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The New York Times call Carl Mayer: "A populist crusader and ... a maverick lawyer." New York Times, October 15, 2004.

Tuesday, October 25, 2005



By Carl J. Mayer

With only days left in a close gubernatorial election that has focused almost exclusively on which candidate is the most corrupt, the following speech, delivered by either candidate, would bring home almost certain victory:

“Fellow citizens of New Jersey: I come before you this evening to make the most important announcement of my campaign.

I have today asked for the resignations of all my paid campaign advisors and professional consultants.

I intend, from this day forward, to restore the public’s trust in government, and I will do so by deed, not by word.

I have today instructed my financial advisors to sell all my holdings and invest the entire proceeds in New Jersey municipal bonds.

These bonds will be managed in a truly blind trust of which I will have no knowledge, other than the fact that my money is invested in a way that supports the people of New Jersey. As long as I govern this state, this is how my personal money will be handled and it will ensure the citizenry that I will have no conflicts and cannot benefit monetarily from government service.

Upon my election, I will open for a day the Governor’s mansion – Drumthwacket -- to every citizen in New Jersey who cares to come by with a suggestion or a greeting and I will personally shake each hand extended to me. Abraham Lincoln conceived of this practice, and it needs to be re-discovered.

Upon assuming office I pledge to immediately appoint as my Attorney General the most aggressive prosecutor I can find – from my opponent’s party.

I will appoint an Attorney General whose integrity is beyond reproach and who will have as his or her top priority ending corruption in New Jersey.

I will specifically instruct my Attorney General to interview every one of the so-called “Bosses” and lobbyists who run politics in New Jersey. I will direct my Attorney General to inquire of each Boss what knowledge he (there are only male Bosses) has of the dozens of local and county officials who have served jail terms for engaging in bribery, extortion and other violations of the public trust.

My first act as Governor will be to propose to the legislature a bill called the “Clean Money Act.” This measure has been adopted in other states, notably Arizona, Maine and Vermont. The Clean Money Act takes all private money out of politics. I know New Jersey taxpayers would rather pay a few extra bucks to have clean and honest elections if that means stopping the graft and the millions of taxpayer dollars sent down the rat hole of New Jersey fraud, dishonesty and bribery.

My second act will be to ban all no-bid contracts in the state of New Jersey so that never again will private interests fleece the taxpayer.

My third act will be to propose a constitutional convention for the specific purpose of enacting initiative and referendum in this state so that the people -- not the lobbyists --will control their own destiny.

Should I fail to act on any of these promises, I will immediately resign and call for a Special Election to fill the office with someone who will fight the corrosive graft that has become the hallmark of New Jersey government.

I have removed all of my attack commercials from the airways and will only campaign in person or by making this speech available in various media outlets for the duration of the campaign.

I hope each New Jersey citizen will join me in restoring faith and confidence in our common public endeavors.

Thank you and goodnight.”

Carl J. Mayer, an attorney, runs the only blog devoted to ending corruption in New Jersey:


What Would Woodrow Wilson Think About Woodrow Wilson?
By Carl J. Mayer.

As a graduate of the Woodrow Wilson School’s undergraduate program (’81) I am quite impressed by the dedication Dean Slaughter applied to launching the 75th anniversary of the school.

Plainly, the anniversary celebration is a reflection of the renewed energy Dean Slaughter brings to the institution. I can personally vouch for the fact that, other than friends and family, my e-mail box is deluged with more invitations and updates from the Woodrow Wilson School than from any other quarter.

I can’t help wonder, however, what Woodrow Wilson himself would think of the direction of the Woodrow Wilson School as it celebrates its gala anniversary year.

Undoubtedly Wilson would have been impressed by the school’s renewed focus on foreign policy (and likely puzzled by the distinctly unilateralist flavor of many of the school’s offerings and assumptions) but Wilson’s most fundamental question would be: Where is the link between American democracy at home and our nation’s foreign policy abroad?

