See story here.
Thursday, January 27, 2011
Tuesday, January 18, 2011
First Ward Councilman Still Calling In; Not Attending Council Meetings
I thought it was a special Resolution tailored for this councilman. If you cannot do your job, step down First Ward councilman. After all, you really should have not run in the first place because did you really live in Linden when you ran?
Now we have the mother of a fireman speaking. .... She also speaks to the Municipal Judge. Why? I actually don't believe what everyone else believes. The attorneys, the Judge and Municipal Prosecutor are APPOINTMENTS. Meaning that none of them should be here for life or even long enough to vest in the pension system IMO
Now we have Roth, speaking who sounds stupid. Hudak can't say a word. Where is McCarrthy? Don't know.
What a circus.
Now we have the mother of a fireman speaking. .... She also speaks to the Municipal Judge. Why? I actually don't believe what everyone else believes. The attorneys, the Judge and Municipal Prosecutor are APPOINTMENTS. Meaning that none of them should be here for life or even long enough to vest in the pension system IMO
Now we have Roth, speaking who sounds stupid. Hudak can't say a word. Where is McCarrthy? Don't know.
What a circus.
Monday, January 17, 2011
Gasparino on Bond Market Crisis and Christie
Charles Gasparino wrote a piece on the bond market crisis published in the New York Post. In that article, Gasparino says of Gov. Christie:
"In fact, Christie is a big reason that buyers should have faith in Jersey's bonds. He's the rare public official who understands the need to expand the tax base, rather than constrict it through higher taxes, and the need to slash the size of government -- all of which would leave more revenues to pay off bond holders."
"In fact, Christie is a big reason that buyers should have faith in Jersey's bonds. He's the rare public official who understands the need to expand the tax base, rather than constrict it through higher taxes, and the need to slash the size of government -- all of which would leave more revenues to pay off bond holders."
Saturday, January 15, 2011
Bloomberg Reporter Omits Crucial Information
As reported by Bloomberg earlier this week, the NJ Economic Development Agency scaled back a planned bond sale from $1.8 billion to $1.1 billion due to weak demand. In that article, the reporter for Bloomberg noted that:
"About 20 minutes before the deal was scaled back, Christie told a town- hall meeting in Paramus that health-care spending “will bankrupt” the state unless it requires its workers to pay more for medical coverage."
Adding to that, the reporter cited Gary P. Pollack, head of bond trading at N.Y.'s Deutsche Bank Private Wealth Management:, who stated:
“He [Christie] is scaring some people when he says the state is going bankrupt,” Pollack said. “It wasn’t timed well.”
.
See Bloomberg article here
Bloomberg failed to mention that the day before the scheduled sale, CNBC aired a segment addressing issues affecting the bond market, including under-funded pensions, deteriorating State finances and disclosure in the bond market.
What's more, just last month, Bloomberg carried an article on NJ's severely underfunded pension and retiree health benefits liabilities. See here.
New Jersey was the first State in the country to be charged with securities fraud for failing to report those severely underfunded pension obligations. The Bloomberg article failed to note this chilling event. See SEC Order to Cease and Desist here.
Responding to the Bloomberg article, according to Politicker, Trenton masterminds, Assemblyman Louis Greenwald (D) and Assemblyman Gary Schaer (D), insist that the Governor's comment affected the bond market. See Greenwald's and Schaer's remarks here.
Gov. Christie didn't say anything that the rest of the Country doesn't already know and investors are responding accordingly to those truths.
"About 20 minutes before the deal was scaled back, Christie told a town- hall meeting in Paramus that health-care spending “will bankrupt” the state unless it requires its workers to pay more for medical coverage."
Adding to that, the reporter cited Gary P. Pollack, head of bond trading at N.Y.'s Deutsche Bank Private Wealth Management:, who stated:
“He [Christie] is scaring some people when he says the state is going bankrupt,” Pollack said. “It wasn’t timed well.”
.
See Bloomberg article here
Bloomberg failed to mention that the day before the scheduled sale, CNBC aired a segment addressing issues affecting the bond market, including under-funded pensions, deteriorating State finances and disclosure in the bond market.
What's more, just last month, Bloomberg carried an article on NJ's severely underfunded pension and retiree health benefits liabilities. See here.
