Jon Corzine

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Jon Corzine
Jon Corzine.jpg
Governor of New Jersey
From: January 17, 2006 – January 19, 2010
PredecessorRichard Codey
SuccessorChristopher Christie
U.S. Senator from New Jersey
From: January 3, 2001 – January 17, 2006
PredecessorFrank Lautenberg
SuccessorRobert Menendez
Information
Party Democrat
Spouse(s) Joanne Dougherty Corzine (divorced)
Religion United Church of Christ

Jon Corzine (born January 1, 1947)[1] is a pro-abort who served one term as the Democratic governor of the state of New Jersey from 2006 through 2010. A big backer of taxpayer-funded embryonic stem cell research along with other pro-aborts, Corzine was handed a humiliating defeat for reelection in 2009 despite spending $27 million on his campaign. Chris Christie routed Corzine 49%-45% even though Corzine outspent Christie by more than 2-to-1.[2] Voters tossed Corzine out of office in light of his inept performance and failed policies. Not OK with only bankrupting a state, he became CEO of MF Global and stole money from his customers to prop up his European socialist buddies. While all of this was going on, Obama referred to Corzine as his Wall Street guy. The collapse of MF Global caused a stock market crash in November 2011 and currently threatens to bring down the entire financial system, according to ZeroHedge. Why the Occupy Wall Street guys are not protesting Corzine is anyone's guess.

Contents

Career

Corzine grew up on the family farm in central Illinois and graduated from the University of Illinois (1969); he earned an MBA at the University of Chicago in 1973. Corzine worked in banking and in 1994 become Co-Chairman and CEO of the big Wall Street investment firm of Goldman Sachs, alongside Henry Paulson. In 1996-99, he earned $145 million (and paid $43 million in taxes, while giving $25 million to charity.) He retired in 1999 selling his shares for $300 million, and entered politics.

United States Senate

Corzine spent his way into office; his private foundation gave out $48 million to politically visible local groups in New Jersey. He spent $35 million in the 2000 primary. and in the fall race spent another $30 million with gambits like busing into New Jersey people from homeless shelters in the next state. He won 50%-47% thanks to big margins in the inner cities. He still had money left over, and became the fourth richest member of the U.S. Senate. [3] He was a member of the Committees on Banking, Intelligence, the Budget, and Energy and Natural Resources. Corzine sponsored 127 bills while in office, however 120 never made it out of committee and only one was successfully enacted. [4] In 2002, Corzine voted against authorizing President George W. Bush to go to war against Iraq. He chaired the Democratic Senatorial Campaign Committee from 2003-2005, during which Democrats lost 4 Senate seats.

2005 Gubernatorial Campaign

In 2005 Senator Corzine was a candidate for the governorship of New Jersey. It was the most expensive gubernatorial election in New Jersey history. The combined expenditures for Corzine's senatorial and gubernatorial runs exceeded $100 million. Corzine campaigned by linking his Republican opponent Doug Forrester with the Bush administration. Corzine's campaign was successful, winning 54% of the popular vote and 13 of New Jersey's 21 counties.

Governorship of New Jersey

Corzine was sworn in as the 54th Governor of New Jersey on January 17, 2006. Upon the closing of his inaugural address Corzine said "I ask you – the citizens of New Jersey, hold me accountable." [5]

Corruption and Scandals

Jon Corzine had a romantic relationship with Carla Katz, president of the Communications Workers of America, a major labor union. After living together for two years from 2002 through their breakup in 2004, Corzine paid a $6 million settlement. After Corzine was sworn in as Governor in 2006, Carla Katz maintained contact with him, despite her colleagues warning that the unusual multi-million-dollar settlement could result in a conflict of interest with union negotiations. [6] In 2007 an ethics panel ruled that labor negotiations did not violate the governor's code of conduct. In May 2008, the New Jersey Superior Court ruled that at least 745 pages of e-mails between Corzine and Katz must be made public, however Corzine's lawyers appealed the decision. In March 2009 Katz was expelled from Communications Workers of America after she spent $138,000 on personal and political expenses in violation of union regulations. [7]

In July 2009 a major corruption probe led to the arrests of 44 New Jersey officials, in which 43 were Democrats. A member of Jon Corzine's cabinet, Commissioner of Community Affairs Joseph Doria was raided by the FBI.