The core of Wilson’s thinking was that in order to lead by example, American democratic institutions need to be strengthened in order to foster the spread of democratic ideals around the globe. One of Wilson’s overriding concerns was the elimination of corruption in American politics and a steadfast belief that perfecting a clean and participatory democracy at home would serve as a model for other nations abroad.

In his book, Congressional Government, Wilson noted: "the voter, moreover, feels that his want of confidence in Congress is justified by what he hears of the power of corrupt lobbyists to turn legislation to their own uses. He hears of enormous subsidies begged and obtained... of appropriations made in the interest of dishonest contractors…”

These words could easily have been penned today but you will not find much discussion of this dimension of Woodrow Wilson’s thinking at the school today.

It is similarly puzzling that there is not one course offering on the problem of corruption in American politics at the Woodrow Wilson School.

Enter the word “corruption” in the Woodrow Wilson school website and up pop wonderful papers about monitoring graft in Indonesia and money-laundering in South Africa, but no studies of the most crooked state in the Union that is home to the Woodrow Wilson School: New Jersey. The abject venality of New Jersey politics – leading to the resignation of the last two state-wide elected leaders – has been the subject of academic commentary and has been chronicled relentlessly on the front pages of all of New Jersey’s major newspapers. A Quinnipiac University poll on New Jersey politics released yesterday found that a stunning 92% of New Jersey voters believe corruption is the leading issue in the state.

I am even told that an ethical or criminal transgression or two has occurred recently in the corridors of power in Washington, D.C.

You would not know this, unfortunately, by following the Wilson School’s curriculum or even perusing the school’s conference schedule or paper offerings.

Were he to return from the great beyond Woodrow Wilson would undoubtedly be tremendously saddened to see that in New Jersey the Democratic Party that he led as a party of reform has become the party of graft and criminality. He would be doubly distraught to learn that an institution bearing his name is not leading the fight to understand and then combat the very roadblocks to true democracy that Wilson focused on when he perambulated the halls of Old Nassau.

Gradually, I believe, there is a growing awakening in the academy that the many fine papers and policy proposals on poverty, environmentalism, transportation and a host of other subjects go unread and unheeded by elected leaders who spend 24/7 supplicating themselves to special interests and raising corporate cash as fast as their fingers can dial.

Only when the problem of corruption (sometimes criminal) is studied, acted upon and then eradicated will the substantive ideas of many important scholars, laboring in the tradition of Woodrow Wilson, have a chance to have a chance.

The biggest challenge for the Woodrow Wilson School today is quite simply that only a small minority of its graduates actually go into government service. The problem has become so acute that the school’s largest benefactors are now in well-known litigation.

As someone who has served in government and has been involved in politics it is no surprise why many choose not to serve. The overriding attitude of my classmates from ’81 is: why would you want to do that? They think politics and political service is cheap, phony, mercenary and above all crooked.

If the Wilson School re-captured Wilson’s own high-minded idealism and democratic vision, and focused on ending the reign of the special interests in American politics, maybe the school would attract more individuals dedicated to service and reform.

Carl J. Mayer, ’81.

Carl Mayer, an attorney, is the author of the book: Shakedown: The Fleecing of the Garden State. His blog is He can be reached at

Phone: 609-462-7979

Cover-Up: Princeton Packet Refuses To Publish Letter On Commerce Bank Fees.

To The Editor:

Edward J. McManimon III’s letter (The Packet, Oct. 14) suggests why Princeton taxes are so high: Mayor Marchand pays lawyers like Mr. McManimon through sweetheart no-bid contracts, while these same lawyers refuse to disclose the most elementary information owed taxpayers.

Mr. McManimon is stonewalling by refusing to release the amounts paid to Commerce Bank by Princeton taxpayers, as demanded in my October 7 letter. The taxpayers are entitled to this information, down to the penny, for every single transaction done by Commerce in Princeton Township and Borough, including the lavish counsel fees earned by Mr. McManimon.

In my letter, I revealed that Princeton Township did over $20 million in deals with the tarnished Commerce Bank between 1997 and 2002, yet Mr. McManimon refuses to release the amounts paid Commerce for those transactions.

