Amid today’s story regarding Goldman Sachs selling nearly $350 million in highway improvement bonds for New Jersey, but simultaneously suggesting to other investors that they would be wise to purchase insurance from the firm because the bonds might not be repaid, Assemblyman Sam Thompson, R- Monmouth and Middlesex, called for the state to end its business relationship with the firm.

“Today’s news that a supposedly trusted business partner with New Jersey was giving advice to clients that they should consider hedging their bet or guiding different customers to make such an investment casts more than a doubt about the confidence the state can have in doing business with this firm,” stated Thompson, who is a member of the Assembly Appropriations Committee. “Goldman Sachs placed a higher priority on its own interests rather than those of its customer.

There are a many financial institutions that can sell the state’s bonds, who I’m sure won’t put themselves in the position of having a potential conflict of interest, as Goldman Sachs even suggested. We need to end this relationship.”

In Monday’s Star-Ledger it was reported that while Goldman netted $1 million in fees for selling the state’s highway bonds this year, it made a presentation to investors in September that cast doubt on the state’s ability to repay the bonds due to its precarious financial position regarding pensions and health benefits for retired public employees. The story mentioned that a spokesman for the New Jersey State Investment Council, which sets policy for the state’s pension funds, said he was not troubled by the disclosure.

“It is past the time when taxpayers can allow officials to dismiss reports such as today’s with such little concern,” continued Thompson.

“The explanation that these actions were not problematic because “independent” departments within Goldman gave the contrary recommendations is unacceptable. Is it any wonder that the state’s pension plan has lost billions with the attitude exhibited by the Investment Council to brush this aside as not a cause for concern. New Jerseyans need to have faith in the companies with which the state does business. Goldman Sachs no longer fits into that category.”

Assembly Republican Leader Alex DeCroce today issued the following statement regarding the resignation of U.S. Attorney Christopher J. Christie:

“I have the utmost respect for the job that Chris Christie has done over the past seven years for the people of New Jersey and we will miss his leadership in that office. He has an unparalleled record of attacking government corruption in New Jersey and bringing those who have violated the public trust to justice. Chris attacked corruption in an aggressive, fair and bipartisan manner.

“I hope that President-elect Obama will select a successor who will uphold the high standard that Chris has set for stamping out corruption and protecting the people of this state.

“The people of New Jersey were well served during his time in the U.S. Attorney’s office and I wish Chris the best of luck in whatever new challenges he chooses to take on in his career.”

Generations to Come Will Be Stuck Footing Bill for Governor’s Decision to Defer Payments on Transportation Bonds

Likening Gov. Jon Corzine to a furniture store salesman hawking a sales pitch of “no payments for the next 18 months,” Assemblyman Richard Merkt today called the governor’s plan to defer payments on $750 million in transportation bonds until 2023 a “fiscal landmine for future generations.”

“If this is the best the Wall Street wizard can offer New Jersey taxpayers, it’s no wonder President-elect Obama hasn’t hired Governor Corzine,” stated Merkt, R-Morris, referring to the fact that Corzine’s name is no longer on the short list for U.S. Treasurer in the Obama Administration.

“The governor’s latest borrowing plan once again shows how desperate Mr. Corzine is to spend taxpayer money without regard for the consequences. His total lack of regard for future generations who will be stuck footing this bill is appalling and irresponsible.”

The Asbury Park Press reported that the Corzine Administration was putting $750 million in transportation bonds on the market Wednesday, deferring payment on principal until 2023. The Transportation Trust Fund Authority also has the option to delay payment on interest on $250 million of the debt until 2023.“This will be a balloon obligation for years,” said Merkt.

“It’s ‘buy now, pay later’ on steroids! Well, it’s time to burst Corzine’s balloon. Our families and businesses have had enough of these Wall Street schemes and gimmicks. First the governor wanted to sell our toll roads. When that failed, he found a backdoor way to hike tolls. Now he wants to leave the bill for transportation projects to our kids and grandchildren.

“Do we need money for roadway, bridge and mass transit projects?” he continued. “Of course we do, but using a credit card isn’t the answer. Gov. Corzine’s latest borrowing plan is exactly the type of costly ‘funding’ plan that got us into this fiscal trouble in the first place.”

Merkt noted that Assembly Republicans earlier this year offered the Corzine Administration an alternative for funding transportation without the need for higher taxes, increased tolls or additional borrowing. Republicans proposed a constitutional amendment to dedicate at least $500 million per year in Motor Vehicle Commission fee collections to transportation projects, only $200 million of which can be used to pay debt service on bonds. The rest will go directly to paying for transportation projects as the money is needed. The proposed amendment contains a provision that specifically prohibits the Legislature from using the funds for anything but transportation improvements. Corzine and the Democrats immediately rejected the proposal out of hand.

