Jon Corzine 1

Total Page:16

File Type:pdf, Size:1020Kb

Jon Corzine 1 Jon Corzine 1 After nearly three decades with the investment firm Goldman Sachs, where he served as co- chair and co-CEO, Jon Corzine was elected to the U.S. Senate for New Jersey in November 2000. The former Wall Street chief executive offers a firsthand account of the 1998 collapse of giant Long-Term Capital Management; speaks to the need for international institutions on political, financial, and humanitarian grounds; and appraises the upside and downside of global interconnectedness. Interview conducted in 2002 Changing Perspectives, from Wall Street to Washington INTERVIEWER: What's the big change in perspective that you've noticed finding yourself in Washington after being on Wall Street, particularly as it relates to global economic issues? JON CORZINE: Well, you have a very domestic focus as a politician, as a senator—not that you don't consider global concerns, but my constituency is the 8.5 million people in New Jersey as a representation of the needs of the country. The specific concerns are making sure that the interests of New Jersey are represented well, so you tend to narrow down and work on specific issues. Yesterday we passed Brownfields Legislation in the Senate, [legislation focused on the revitalization of brownfields, distressed or neglected parcels of land in American cities]. The arguments one put together there wouldn't encompass how it might impact a global economy, but it has a lot to do with what it will do in [New Jersey cities] Camden and Newark for urban revitalization and what impact it might have in Hunterdon County, which is one of our western counties where there's still some open space, and how we are going to manage sprawl issues in our state. So you tend to narrow your perspective down to how it works at the local level, at a very personal level, to our voters and constituents. INTERVIEWER: What had attracted you to Wall Street originally? JON CORZINE: Well, it's more happenstance, serendipitous, than it was a plan. When I came out of the military, I started a family, and I needed a job. I had always enjoyed studying economics. I went to night school at the University of Chicago. The core curriculum was Jon Corzine 2 heavily finance-oriented, and I grew to like what I was doing, and I thought that being a bond trader, if you will, would bring together all those things that I was learning in school, but also my interest in current events and how things fit in the cloth of a society. And it actually was true: You were constantly looking for the marginal issue that was going to move markets as a bond trader. It tended to be more macroeconomic, and I liked it. I got a job at Goldman Sachs, got lucky, did pretty well, and it kept me focused on things that I liked. You know, you're just as interested in staying up on what was going on in the world in this position, being a bond trader, as you are in almost anything I can imagine. Whether interest rates are going up or down, and what's driving them, gets at core economic issues; gets at what the Federal Reserve is doing; gets at what's going on in other parts of the world—the globalization issue again. And I lived in a part of history when we went from having a U.S. financial market that was very isolated and internally focused to truly globalized and integrated. You know, we started those processes by getting up in the middle of the night with phone calls and then staying up all night, and pretty soon you were starting to open offices in all parts of the world, and you had trading desks that were no longer just in New York, but they were everywhere. So you had to have a perspective on the world, everywhere, and it was an extraordinary time, particularly in the '80s, as the U.S. Treasury searched for places to finance its debt. And again, that was where I built my career, and it was an extraordinary time to be involved in Wall Street. INTERVIEWER: What was driving that expansion? JON CORZINE: Oh, it was the deficit funding in the U.S. There was no question about it. We went from $20 billion deficits in the '70s, which everybody thought was crisis, to $300 billion deficits at different times. ... So [the expansion came out of] both the heavy push of deficit funding, financing by the federal government here in the United States, and this whole interconnectedness that was coming about, which is the globalization issue. There's transfer of information, the application of things that worked in one part of the world to other parts of the world, telecommunications, the application of technology, which really just brought all this stuff together. Jon Corzine 3 The Lure of Emerging Markets INTERVIEWER: In the early days, "emerging markets" was this great buzz phrase. What was going on there? What was the attraction? JON CORZINE: Well, I think this is just the application of the techniques that worked in one part of finance and in one part of the world being spread to other areas so that you could search for profits, but also search for new places for both distribution and accumulation of assets. This was the entrepreneurial march that I think was a good thing for the most part—not always, because the absolute free flow of capital can sometimes lead to some problems, but it also was raising the standard of living. There was a demand for the ability to raise capital on the parts