Cooking New Jersey’s Books, Wall Street Style

It seems the entire nation has learned a lesson about playing games with money. As we wade through a deep recession that many are calling a depression, politicians, businessmen and financiers alike have learned to be a little smarter with investments and money.

Jon Corzine, however, has not learned that lesson. One of the architects of the reckless Wall Street pyramid schemes that have devasteted this country and destroyed lives, Corzine walked away a multi-millionaire and proceded to buy first a senators’ seat, and then the governorship.

Corzine proved without a shadow of a doubt that he is completely out of his league, as his house of cards comes tumbling down. Still gambling with other people’s money (this time the taxpayers of New Jersey) Corzine is still playing failed wall Street games to fool people into thinking he has balanced New Jersey’s budget.

Corzine’s Joint Budget Oversight Committee’s approved a debt restructuring gimmick that merely moves $100 million of current debt obligations to the future, increasing the debt of future generations, and future administrations that will have to wade in the quagmire of debt that he left.

Senate Republican Budget Officer Anthony R. Bucco minced no words in condemning Corzine’s shell game:

“Everyone in America has learned the painful lessons of irresponsible borrowing it seems except Governor Corzine and the legislative Democrats. This is the same kind of borrowing that led to the subprime mortgage disaster and the current economic crisis.”

There are $400 million more in debt that Corzine plans to play fun house games with, and has thus far refused to divulge to the public in keeping with his promise of transparency in government.


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