Even worse, Mr. McManimon disingenuously reports only the partial fees taxpayers paid for one Commerce Bank transaction (out of several). He intentionally omits the amount paid to bond counsel (McManimon) or the “spread” which is where bankers make most of their money.

Mr. McManimon admits that Commerce does no-bid bond work for Princeton Township.

Mr. McManimon never denies that two of Commerce’s top executives were sentenced to jail only weeks ago for bribing government officials to obtain lucrative government business.

Mr. McManimon never denies that George Norcross -- the man the press calls “The Boss” of South Jersey and a Commerce board member -- was caught on tape threatening the Mayor of Palmyra, New Jersey. (A matter currently under investigation by the United States Attorney’s office.)

If you want to learn why your taxes are so high and New Jersey government is so corrupt, read Clint Riley’s series on Commerce Bank in the Bergen Record. Simply Google the following search: “Clint Riley Banking On Your Money”. Click on the first search result and read in devastating detail how Commerce Bank has systematically over-charged municipalities and taxpayers throughout the state by engaging in corrupt no-bid transactions. (Clint Riley, incidentally, is one of the best investigative reporters in the nation and won the prestigious Loeb journalism award for this series.)

When you are done reading this series, read the articles and the transcripts of George Norcross’ attempts to bribe the Mayor of Palmyra. (See: The thuggish behavior by a Democratic Party Boss and Commerce Bank executive is so shocking that much of the language cannot be printed in a family newspaper like The Packet.

Here is my civics challenge to every Princeton citizen: if, after taking twenty minutes to read the above-mentioned documents, you do not believe Princeton should immediately cease business with Commerce Bank, I will send you a free copy of my book on corruption in New Jersey politics: “Shakedown: The Fleecing of the Garden State.” Just contact our web blog devoted to ending corruption in New Jersey:

Rather than terminating business with a tarnished institution, Mr. McManimon and Mayor Marchand continue to deny Princeton taxpayers their right to know.

Carl Mayer
Battle Road

Thursday, October 06, 2005


To The Editor:

The only issue, alas, in the race for Governor is which candidate is more corrupt and beholden to corrupt special interests.

The campaigns, the press and the public acknowledge as much.

This is not surprising given that New Jersey has established a national reputation as probably the most politically crooked state in the Union.

Our last two state-wide elected officials – Jim McGreevey and Robert Torricelli—have resigned in disgrace after the indictments and convictions of their associates.

Every major paper in the state has published investigative series documenting in great detail how massive corruption and graft by both parties has ripped apart our democracy and led to some of the highest taxes in the nation.

Even by New Jersey standards it gets more bizarre. In one of the strangest letters in American political history, the chairman of the New Jersey Republican party wrote in August to the chairman of the New Jersey Democratic party. His request: if you promise not to drop your irreparably damaged gubernatorial candidate, we will not drop ours.

It is against this backdrop that I was surprised to learn that the elected Democratic leaders in Princeton Township do business with the very same elements at the center of state-wide criminality and corruption scandals.

In particular, I was shocked to learn that Princeton Township has used as its bond underwriter the notorious Commerce Bank. This bank, led by South Jersey political Boss George Norcross, had two of its senior executives convicted by a federal jury this year on charges of bribing politicians in return for receiving business. Commerce Bank was also implicated in another alleged scheme to bribe and extort the Mayor of Palmyra, a South Jersey town. (The matter is under investigation by the United States Attorney.)

It is doubly surprising then that Commerce Bank has done massive bond business with the Township of Princeton. Commerce bank has done over $20 million of bond business with Princeton Township in the period 1997-2002, the last year for which public figures were available.

The citizens of Princeton deserve to know exactly how much money was paid to Commerce bank for its “services” in borrowing money for the town. In other instances, investment banks have taken up to 25% of the amount of bonds issued for a town. (In a hypothetical example, say Princeton borrowed $1 million dollars, only $750,000 would go for projects in town while $250,000 would go into the pockets of politically connected investment bankers.)