of the emerging and developing countries; there was a desire on the part of the entrepreneurs to participate in that process if there was a profit opportunity that was seen. Those things came together through the application of financial techniques to those worlds, and that's how you've ended up at least with the marketplace for emerging markets, and on balance, I'm a believer that it's good, although there were fits and starts in the adjustment process from one thing to another that were sometimes pretty harsh. INTERVIEWER: What are some of those fits and starts? JON CORZINE: Well, you know, capital comes in, and then it decides it doesn't want to be there, and you get on a train of building up an infrastructure, having people commit their lives to certain activities, and all of a sudden the tide goes out, and you're standing there, or the countries are standing there, without the ability to utilize it, and one wonders whether the economic investment was good. Now that's describing [the fits and starts] in the most stark terms, when, in fact, I think not everything does leave. When capital flows, currency crises occur. I think what happens is that probably [you end up] a little bit better off on infrastructure and development of [better ways to] allocate capital in those countries than would otherwise have been the case, but what we need to do is have some ability to have, not restrictions, but a little more responsibility for the adjustment process than sometimes is the case when traders decide they want to take their capital home all at once. Jon Corzine 4 Financial Crisis and Contagion in Asia INTERVIEWER: You heard a lot of talk in the early '90s about the Pacific century and the promise of Asia and the Asian tigers. Did you buy into that excitement? What was going on? JON CORZINE: Well, when I last left Goldman Sachs, I'd made well over 100 trips to Asia in the decade of 1988 to 1998, and it was an enormously invigorating environment. It's one that I think really does hold great promise for our globe. There are truly rising standards of living going on in China and India and other places, [though they still have a] long, long way to go. People want instant gratification on this, but the difference between traveling to Beijing in the mid-80s and today is a pretty remarkable transition. It's the same for lots of those places around Asia, and I think that there has been real wealth created. I think there has been real uplift of the general population, because you've taken what's good in other parts of the world and applied it there. A whole host of fields, from telecommunications to energy to financial services, really lifted up those societies, and I think we're on track to see them continue to grow. The educational level's rising; skill sets for people [are] going up a lot. It doesn't mean ... that everything is perfect. There are still people that are not participating. Public policy needs to address those issues in those countries. I think we need to be sympathetic. The whole debate about debt forgiveness and issues like that I think are legitimate issues for concern and support from the developed world, but things are better today than they were certainly when I started traveling to Asia. INTERVIEWER: Let's talk a bit about contagion of crisis, starting with Thailand. What was your first sense of a problem there? JON CORZINE: It was generally some guy calling me up at midnight saying, "You know, things aren't going so well here, and we've got this problem, and we think this company is going under, and we're not sure if somebody's going to fulfill their obligations on a currency contract." When that starts happening three or four times a week, you get the idea that maybe there's a real problem.
Recommended publications
  • Board Meets with Eight Candidates to Replace Prince; Public May Attend
    . Price: 500 0792Z nCiO i BERKELEY HEIGHTS LlBKA £-?O PLAINFIELD AVE BFRKELEY HEIGH. NJ 07922 ispat Vll The Berkeley Heights and New Providence edition of the Summit Herald VOLUME 116, No. 2 November 27,2004 teams Board meets with eight candidates jip with grocers |© help liungry to replace Prince; public may attend ' AREA - Concerned residents can assist local emergency By MIKE DeMARCO Dr. Prince resigned in October. Board President Helen Kirsch re- Sincaglia, who introduced a motion Bruno said that each candidate; pantries, senior meal programs, Her term ends in April 2005, at marked that she had not seen so to accept the late application, voted would be given approximately 15 to" •jhelters, low-income day care BERKELEY HEIGHTS — The which time a regular election will many candidates for a single seat on not to make an exception to the 20 minutes for his or her interview ({enters and soup kitchens by sup- township's Board of Education has determine who will occupy her seat the board since she herself first ran deadline. Member Paul Beisser ex- by the members. Mr. Bruno also said porting Check-Out Hunger at scheduled a special meeting, to be- on the school board. for the position more than 20 years pressed concern that making an ex- the board might make its decision, their local supermarkets or at one gin at 7 p.m. at Columbia Middle The remaining board members ago. ception in this case might set an un- during the meeting. ; rf 434 Bank of America banking School on Thursday, Dec. 2, in order announced, during their Nov.
