified at N.J.A.C. 7:26A-11.1 regarding the appointment and qualification of municipal recycling coordinators. In addition to requiring that municipalities ensure that their recycling coordinator have sufficient educational background, employment experience and training to ensure compliance with the law, the regulations also mandate that the municipality provide both classroom and on-the-job instruction to augment the coordinator’s skills.