Democrat Barack Obama garnered a surprising 20 percent of the vote from conservatives who cast ballots on Election Day, top-ranked radio-talker Rush Limbaugh told listeners.

Citing exit polls, Limbaugh also said on Wednesday that Republican John McCain lost independents and moderates by a margin of 60 percent to 39 percent.

“McCain only got 89 percent of the Republican vote,” Limbaugh said. “He only got 80 percent of the conservative vote.

“And therein lies the tale, the recipe offered up by the wizards of smart in the Republican Party and on our side — for whatever reason we have to abandon our base, and we’ve gotta broaden our base . . .

“I have nothing against going out and getting Democrats and independents to vote for you. But not by behaving like a Democrat or independent.”

Fox News commissioned extensive exit polling on Election Day. Some highlights:

75 percent of voters said the U.S. is headed in the wrong direction, and these voters went solidly for Obama — 62 percent to McCain’s 36 percent.

63 percent of voters said the economy was the most important issue facing the nation, and they backed Obama, 53 percent to 44 percent.

48 percent said they are “very worried” that the economic crisis will hurt their family’s finances in the coming year, and they voted for Obama, 60 percent to 38 percent.

Voters who said they wanted a president who can bring about change overwhelmingly went for Obama, 89 percent to 9 percent.

Despite predictions that the 2008 election would bring a sharp increase in the number of young voters, people under age 30 comprised just 18 percent of all voters, up from 17 percent in the past three presidential elections and down from 21 percent in 1992. These voters went for Obama, 66 percent to 32 percent.

Among the 11 percent of voters who were casting ballots in a presidential election for the first time, 68 percent voted for Obama and 31 percent chose McCain.

18 percent of voters who supported President Bush in 2004 defected from the GOP and supported Obama this year.

Women chose Obama over the McCain-Palin ticket by a margin of 56 percent to 43 percent.
52 percent of white Catholics voted for McCain, compared to 47 percent for Obama.

Black voters comprised 13 percent of the electorate and 95 percent of them backed Obama. White voters favored McCain by a 12-point margin.

Hispanics helped Obama win the battleground state of Florida, voting for the Democrat over the Republican, 57 percent to 42 percent. In 2004, President Bush garnered 56 percent of the Hispanic vote.

In Pennsylvania, 20 percent of Democrats who voted for Hillary Clinton over Obama in the primary voted for McCain on Tuesday.

Montery Bay, Calif. - Congressman Jim Saxton is being presented today with the Leon Panetta Institute for Public Policy's 9th annual Jefferson-Lincoln Award in Pebble Beach, Calif.

Saxton is being honored along with California Gov. Arnold Schwarzenegger, U.S. Rep. Jane Harman and author/journalist Ron Brownstein. The award ceremony annually honors individuals who've demonstrated independence of judgement and dedication to good governance in addressing our nation's problems and protecting the principles of our democracy.

"I have known and respected Leon Panetta for many years, and I think we both tried to bring civility to the House of Representatives," Saxton said. "Politics on Capitol Hill can be vicious, but it doesn't have to be that way. Good government only occurs when we can put aside conflict, but forthright and carve out common ground. I've tried to be a bridge-builder, whenever possible."

Election 2008: State of the Race
The final Rove & Co. electoral map of the 2008 election cycle points to a 338-200 Barack Obama electoral vote victory over John McCain tomorrow, the largest electoral margin since 1996. All remaining toss-up states have been allocated to the candidate leading in them, with Florida (27 EV) going to Obama, and Indiana (11 EV), Missouri (11 EV), North Carolina (15 EV), and North Dakota (3 EV) going to McCain. The two candidates are in a dead heat in Missouri and North Carolina, but they go to McCain because the most recent polls conducted over this past weekend show him narrowly ahead. Florida, too, could end up in McCain’s column since he’s benefited from recent movement in the state.

Read more about Karl Rove's predictions at http://rove.com/election.

Mercer County Republicans are hosting an Election Eve Rally tonight from 6:30 to 9 p.m. at the Hilton Garden Inn, 800 Route 130, Hamilton (across from the Hamilton Marketplace) to help rally the troops as their candidates make their final push for those last minute votes.

On Election Night the Mercer County Republicans will return to the Hilton Garden to await the returns. The doors open at 7:30 p.m.

For more information call the Mercer County Republican Committee at 609-838-1938.