    [Show full text]
  • Judge Jim Hely of Westfield Transit Village Review CONTINUED from PAGE 1 CONTINUED from PAGE 1 State Officials Are Present, “The Town Them,” Ms
    Ad Populos, Non Aditus, Pervenimus Published Every Thursday Since September 3, 1890 (908) 232-4407 USPS 680020 Thursday, July 23, 2009 OUR 119th YEAR – ISSUE NO. 30-2009 Periodical – Postage Paid at Westfield, N.J. www.goleader.com [email protected] SIXTY CENTS Despite Reports, Westfield Not Pursuing Transit Village Status By MICHAEL J. POLLACK hoods where people can live, shop, very quickly” and noted that a transit Specially Written for The Westfield Leader work and play without relying on village designation is “not front and WESTFIELD – Despite reports to automobiles.” Towns such as center” on the mayor or council’s the contrary, the Town of Westfield is Cranford, Morristown and South Or- agenda. not pursuing a Transit Village desig- ange are considered transit villages. Mayor Andy Skibitsky confirmed nation at present. Though it may study While reports of Downtown that the “impromptu” and “last- the “appropriateness” of such a des- Westfield Corporation (DWC) Ex- minute” meeting took place, but he ignation in the future, town officials ecutive Director Sherry Cronin lead- said there is “no directive to pursue refuted a report that said the town was ing the Transit Village Taskforce on a this…it will never happen without “eyeing” the matter seriously. tour of the town two Fridays ago are mayor and council approval.” According to the New Jersey De- accurate, Frank Arena, the Westfield While the mayor said there was partment of Transportation (DOT) Town Council’s DWC liaison, said it “nothing wrong” with meeting with website, the Transit Village initiative was an “impromptu” meeting. the taskforce, it is not something his creates incentives for municipalities Mr.
    [Show full text]
  • VIRTUAL ASPIRE 2021 Building Success Through the Liberal Arts Building Success Through the Liberal Arts
    COLLEGE OF ARTS, HUMANITIES, AND SOCIAL SCIENCES UNIVERSITY PRESENTS VIRTUAL ASPIRE 2021 Building Success Through the Liberal Arts Building Success through the Liberal Arts Vision Statement The goal of the Aspire program is to empower students to appreciate, articulate, and leverage the intellectual skills, knowledge, and dispositions unique to a liberal arts education in the service of their personal and professional development. Participants will learn to convey the core values and strengths of their degree program, identify career paths that may connect to that program, and prepare themselves to fur- ther pursue passions and opportunities upon completing their degrees. Thank you to Boston College, Endeavor: The Liberal Arts Advantage for Sophomores, for inspiration and activity ideas. 2 Contents Schedule Overview 4-5 CoAHSS 6-9 Dean’s Advisory Board 10-21 Connect with Us! Guest Speakers 22-24 Campus Resources 25-26 @WPCOAHSS Thank You 27 “What we think, we become.” -Buddha 3 Schedule Overview In-Person Evening Program: Monday, August 2nd Student Center. Rm. 211 5:30pm-6:30pm: Welcome: Program Overview/Introduction: Speakers: o Dr. Wartyna Davis, Dean, College of Arts, Humanities, and Social Science o Dr. Joshua Powers, Provost and Senior Vice President, William Paterson University o Valerie Gross, Dean’s Advisory Board Chair o Selected Student from Aspire 2020, Zhakier Seville Reception: Light Refreshments VIRTUAL Day One Tuesday, August 3th from 9:00am to 2:35pm 9:00– 9:05am Welcome: Dr. Ian Marshall and Lauren Agnew 9:05am-10:00am Virtual Workshops: Career Foundations Group A: The Liberal Arts Advantage: Understanding Yourself through the Strong Interest Inventory Assessment with Ms.