New Jersey was the first State in the country to be charged with securities fraud for failing to report those severely underfunded pension obligations. The Bloomberg article failed to note this chilling event. See SEC Order to Cease and Desist here.
Responding to the Bloomberg article, according to Politicker, Trenton masterminds, Assemblyman Louis Greenwald (D) and Assemblyman Gary Schaer (D), insist that the Governor's comment affected the bond market. See Greenwald's and Schaer's remarks here.
Gov. Christie didn't say anything that the rest of the Country doesn't already know and investors are responding accordingly to those truths.
Wednesday, January 12, 2011
Morning Star ... 8 Years Later
After 8 long and taxpayer-backed expensive years, demolition of properties purchased by the Union County Improvement Authority in connection with the failed Morning Star project is finally underway.
It has taken 8 years to purchase 13 lots and demolition has just started. Would it be even possible for a private, self-funded developer to bear the cost and time of this project? Seriously.
It has taken 8 years to purchase 13 lots and demolition has just started. Would it be even possible for a private, self-funded developer to bear the cost and time of this project? Seriously.
Tuesday, January 11, 2011
Roselle & The Rushed Solar Panel Project
Last night I caught a portion of the Borough of Roselle's December 15th Council meeting on TV-34. When I tuned in, Council was getting reading to vote on a Resolution authorizing the Mayor and Council President to execute Agreements in connection with the Union County Improvement Authority's Solar Panel Project. It was very clear that the legal Agreements were not fully understood by or adequately explained to the Borough's Council members. Some Council members wanted clarification of some aspects of the Agreements. A question arose as to what the Borough's obligation would be if any of the roofs were later determined not fit by the vendor who will actually be installing the solar panels. A good question. Borough attorney, John Hudak, could not assist the very Borough he works for because Hudak is also attorney to the UCIA. Attorney Gina Bilangi, of the DeCotiis law firm was on hand, but unable to give a firm answer to that question. Bilangi explained she was in attendance for other business and that she is not familiar with this specific project. It is apparent that there is no clause in the Agreements addressing this potential scenario. Bilangi offered that if there was such an issue with a roof, that that building come be put in with the next round of solar installations. That's a heck of an answer. Is Council really expected to rely on the verbal representation by an attorney who admits she is not all that familiar with the project?
Not only that, what if the Borough cannot afford to get a roof compliant before the next round? What then?
A discussion commenced as to how the two Borough buildings were selected by the handsomely paid engineering firm hired by the UCIA. It was indicated that a visual inspection was done in addition to measuring and assessing obstructions, the tilt of the roofs and shading. The Mayor asked if there was any type of certification by that engineering firm that the Borough could rely upon that the roofs are qualified for solar panel installation. The answer to that question was no.
At some point during the discussion, a council member displayed his exasperation by mumbling "What is the friggin problem" or words to that effect which was picked up by his mic. Remarkable.
Another person (whose name I believe is Dowd) approached the mic and indicated that the Resolution was only to authorize Council to authorize the signing of the Agreements. He further indicated that the Agreements were not necessarily in final form and may later be "tweaked".
Council is expected to authorize the signing off on Agreements that may later be changed? Incredible.
IMO, this is a slipshod way to conduct taxpayer business. Legal Agreements should be reviewed with a fine-toothed comb and it is incumbent upon elected officials to do so. Not only that, it doesn't appear that Council is being afforded ample time to do its due diligence nor does it appear to have independent legal advice to fully understand the legal terms of Agreements they are being asked to sign off on.
Since both attorneys in Linden's legal department, John Hudak and Dan McCarthy, do work for the County, who did Linden Council members rely upon for legal advice on the UCIA Solar Panel Project Agreements it authorized be signed at last month's meeting? Overtaxed taxpayers cannot afford any more screw-ups.
Not only that, what if the Borough cannot afford to get a roof compliant before the next round? What then?
A discussion commenced as to how the two Borough buildings were selected by the handsomely paid engineering firm hired by the UCIA. It was indicated that a visual inspection was done in addition to measuring and assessing obstructions, the tilt of the roofs and shading. The Mayor asked if there was any type of certification by that engineering firm that the Borough could rely upon that the roofs are qualified for solar panel installation. The answer to that question was no.
At some point during the discussion, a council member displayed his exasperation by mumbling "What is the friggin problem" or words to that effect which was picked up by his mic. Remarkable.