The Democratic Party has run the town like its own fiefdom for decades and will never bring fiscal responsibility to Princeton. The predictable result: taxes up over 50% in five years. But the Republicans have not promised to end business with Commerce Bank or end no-bid contracts. If Republicans or Independents pledge to end this corrupt arrangement, they merit consideration. As for the incumbents, the citizens deserve answers within the week.

Carl Mayer, an attorney, is the author of the book: Shakedown: The Fleecing of the Garden State. His blog is
Phone: 609-462-7979



FOR IMMEDIATE RELEASE 609-921-0253 (office) 609-462-7979 (cell)
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Watchdog attorneys Bruce Afran and Carl Mayer today revealed two massive new conflicts of interest involving Jon Corzine.

First the pair revealed that Goldman Sachs is moving to acquire Gtech, the company that operates the lottery system for the State of New Jersey. Corzine served as head of Goldman Sachs and maintains a financial stake in the firm worth tens of millions of dollars. The pair also revealed that Gtech is partners with the gambling firms Ballys and Harrahs: owners of New Jersey casinos. This raises the possibility that Corzine could not legally hold Goldman stock as Governor if Goldman is running New Jersey gambling interests.

Second, Afran and Mayer disclosed that while Jon Corzine was chair of Goldman Sachs the firm did billions of dollars of bond work for the State of New Jersey. Most of this work was done on a non-competitive basis resulting in over $110 million of dollars in no-bid pay-to-play fees for Goldman and Corzine. Goldman Sachs continues to do hundreds of millions of dollars in bond business with the state of New Jersey and Afran and Mayer called on Corzine to immediately divest all of his Goldman Sachs holdings and to write a letter to Goldman Sachs demanding that the firm give back its no-bid fees.

The corruption-fighting duo also questioned Corzine’s assertion that that his assets are in a “blind trust”. The so-called “blind trust” is run by Corzine’s former business partners and its massive holdings in Goldman Sachs stock violate Corzine’s own pledge to unload those shares.
“For more than six years now, Jon Corzine has hidden his finances from the people of New Jersey. First it was a deal brokered with Bob Torricelli and convicted felon Charlie Kushner to spend hundreds of millions of dollars for a taxpayer funded arena in Newark. Then the loans and gifts he gave to the head of the union—which violated the law and resulted in his being investigated by the Senate Ethics Committee. Next we learned he invests with casino owner /corporate raider Carl Icahn, an investment that would be illegal if he were elected Governor. Now, we've learned that Goldman Sachs, from whom Mr. Corzine continues to derive substantial income, is trying to purchase Gtech, the company that has the contract to run New Jersey's lottery program. Conflict after conflict after conflict,” said Afran.

“In 2000, Mr. Corzine said he'd remedy conflicts by liquidating his holdings in Goldman. He didn't. He said he'd put his assets in a blind trust. He didn't. When he does chose to disclose information that would help shed light on the potential conflicts he has, he gives us the names of shell companies but tells us nothing about the business in which they are engaged. Mr. Corzine's financial arrangements make sense for a secretive businessman, but not for a man who wants to be Governor,” said Mayer

“The public has a right to know whether Jon Corzine is protecting their interest or protecting his own,” said Mayer. “Corzine turns out to be Senator Non-Disclosure, Senator Stonewall and Senator Conflicts all wrapped up in one. The Senator needs to sell his Goldman holdings and fully disclose, immediately.”


When Goldman Sachs announced on September 13, 2005 that it was moving to acquire Gtech, New Jersey citizens were probably not aware that Gtech runs the New Jersey lottery.

According to Corzine’s latest financial disclosure statements, the Senator has up to $50 million in Goldman Sachs stock and that would make him a major investor in the New Jersey lottery operator once the Goldman acquisition is consummated.
Even worse, from Corzine’s perspective, is the fact that Gtech is engaged in joint ventures with Bally’s and Harrahs, New Jersey casino operators. Gtech has a lottery video machine manufacturing deal with Bally Gaming. Gtech also entered into a joint venture with Harrah's Entertainment. Harrah's is the world's largest gaming company and operates New Jersey casinos.