    [Show full text]
  • Download This Issue As A
    CLEAN WATER • STRONG COMMUNITIES • CITIZEN ACTION WATERKEEPER WATERKEEPER® Nutrient pollution Volume 4, Number Volume 2 turning our waters TOXIC GREEN M.C. Mehta Governor Jon Corzine Fall Fall 2007 Fall 2007 $5.95 Chairman Robert F. Kennedy, Jr. Fdp[pof!tvqqpsut!bmm!btqfdut!pg!uif!fowjsponfou;!bjs!rvbmjuz-!fofshz!dpotfswbujpo-!foibodjoh!hsffo!tqbdf-!boe!! qspufdujoh!sjwfst-!mblft!'!tusfbnt!gspn!qpmmvujpo!cz!hfofsbujoh!gvoejoh!gps!ufdiopmphjft!boe!qspkfdut!uibu!nblf!! nfbtvsbcmf!jnqspwfnfout!up!uif!fowjsponfou/! Fdp[pofÖt!gvmmz.joufhsbufe!tfu!pg!nbslfujoh!qmbugpsnt!qspwjef!dpsqpsbujpot!xjui!uif!pqqpsuvojuz!up!nffu!uifjs!! nbslfujoh!boe!dpnnvojdbujpo!hpbmt!jo!b!vojrvfmz!tvtubjobcmf!xbz!.!cz!nfbtvsbcmz!jnqspwjoh!uif!rvbmjuz!pg!pvs!! mjwft!boe!uif!fowjsponfou/!! John Paul Mitchell Systems works with countless organizations to give back, ght injustice and secure a better world for those that follow. Each and every day, sales of our products and the efforts of over 200,000 hairdressers help make this world a more beautiful place. Join together to preserve our natural resources, protect our animals and ensure the rights of all people. Peace, love and happiness, John Paul DeJoria, CEO of John Paul Mitchell Systems and supporter of Waterkeeper www.paulmitchell.com. Only in salons and Paul Mitchell schools. WATERKEEPER Volume 4 Number 2, Fall 2007 6 Letter from the Chairman: Robert F. Kennedy, Jr. 14 9 Who is Waterkeeper Alliance? 10 Waterkeeper Alliance News Release 12 Splashback 14 Ripples 22 Guest Column: Governor Jon Corzine 24 Talking Water:
    [Show full text]
  • The Shakespeare Theatre Names Their Unique Support Facility in Honor of Former Governor Thomas H
    Media contact: April 16, 2019 Joe Guerin Marketing Manager 973-845-6743 [email protected] The Shakespeare Theatre Names Their Unique Support Facility in Honor of Former Governor Thomas H. Kean MADISON, NJ — The Shakespeare Theatre of New Jersey is proud to announce that it will be naming its innovative, behind-the-scenes support facility in honor of Former Governor Thomas H. Kean, who has served as the Theatre’s Honorary Chair for over three decades. Located at 3 Vreeland Road in Florham Park, the building will be named The Thomas H. Kean Theatre Factory: The Education, Production and Administrative Center for The Shakespeare Theatre of New Jersey. Governor Kean’s unparalleled record of advocacy and support for the arts, artists, and arts education throughout the region over many decades, and his deep commitment to emerging young talent inspired The Shakespeare Theatre leadership to ask Governor Kean’s permission to name their groundbreaking workplace in his honor. Governor Kean has graciously agreed to lend his name to the building. Governor Kean said, ''As a lifetime supporter of the arts, I am excited to join my name to this unique project. This ‘Theatre Factory’ will continue to be a center where Artistic Director, Bonnie J. Monte, and her team create and assemble theatrical magic. It is an honor to be included by name in this collaborative artistic nucleus." Artistic Director, Bonnie J. Monte said, “We are absolutely thrilled that Governor Kean’s name will grace our building. Everything that happens inside our Theatre Factory exemplifies the kind of transformative education and training opportunities that the Governor has championed his whole life.
