Do You Support Trenton's A.C. Takeover? 
Revisiting Jon Corzine's $182 Million Pension "Mistake"
Matt Rooney | September 15, 2009
For some yet-undiscovered reason, Governor Jon Corzine's Division of Investment deposited $182 Million of pension funds with Lehman Brothers throughout Spring 2008 despite repeated warnings that the ancient investment giant was on the verge of collapse.
Jon Corzine's campaign wants to make an issue of Chris Christie's old traffic tickets, minor personal loans and 8th grade report cards. It's your money, Mr. Governor, but this citizen has a much better idea. For once in your life, get off your rear end and fulfill your office's fiduciary duty to New Jersey's distressed taxpayers! Immediately direct the state attorney general to investigate the absolutely insane Lehman Brothers investment of 2008 -- a decision which was just too stupid to be innocent.
Click here to visit Save Jersey's Lehman Brothers archive.
WATCH: State Senator Barbara Buono (D) suspiciously obstructs Jersey Joe's attempts to obtain answers regarding the shady Lehman Brothers investment (April 2009):
For some yet-undiscovered reason, Governor Jon Corzine's Division of Investment deposited $182 Million of pension funds with Lehman Brothers throughout Spring 2008 despite repeated warnings that the ancient investment giant was on the verge of collapse.
Jon Corzine's campaign wants to make an issue of Chris Christie's old traffic tickets, minor personal loans and 8th grade report cards. It's your money, Mr. Governor, but this citizen has a much better idea. For once in your life, get off your rear end and fulfill your office's fiduciary duty to New Jersey's distressed taxpayers! Immediately direct the state attorney general to investigate the absolutely insane Lehman Brothers investment of 2008 -- a decision which was just too stupid to be innocent.
Click here to visit Save Jersey's Lehman Brothers archive.
Timeline of Events (Courtesy of ChristieforNJ.com):
- March 2008: Moody's Investor Service lowers their outlook for Lehman Brothers. ("Moody's affirms Lehman's 'A1' rating on senior long-term debt, but lowers outlook to stable," The Associated Press, 3/17/08)
- March 2008: Standard and Poor's moves Lehman's credit rating outlook to "negative." ("US stocks advance as JP Morgan ups bid for Bear Stearns," The Herald, 3/25/08)
- March 2008: Lehman announces 1st Quarter profits are down 57% over previous quarter. ("Goldman, Lehman profits halved, but market's worst fears fail to materialize," EuroWeek, 3/20/08)
- March 2008: Forbes comments on rating agency action noting, "The slashed outlook may be especially difficult for Lehman Brothers to stomach. The financial services firm, whose business mix most closely resembles that of virtually collapsed Bear Stearns." (Melinda Peer, "Not So Good Friday for Goldman and Lehman," Forbes.com, 03/21/08)
- April 1, 2008: New York Times reports that Lehman Brothers has been "whipsawed by rumors that it might stumble." (Jenny Anderson, "Trying to quell rumors of trouble, Lehman raises $4 billion," The New York Times, 04/01/08)
- April 1, 2008: NJ Division of Investment buys $2 million of Lehman Brothers preferred stock. (Kathy Shwiff, "New Jersey Sues Lehman Officials," Wall Street Journal, 3/18/09)
- June 5-6: NJ Division of Investment learns in a direct conversation with Lehman CFO Callan that the company will report a 2nd Quarter loss of $2.8 billion. (NJ v. Fuld et al, p 4 www.nj.gov/oag/newsreleases09/031709-nj-v-fuld.pdf, Accessed: 09/14/09)
- June 9, 2008: NJ DOI buys $60 million of Lehman Brothers preferred stock at $1000 per share and $120 million of common stock at $28 per share. (Dustin McNichol, "NJ state pension funds invest $180 million in Lehman Brothers," Star Ledger, 6/9/08)
- September 14, 2008: Lehman Brothers fails.
Don't forget;
Korzine + Goldman Sachs = Housing Meltdown which put hardworking people out of house and home.
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I wonder if Barbara hopped on her broom and flew away after shouting down Jersey Joe????
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Buono is a MILF. Just sayin'....
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Wrong!
It's SILF.
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Jeez, Sam Kinison made a living telling stories about women like that!
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Was Barbara Buono snuffed for the LG spot last minute?
Compare these two Corzine Gmail ads, screenshots taken July 31:
http://farm3.static.flickr.com/2568/3924897148_045bddbb15.jpg">http://farm3.static.flickr.com/2568/3924897148_045bddbb15.jpg
http://farm3.static.flickr.com/2568/3924897148_045bddbb15.jpg">http://farm3.static.flickr.com/2568/3924897148_045bddbb15.jpg
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Mediacurves.com just conducted a study on a recent ad endorsing incumbent New Jersey Governor Jon Corzine for re-election. The study, taken by 200 New Jersey residents, found while Democrats reported that the ad was effective, Republicans indicated that it was ineffective and Independents were divide. Furthermore, Chris Christie’s favorability ratings dropped among all political parties after respondents viewed the ad. While Christie’s ratings dipped slightly among all parties, Republicans and Independents reported feeling “skeptical” while watching the pro-Corzine ad. Democrats reported ‘disturbed’ as the emotion they felt most while viewing the ad. For more complete results, please visit http://www.mediacurves.com/Politics/J7523-AntiChristieAd/Index.cfm
Thanks,
Ben
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