Another person (whose name I believe is Dowd) approached the mic and indicated that the Resolution was only to authorize Council to authorize the signing of the Agreements. He further indicated that the Agreements were not necessarily in final form and may later be "tweaked".
Council is expected to authorize the signing off on Agreements that may later be changed? Incredible.
IMO, this is a slipshod way to conduct taxpayer business. Legal Agreements should be reviewed with a fine-toothed comb and it is incumbent upon elected officials to do so. Not only that, it doesn't appear that Council is being afforded ample time to do its due diligence nor does it appear to have independent legal advice to fully understand the legal terms of Agreements they are being asked to sign off on.
Since both attorneys in Linden's legal department, John Hudak and Dan McCarthy, do work for the County, who did Linden Council members rely upon for legal advice on the UCIA Solar Panel Project Agreements it authorized be signed at last month's meeting? Overtaxed taxpayers cannot afford any more screw-ups.
Monday, January 10, 2011
Left Media Hijacking A National Tragedy & Now Senator Scutari
I watched as the news unfolded over the weekend and was sickened by the attempts of some media outfits to use this tragic event for political purposes despite there not being a single shred of evidence that the killer's motives were incited by any political views.
The victims of the horrendous massacre in Arizona, committed by a madman, seem to be little more than an afterthought while wild theories, conjecture and speculations run abound.
Today, according to PolitickerNJ, Senator Nicholas Scutari (D) brought up the tragedy during a confirmation hearing. See story here. Scutari's attempt, in any way, shape or form, to associate the brutal assassinations that took place in Arizona with the gentlemen, who is the subject of this hearing, is, in my view, very demented. It is also troubling because Scutari is a lawyer as well as the prosecutor for the City of Linden and as such should know the difference between fact and reckless speculation. Either he doesn't know the difference, or more likely, he too is jumping on the bandwagon and exploiting a deadly massacre that can only be seen as a political stunt. Whatever Scutari's reason, it's sick.
No respect for the dead. No respect for the injured.
The victims of the horrendous massacre in Arizona, committed by a madman, seem to be little more than an afterthought while wild theories, conjecture and speculations run abound.
Today, according to PolitickerNJ, Senator Nicholas Scutari (D) brought up the tragedy during a confirmation hearing. See story here. Scutari's attempt, in any way, shape or form, to associate the brutal assassinations that took place in Arizona with the gentlemen, who is the subject of this hearing, is, in my view, very demented. It is also troubling because Scutari is a lawyer as well as the prosecutor for the City of Linden and as such should know the difference between fact and reckless speculation. Either he doesn't know the difference, or more likely, he too is jumping on the bandwagon and exploiting a deadly massacre that can only be seen as a political stunt. Whatever Scutari's reason, it's sick.
No respect for the dead. No respect for the injured.
Tuesday, January 4, 2011
Backroom Politics Already At Work in Linden
It didn't take long.
During tonight's reorganization meeting, Council members and members of the public congratulated and offered praise to the Mayor Gerbounka, Council President Moore, re-elected members of Council and newly elected members of Council. Many encouraging words were spoken of change and having our elected officials working and voting in the interests of taxpayers. Dream on overtaxed taxpayers.
That feel good sentiment was short-lived when Councilman Richard Puschel sprung a surprise Resolution to appoint John Hudak as City Attorney. The prior Ordinance appointing Mr. Hudak as City Attorney was previously vetoed by the Mayor, as is his right. It appears Puschel, and whomever else is behind this maneuver, is seeking to usurp not only the process by which Council appoints attorneys, which has always been by Ordinance rather than Resolution, but the Mayor's veto power as well. Ethics aside, it was also unfair and disrespectful to Council, especially to those new council members, or at least those who were not privy to this well-planned chicanery. The Resolution passed with Puschel, Yamakaitis, Sadowski, Brown, Koziol and Kolibas voting for the appointment. Armstead, Frazier and Sheehy and C.P. Moore voted no with Cosby-Hurling abstaining.
President Council Moore spoke of his desire to explore other options and interview other candidates for the position. Councilman Sheehy spoke about the lack of accountability in the law department. Councilman Armstead stated that because the Mayor vetoed the prior Ordinance, that it did not necessarily mean that Hudak would not be appointed, but that Council should have the opportunity to consider alternatives.