    [Show full text]
  • Acting Governor Richard Codey Is No Political Lame Duck in N.J
    Page 4 Thursday, October 27, 2005 The Westfield Leader and The Scotch Plains – Fanwood TIMES A WATCHUNG COMMUNICATIONS, INC. PUBLICATION ABCDICTIONOPQRSTDECEPTIONUVWXYZ The Scotch Plains – Fanwood Letters to the Editor The Westfield Leader TIMES See more letters on pages 5 & 9 — Established 1890 — — Established 1959— DD The Official Newspaper of the Town of Westfield Official Newspaper of the Borough of Fanwood Westfield United Way Dismayed DDTM Legal Newspaper for Union County, New Jersey and the Township of Scotch Plains Diction Deception Member of: Member of: Over County Solicitation Effort Below are four arcane words, each New Jersey Press Association New Jersey Press Association • National Newspaper Association with four definitions – only one is correct. National Newspaper Association Scotch Plains Business & Professional Association For over 70 years, the Westfield United to assist us in meeting our financial com- The others are made up. Are you sharp Westfield Area Chamber of Commerce Fanwood Business & Professional Association Way has served our local community by mitments to our member agencies. enough to discern this deception of dic- Periodicals – Postage Paid at Westfield, New Jersey Periodicals – Postage Paid at Scotch Plains, New Jersey raising funds to support the significant We realize this second solicitation from tion? P.O. Box 250 • 251 North Avenue, West P. O. Box 368 programs offered by our agencies that the county may be confusing or annoy- If you can guess one correctly – good Westfield, N.J. 07091 Scotch Plains, N.J. 07076 meet the needs of our neighbors. With the ing. We want to assure our Westfield guess. If you get two – well-read indi- hard work of volunteers and the continu- community that contributions to the Tele: (908) 232-4407 • E-mail: [email protected] • Web: www.goleader.com • Fax: (908) 232-0473 vidual.
    [Show full text]
  • The Beacon Summer 2007
    PRSRT STD U.S. POSTAGE PAID WILMINGTON, DE PERMIT NO. 1635 THE MARITIME EXCHANGE Serving Delaware, New Jersey and Pennsylvania 240 Cherry Street BEACON Philadelphia, PA 19106 Summer 2007 ADDRESS SERVICE REQUESTED Volume 17, No. 2 http://www.maritimedelriv.com [email protected] 45 FEET ! WE DIG IT ! ! ! important to the future of the ports of Philadelphia, southern New Jersey and Delaware than this project.” He also announced his endorsement of a comprehen- Security Grant to sive and aggressive $300 million capital improvement that will modernize and expand the Ports of Fund Maritime On- Philadelphia’s facilities and infrastructure. The dredging project, estimated to cost $300 million, Line Enhancements will run from the mouth of the Delaware Bay to the The Exchange scored a big hit with members when it Benjamin Franklin Bridge that connects Philadelphia launched the latest addition to the Maritime On-Line suite and Camden, a distance of approximately 100 miles. of applications: access to real-time vessel movement This project was authorized in the Water Resources information through an Automatic Identification System Development Act of 1992, and since 1996, $66 mil- (AIS) display. In beta test with a handful of members for lion dollars in federal funding has been appropriated several months, the Exchange released the system to in a succession of Energy and Water appropriation members on May 7. bills. “Dredging the channel is indispensable to the “Both management and the tug crews have embraced Delaware Valley region if it is to remain competitive the system since it was offered by the Exchange, the abil- with other deep-water ports,” said U.
