Senator Joe Pennacchio, a member of the Senate Budget and Appropriations Committee, issued the following statement today regarding the Corzine Administration’s choice of J.P. Morgan Chase bank to extend New Jersey a $2 billion line of credit:
“I am deeply concerned by the Corzine Administration’s secrecy surrounding this transaction. The administration, as is their custom, kept all of the details from the taxpayers of New Jersey and the Legislature until they finalized this deal.
“Many questions remain concerning the fundamental elements of this loan agreement. What will the interest be on the note? What other companies responded to the RFP and what companies were excluded from bidding for this contract? When will the Corzine Administration advise the public and the Legislature on the details of expenditures from this account? Finally, what will be the total short and long term costs of this contract to the people of New Jersey?
“Despite his public persona as ‘The Wizard of Wall Street’ the administration’s track record on financial issues has been less than stellar. The Corzine Administration mishandled the disastrous Lehman Brothers investment. New Jersey’s 529 college savings program is one of the five worst in the nation. Its fees are significantly higher than the best program’s fees.
“Governor Corzine must be up front with the people of New Jersey about the details of this $2 billion short term loan.”
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October 22, 2009