Gtech has a particularly sordid history and the company has been investigated numerous times for bid-rigging and other violations, mostly stemming from its monopolistic practices and corrupt pay-to-play modus operandi. They include:

-- In 1998, Gtech founder Guy Snowden lost a libel battle over bribery allegations by British billionaire Richard Branson. Snowden's GTech and a Branson-led consortium were fighting to win England's national lottery business, the worlds largest. GTech won the bid. But after a London jury awarded Branson about $180,000 plus $1-million in legal costs, Snowden agreed to resign.” I’ve lobbied for 30 years, and I've never seen anything dirtier than lottery stuff," GTech lobbyist Barry Horenbein told the St. Petersburg Times in 1995.
-- The Securities and Exchange Commission launched a formal investigation of Gtech in 2004. Gtech is also being sued civilly by Brazil's Public Ministry over the company's contracts with Caixa Economica Federal, the state-owned bank that runs Brazil's lottery. Gtech has been plagued since 2003 by allegations of bribery involving the bank's awarding lottery contracts to the company
-- Snowden was called a "brutish executive" in a 1996 Fortune magazine article; Snowden built Gtech into the world's leading lottery vendor in fifteen years. According to Fortune, Gtech never lost a contract it went after. "Somebody was said to have the ear of a governor? He'd be retained by Gtech, often on the eve of bidding. A political contribution was needed to help a legislator see things from Gtech's point of view? Never a problem. Was a little wining and dining in order? Snowden would go all out," Fortune wrote.
--"We'd go to dinner with the lottery director and find out that Gtech had hired a yacht and taken out the whole goddamn legislature," said Hubert Plummer, the former president of Automated Wagering, Gtech's archrival. "It was like shooting your popgun, and they were firing a howitzer."
--Gtech's former national sales manager, J. David Smith, was convicted for fraud and bribery involving lotto lobbyists in New Jersey. In 1997 The Houston Chronicle reported that Smith boasted about bribing at least ten state legislators to ensure passage of the lottery bill in Texas and getting the contract for Gtech. The paper said a former Kentucky lottery official told investigators that in 1993 Smith named eight or ten Texas lawmakers he said he paid up to $10,000 apiece for "favorable consideration" of a lottery bill.
--The reported boast took place about six months after a major lottery push in a special Texas legislative session. Texas voters approved a state lottery in 1991, and Gtech began running its on-line games in 1992. Nora Linares, Texas Lottery Commission director, was fired in 1997 after confirming that a close friend -- an indicted state official who later went to prison -- worked as a Gtech consultant. In California, a Gtech lobbyist was captured on tape bragging that California's lottery director was "our gal."
-- With record $1 billion revenues Gtech operates lotteries in more than half the states, Gtech, as the nation's leading lottery contractor, is giving new meaning to lottos. Of 80 governments around the world relying on Gtech's lottery systems for smooth operation of their game
-- Gtech has paid its lobbyists a percentage of the lottery profits even after its former national sales manager was imprisoned on federal charges for kickbacks to lobbyists who helped land the New Jersey lotto contract
—Gtech is a monopolist. The company runs all five of the country's biggest state lottery systems - New York, Texas, Georgia, California and Florida. Altogether, GTech operates 26 of the 36 state lottery systems, plus the Washington, D.C., system and actually brags that it controls 70% of the world lottery market. serving 80 lotteries in 44 countries. This is not your “mamma's lottery, nor your father's grocery store,” as Gtech's annual report puts it. The corporation runs the lotteries in New Zealand, Turkey, Singapore, Estonia and Lithuania.-- The Atlanta Journal-Constitution quotes Russ Davidson, the former chief financial officer of the Kentucky lottery, saying, "You're dealing with the dirtiest industry I've ever seen in my 30 years of doing business ...."-- According to an Associated Press article, over a 16-year period, GTech was the subject of four federal grand jury investigations-- David Rainey of the Lawrence Journal-Weekly reported that a former lottery worker in Kansas filed a sexual harassment suit against GTech, claiming she was ordered to dig up dirt on the deputy director of the Kansas lottery in order to make him susceptible to blackmail during negotiations with the company.-- On April 12, 1998, a gambling industry analyst proclaimed Gtech's ethical troubles were a thing of the past. On September 18, 1998, the Dallas Morning News reported that Gtech settled a lawsuit brought by former Texas lottery director Nora Linares in which she alleged Gtech hired her boyfriend to gain leverage over her. Less than two years later, on July 7, 2000, the Austin American Statesman reported that Gtech executives were forced to resign over a number issues, including failure to disclose a computer glitch to their clients that caused erroneous payments in millions of lottery transactions in Texas and Great Britain.--Gtech’s mission is to addict Americans to gambling. Its GameScape subsidiary has developed a colorful lotto game machine to appeal to a new generation of gamblers in the South. Using tactical marketing polls and cultural studies, Gtech has come up with HotTrax, a new interactive 3-D game featuring racecars speeding around a track. "Designed to appeal to consumers who don't ordinarily play traditional lottery or casino-style games, HotTrax stimulates a high level of player involvement and friendly competition," says Gtech's annual report. Gtech's gaming machines could be at all the racetracks, coin laundries and service stations. The company's marketing strategy is to place the machines everywhere there's a checkout counter, including service stations, groceries and malls. They want to make it simple to play the lotto on Gtech's new EZ Express, a self-service kiosk designed to be "an easy, fun way to play in busy retail settings," according to Gtech. Slot machines are called the "crack cocaine" of gaming, and Gtech could be inventing a new drug