    [Show full text]
  • Administration of Barack H. Obama, 2009 Remarks at a Campaign Rally
    Administration of Barack H. Obama, 2009 Remarks at a Campaign Rally for Governor Jon S. Corzine in Camden, New Jersey November 1, 2009 The President. Thank you so much. I am—whoo—fired up! I am fired up. Let me first of all acknowledge some extraordinary public servants who are in the house: Rob Andrews, our wonderful Congressman; Steve Rothman, another great Member of Congress; Gwen Faison, the Mayor of Camden. Thank you, Gwen. To all the other elected officials who are here, I am just glad to be back in Camden. When I was campaigning last year, I said I'd come back once I was President. I couldn't stay away. I like—I just like hanging out in New Jersey. I appreciate all of you who aren't at the Giants/Eagles game. [Laughter] I didn't mean to stir all that up, I'm sorry. All right, settle down now, settle down. Here's the reason I'm back. I am back because we are 2 days away—2 days away from making sure that New Jersey has the kind of quality leadership it deserves, two days away from making sure we're moving forward on education, two days away from making sure that we've got fairness in our economic system, two days away from reelecting Jon Corzine for another 4 years—2 days. Now, at this point in the campaign, you've heard all the arguments. You've seen all the TV ads. You know all the facts of this race. You know that Jon's running for reelection during a challenging time for New Jersey and a challenging time for America.
    [Show full text]
  • Senate the Senate Met at 9:30 A.M
    E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 109 CONGRESS, FIRST SESSION Vol. 151 WASHINGTON, FRIDAY, DECEMBER 16, 2005 No. 162 Senate The Senate met at 9:30 a.m. and was Make them content to sow good seeds RESERVATION OF LEADER TIME called to order by the President pro in the knowledge that the harvest is The PRESIDENT pro tempore. Under tempore (Mr. STEVENS). certain. the previous order, the leadership time Help each of us to be led by You be- is reserved. PRAYER yond the portals of selfishness to the spaciousness of service. Love us until The Chaplain, Dr. Barry C. Black, of- f fered the following prayer: we can live and love as we have been Let us pray. loved by You. We pray this in Your lov- Eternal spirit, by whose power people ing Name. Amen. MORNING BUSINESS are moved to work for the common f The PRESIDENT pro tempore. Under good of humanity, keep us aware of the previous order, there will be a pe- Your presence. Strengthen us by the PLEDGE OF ALLEGIANCE riod for the transaction of morning memory of people who invested their The President pro tempore led the business for up to 30 minutes, with the lives to serve Your purposes. Teach us Pledge of Allegiance, as follows: first half of the time under the control that You can bring order from chaos. I pledge allegiance to the Flag of the of the minority leader or his designee Empower our Senators today to do United States of America, and to the Repub- and the second half of the time under Your will.
    [Show full text]
  • Great Falls Historic District, Paterson, New Jersey
    National Park Service U.S. Department of the Interior Special Resource StudySpecial Resource Falls Historic District Great Paterson, NewJersey 2006 November, Great Falls Historic District Paterson, New Jersey November, 2006 National Park Service Special Resource Study Great Falls Historic District Paterson, New Jersey Special Resource Study Department of the Interior As the nation’s principal conservation agency, the Department of the Interior has the responsibility for most of our nationally-owned public lands and natural resources. Its duties include fostering sound use of our land and water resources; protecting our fish, wildlife and biological diversity; preserving the environmental and cultural values of our national parks and historic places; and providing for the enjoyment of life This report has been prepared to provide Congress and the public with information about the resources in through outdoor recreation. The Department assesses our energy and mineral the study area and how they relate to criteria for inclusion within the national park system. Publication resources and works to ensure that their development is in the best interest of all our and transmittal of this report should not be considered an endorsement or a commitment by the National people by encouraging stewardship and citizen participation in their care. The Park Service to seek or support either specific legislative authorization for the project or appropriation for Department also has major responsibility for American Indian reservation its implementation. Authorization and funding for any new commitments by the National Park Service communities and for people who live in island territories under U.S. administration. will have to be considered in light of competing priorities for existing units of the national park system and other programs.