A New York Times poll in 2009 found that 51% of state residents disapproved of how Corzine was handling corruption in the state. Even worse, 77% complained that corruption would either increase or stay the same if Corzine was re-elected. Hurting the governor is that he once ran Goldman Sachs, the recently bailed-out bank at the center of the national financial crisis. "With Corzine there is a sense of resignation, and a feeling that there are a lot of unfulfilled promises," explains Ross Baker, a political scientist at Rutgers University. "He has not changed the way business is done in Trenton."[8]

Government Shutdown

On July 1, 2006, Governor Corzine was forced to shut down the state government after clashing with fellow Democrats in the the state Assembly to pass a sales tax increase, resulting in the Assembly being unable to pass a balanced budget. As a result road construction projects were halted, the New Jersey Lottery, Motor Vehicle Commission and the New Jersey Department of Education was shut down. Gambling at Atlantic City casinos were suspended and 45,000 state employees were in indefinitely. [9]

They reached a compromise, with the New Jersey legislator passing Corzine's sales tax increase in exchange for half of the revenue created from it would be used to give New Jerseyans direct property tax relief. The state government was fully restored on July 10, 2006.

Automobile Accident

On the way to an unimportant publicity meeting on April 13, 2007, Corzine ordered his police driver to go at high speeds, and refused to wear a seat belt. In the resulting crash the air bag did not work and Corzine was inches from death. He suffered multiple injuries especially to his thigh bone. He paid a fine and after intensive hospital care and rehabilitation returned to work.

Economic Record

Under Governor Corzine New Jersey was ranked as the worst business climate of any state by the Tax Foundation [10], and overall has the highest tax burden in the nation. Since Corzine took office, property taxes have risen 17%, twice the rate of inflation. [11] The state budget deficit has increased from $3.6 billion to $10 billion. Foreclosed homes increased 31%, one of the highest in the nation [12], and the unemployment rate had risen from 4.8% to 9.8%, higher than any of its neighboring states. [13] [14] Corzine defended his economic record, saying "If you want to go to a real low unemployment rate, go to North Dakota." [15]

In response to the rising deficit, Corzine proposed eliminating New Jersey's property tax rebates, which provides tax relief in the state of New Jersey, which already has the highest property taxes in the nation. [16] Corzine cut $382.5 million from the rebate program in June 2008.

2009 Reelection Campaign

Corzine announced his candidacy for reelection in 2009, however trailed his Republican opponent Christopher Christie in early public opinion polls. [17] [18] [19] Corzine's record on property taxes and the economy are the number one issues during the campaign. [20]

A poll from Research 2000/Daily Kos conducted in early August showed Christie leading by eight percentage points overall; the margin narrowed in late August after campaign help from President Obama. By late October Christie and Corzine were tied 39%-39%. Chris Daggett, a liberal Republican and former regional administrator for the Environmental Protection Agency, is running as an independent and is polling at 15%. Daggett collapsed at the end with most of his votes going to Christie.

References

  1. http://www.state.nj.us/governor/about/
  2. http://www.foxnews.com/politics/2009/11/03/democrats-republicans-prepare-possible-legal-battle-new-jersey-race/
  3. http://www.cnn.com/2003/ALLPOLITICS/06/13/senators.finances/
  4. http://www.govtrack.us/congress/person.xpd?id=300028
  5. http://enlightennj.blogspot.com/2006/01/corzines-inaugural-address-as-governor.html
  6. http://www.nytimes.com/2007/05/23/nyregion/23carla.html?_r=1
  7. http://www.nj.com/news/index.ssf/2009/04/carla_katz_will_have_radio_sho.html
  8. Time Oct. 21, 2009
  9. http://www.washingtonpost.com/wp-dyn/content/article/2006/07/01/AR2006070100864.html
  10. http://www.taxfoundation.org/files/bp58-es.pdf
  11. Department of Community Affairs, Division of Local Government Services Website, www.state.nj.us/dca/lgs/, Accessed 6/4/09
  12. http://www.njbiz.com/article.asp?aID=79154
  13. http://www.christiefornj.com/images/corzinesrecord.pdf
  14. http://www.nj.com/news/index.ssf/2009/01/nj_unemployment_rate_hits_high.html
  15. http://www.njassemblyrepublicans.com/press_release.php?id=986
  16. http://www.nj.com/news/index.ssf/2009/02/corzine_may_propose_eliminatin.html
  17. http://race42008.com/2009/03/13/poll-watch-new-jersey-more-good-news-edition/
  18. http://www.politickernj.com/wallye/31284/gop-poll-has-christie-15-points
  19. http://www.philly.com/philly/wires/ap/news/state/new_jersey/20090714_ap_pollchristiewidensleadinnjgovsrace.html
  20. http://www.politickernj.com/alan-steinberg/30521/governors-race-eight-key-quinnipiac-findings
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