It is fitting that Goldman is set to acquire Gtech as both companies thrive by fleecing taxpayers around the nation.

Of particular interest in the New Jersey gubernatorial race is the fact that Goldman Sachs was a major recipient of no-bid contracts in New Jersey.

Afran and Mayer reported that Goldman Sachs has done billions of dollars worth of business with the state of New Jersey and related entities. Goldman Sachs was the underwriter on 16 bond deals between 1997 and 1999 – when Corzine chaired Goldman -- worth over 2.4 billion dollars.

Of the sixteen deals done while Jon Corzine was chairman of Goldman Sachs, 10 were non-competitive. On these deals Goldman fleeced New Jersey taxpayers by charging up to 26 percent of the deal. In all, Goldman Sachs fleeced New Jersey taxpayers for $110 million dollars on these no-bid deals

On at least three of the deals, Goldman was co-underwriter with George Norcross’ bank, Commerce Bank, all on a non-competitive basis. The attached spreadsheet lists all of Goldman Sachs bond deals for the years Corzine was Goldman chairman.

Goldman Sachs continues to be a major bond underwriter for New Jersey, creating further conflicts between Corzine's personal interests and the State's, the attorneyssaid. "Such conflicts will be rife throughout New Jersey’s state government, if Corzine is elected Governor and still holds Goldman Sachs stock," Mayersaid. "This year alone [2005], Goldman Sachs booked nearly one billion dollars in New Jersey government bond underwriting," Afran told reporters. (In 2005 Goldman wasawarded a $500 million underwriting bid for schools reconstruction and a $497million Port Authority bond.)


Afran and Mayer also criticized Corzine for failing to place all of his assets in a blind trust. Indeed, Corzine’s Goldman holdings are in what he calls a “blind trust” but the trust does not appear to be blind at all. It is managed by two former Goldman Sachs partners and by holding Goldman stock – and soon Gtech stock – Corzine is caught in exactly the conflicts many predicted.