    [Show full text]
  • New Jersey National Guard Enli
    Guardlife Staff Editors Maj. Yvonne Mays Capt. April Kelly Editor-Production Tech. Sgt. Mark C. Olsen Staff Writers/Photographers Kryn Westhoven Tech. Sgt. Barbara Harbison Sgt. Wayne Woolley 444MPAD, NJARNG Guardlife is published using federal funds under provisions of AR 360-1 and AFI 35-101 by the Public Affairs Office of the New Jersey Department of Military and Veterans Affairs for all members of the New Jersey Army and Air National Guard. The views and opinions expressed herein are not necessarily those of the Department of Defense, the Army, the Air Force or the National Guard Bureau. Letters may be sent to: Guardlife, Public Affairs Office, P.O. Box 340, NJDMAVA, Trenton, NJ, 08625- 0340. E-mail at: [email protected] Cover: Chairman honors grads Louis A. Cabrera, left, Assistant Chief and Comptroller of the National Guard Bureau joins Maj. Gen. Glenn K. Rieth and Admiral Michael Mullen, right, Chair- man, Joint Chiefs of Staff as Pvt. Michael Milan, center, and Spc. Pedro Martinez receive the New Jersey Distinguished Service Medal during the graduation ceremonies for Class 30 of the Youth ChalleNGe program on Aug. 29 at the Trenton War Memorial. The pair of 50th Infantry Brigade Combat Team Soldiers graduated from the Youth ChalleNGe be- fore joining the National Guard. Photo by Tech. Sgt. Mark Olsen, 177FW/PA. Inside: Arena-size Welcome Family and friends welcome home the Soldiers of the 50th Infantry Brigade Combat Team at the Sovereign Bank Arena on June 12. Photo by Tech. Sgt. Mark Olsen, 177FW/PA. G u a r d l i f e
    [Show full text]
  • The New Jersey Senate Democratic Caucus Has Ousted Long-Time Senate President and Former Governor Richard Codey and Handed the T
    TRENDS AND TRANSITIONS he New Jersey Senate Democratic Caucus ndiana Representative Edward DeLa- Thas ousted long-time Senate President and Iney was hospitalized in November with former Governor Richard Codey and handed facial fractures and a broken rib after being the top leadership post to Senator Steve attacked by the son of a man involved in Sweeney. The sometimes contentious contest a legal dispute over an adult bookstore 26 pitted two of the Senate’s most powerful men. years ago. Augustus Mendenhall has been Codey had been Senate president since 2004, charged with attempted murder, aggravated and, because of a quirk in the New Jersey battery and criminal confinement in the bru- constitution, governor from November 2004 tal beating. A witness to the attack called to January 2006. Sweeney had been Senate police. DeLaney, an attorney, thought he majority leader since 2008. Assembly Speaker was meeting a prospective client about a Joe Roberts retired in the summer, which set New Jersey Senate President Stephen Sweeney. land deal, but instead was allegedly attacked in motion leadership races in both houses. by Mendenhall, whose gun jammed before New Jersey has a tradition of splitting leader- mittee, has served in the legislature since 2007. he could shoot the lawmaker. Burke Men- ship posts along geographic lines. Roberts and He is a graduate of Duke University and Har- denhall was sued in 1983 when the county Sweeney are from south Jersey, Codey from vard Law School, where he founded a small prosecutor attempted to close down adult the north. As Sweeney’s challenge gained sup- technology firm with two classmates.
    [Show full text]