The Mayor indicated he would seek injunctive relief in the Courts. He should. Council should not be allowed to re-write the Municipal Code nor should it be allowed to eliminate powers vested in the Mayor, which is essentially what Puschel is trying to do via this Resolution.
The City has, in my view, been taken advantage of by the County or worse. We are embroiled in litigation with the County as our so-called redevelopment partner on the South Wood Avenue project. Further, the County, through the UCIA, sought to acquire, by eminent domain, property owned by ISP-Dupont which cost the City lost years in the development of that site as it was being litigated Morningstar is another failed project with two blocks of properties siting vacant for years, loss of tax revenues as well as broken promises of demolition.
John Hudak is bond counsel to the UCIA, Hudak's son is now an appointed freeholder. It's long overdue for Linden to employ an attorney without County ties.
A Resolution was introduced by Councilman Koziol to allow Council members to conduct Council business by electronic means, as was done for Councilman Kolibas tonight. This is rather peculiar since absenteeism by Council members has never been an issue, even when Charlie Crane was on Council. This Resolution could have been brought to Council at its next regular meeting thereby allowing Council a caucus discussion. Since it wasn't, I suspect this Resolution was specially crafted for a certain Council member. If a Council member won't or can't attend to his duties, he should step down.
Newly elected Councilman Peter Brown spoke of the daunting task of filling the "big shoes" of his predecessor, Joe Harvanik. Don't sweat it Brown. In just one meeting you blew that goal.
Revised 1-5-11.
During tonight's reorganization meeting, Council members and members of the public congratulated and offered praise to the Mayor Gerbounka, Council President Moore, re-elected members of Council and newly elected members of Council. Many encouraging words were spoken of change and having our elected officials working and voting in the interests of taxpayers. Dream on overtaxed taxpayers.
That feel good sentiment was short-lived when Councilman Richard Puschel sprung a surprise Resolution to appoint John Hudak as City Attorney. The prior Ordinance appointing Mr. Hudak as City Attorney was previously vetoed by the Mayor, as is his right. It appears Puschel, and whomever else is behind this maneuver, is seeking to usurp not only the process by which Council appoints attorneys, which has always been by Ordinance rather than Resolution, but the Mayor's veto power as well. Ethics aside, it was also unfair and disrespectful to Council, especially to those new council members, or at least those who were not privy to this well-planned chicanery. The Resolution passed with Puschel, Yamakaitis, Sadowski, Brown, Koziol and Kolibas voting for the appointment. Armstead, Frazier and Sheehy and C.P. Moore voted no with Cosby-Hurling abstaining.
President Council Moore spoke of his desire to explore other options and interview other candidates for the position. Councilman Sheehy spoke about the lack of accountability in the law department. Councilman Armstead stated that because the Mayor vetoed the prior Ordinance, that it did not necessarily mean that Hudak would not be appointed, but that Council should have the opportunity to consider alternatives.
The Mayor indicated he would seek injunctive relief in the Courts. He should. Council should not be allowed to re-write the Municipal Code nor should it be allowed to eliminate powers vested in the Mayor, which is essentially what Puschel is trying to do via this Resolution.
The City has, in my view, been taken advantage of by the County or worse. We are embroiled in litigation with the County as our so-called redevelopment partner on the South Wood Avenue project. Further, the County, through the UCIA, sought to acquire, by eminent domain, property owned by ISP-Dupont which cost the City lost years in the development of that site as it was being litigated Morningstar is another failed project with two blocks of properties siting vacant for years, loss of tax revenues as well as broken promises of demolition.
John Hudak is bond counsel to the UCIA, Hudak's son is now an appointed freeholder. It's long overdue for Linden to employ an attorney without County ties.
A Resolution was introduced by Councilman Koziol to allow Council members to conduct Council business by electronic means, as was done for Councilman Kolibas tonight. This is rather peculiar since absenteeism by Council members has never been an issue, even when Charlie Crane was on Council. This Resolution could have been brought to Council at its next regular meeting thereby allowing Council a caucus discussion. Since it wasn't, I suspect this Resolution was specially crafted for a certain Council member. If a Council member won't or can't attend to his duties, he should step down.
Newly elected Councilman Peter Brown spoke of the daunting task of filling the "big shoes" of his predecessor, Joe Harvanik. Don't sweat it Brown. In just one meeting you blew that goal.
Revised 1-5-11.
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