“When multi-millionaire U.S. Sen. Jon S. Corzine ran for his seat six years ago, he promised voters he would place his assets in a blind trust. The move was to counter critics who charged that his portfolio, especially in a global investment banking and securities firm, could pose a conflict of interest.” (“Not All of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005) Corzine in 2000 said: “We have pledged that we will put my assets in a blind trust if elected.” (“Campaign 2000: The New Jersey Senate Debate,” The New York Times, October 9, 2000)

Not only did Corzine not place his assets in a blind trust, he did not have the trust approved by the Senate Ethics Committee. “[A] review of his financial disclosure forms shows that Corzine, a Democrat seeking to become governor, has not put all of his assets in a blind trust. Moreover, the U.S. Senate ethics committee has not approved the trust that he has set up.” ( “Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005)

Even worse, Corzine’s blind trust has the came mailing address as his Senate campaign committee. “And Corzine’s blind trust may not be that blind: The Newark mailing address for the trust is the same as his U.S. Senate campaign committee, according to his state financial disclosure form.” (“Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005)

To get approved by the Senate Ethics Committee would require that the trust have an independent manager. “[G]etting approval [from the Senate ethics committee] means the agreement governing the trust would be a public record, and that Corzine would have to comply with strict Senate rules regulating such funds, including a requirement that the manager be independent, and not related to, the senator. ‘Once the ethics committee has approved it, it’s truly blind,’ said Pamela Gavin, the Senate’s superintendent of public records. ‘If it’s not a qualified blind trust, it has not been blessed by (the) ethics (committee).’”( “Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005)

Mayer and Afran said that New Jersey voters should be outraged that Corzine’s “blind trust is managed by two former Goldman Sachs partners, one of whom is listed as an official with his Senate and Gubernatorial campaigns. “In 2001, Corzine told the Gannett News Service that two former Goldman Sachs partners, Jacob Goldfield and Chris Flowers, and a lawyer, Nancy Dunlap, would manage the blind trust. Dunlap is listed as an official with his U.S. Senate and gubernatorial political campaigns.” ( “Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005) “This looks like an attempted Wall Street takeover of New Jersey government,” said Mayer

Even worse, Corzine’s blind trust share the same address as his actively managed funds. “JSC Investments LLC, The Corzine Blind Trust and another investment company called Wiley’s Corp. all share the same post office box with Corzine’s Senate campaign committee at One Riverfront Plaza in Newark, according to a state and federal filing. That post office box is paid for by the Corzine campaign.” (“Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005)

According to Corzine’s 2004 Senate disclosure report, he owned between $86 million and $262 million in publicly held, and non-publicly held, assets. Between approximately 35 percent and 40 percent of that was in what Corzine calls The Corzine Blind Trust., “Not All Of Corzine’s Assets Are In Blind Trust As Promised,” The Asbury Park Press, August 5, 2005).

“Jon Corzine has a congenital inability to be honest with New Jersey voters about his own finances. Just by scratching the surface we learn that he and his Wall Street buddies at Goldman Sachs have been fleecing New Jersey taxpayers for years. We don’t believe that New Jersey voters want a wholesale takeover of New Jersey government by Wall Street that will enrich investment bankers and impoverish taxpayers” concluded Afran and Mayer.


Afran and Mayer said that Corzine could only resolve his conflicts by doing the following:

Immediately divest all interests in Goldman Sachs, including stocks and options.
Immediately disclose how many hundreds of millions of dollars Goldman Sachs made on all New Jersey bond deals both while Corzine was Chairman of the firm and while he was Senator.
Disclose whether he or any of his staff discussed New Jersey bond deals with George Norcross.
Write a letter to Goldman Sachs CEO demanding that the firm return its no-bid fees and that it undertake only competitive deals in the future.
Place all his remaining assets in a qualified blind trust.
Promise to ban all no-bid bond contracts as Governor.
Release his severance agreement with Goldman Sachs and any other schedule of assets prepared during litigation so that the voters of New Jersey know what Corzine owns and therefore what are the possibilities for more conflicts.
Provide more information about Corzine’s secretive non-public assets and the specific holdings of the various shell companies, like Wiley's Corporation and JSC Investments.

“The time for disclosure is long over-due. Only with full disclosure can the people truly understand the nature and extent of Jon Corzine’s conflicts. People have a right to know more about the business of a man who wants to be their Governor,” said Mayer.