Passenger Trains > About those road tolls used for rail projects...

The Bergen Record continues its investigation into the use of Port Authority of NY and NJ toll revenues, and whether their diversion to pay for highway projects in NJ was legal.  The tolls on interstate crossings were originally raised partly to support the (cancelled) ARC commuter rail tunnel to NY.  It matters, and may have relevance to California and the All Aboard Florida, because the Securities & Exchange Commission is investigating whether the tax exempt bonds sold to the public were properly descriptive.  Making false statements in a bond issue is a criminal act. There's been a lot of discussion about revenue and expense projections in the disclosure for both

The backstory is that the tolls were raised to support the PA's contribution to a rail tunnel linking the two states. When the tunnel was cancelled, the funds were diverted to a road project entirely in NJ which feeds traffic to the Holland Tunnel and local Jersey City etc neighborhoods. The "Bridgegate" scandal where a phony traffic study delayed thousands of travelers opened several senior PA officials to legal scrutiny, and the Record suggests some of them may know a lot about whether misleading statements found their way into bond disclosures.  Nobody has been charged with any crimes in this matter.

Probe intensifies, and enters a potentially criminal investigation

How will Candidate Christie brush this off? :)

Not to say that there aren't threads of truth in this "expose" but...

the Bergen Rancid is the house organ of the democrat party in northern NJ.

I don't think the Bergen Record has jurisdiction in California to prosecute anyone.

reindeerflame Wrote:
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> I don't think the Bergen Record has jurisdiction
> in California to prosecute anyone.

If there's reasonable cause, the Securities & Exchange Commission may recommend charges anywhere in the US

Yes the SEC can, but not the Record... much as they might like...

Come on Lack, if you want to quote the NYT, OK, but this newspaper?... Governor Florio "sells" the north segment of 80/95 to the Turnpike Authority, in the paper's backyard, same issue, bonding costs... crickets. HopingToBe Senator Florio begins to take a beating in the polls, Grandpa Lautenberg comes back from the dead to take his place on the ballot days before the general election... crickets from the boys in Hackensack...

The whole political soup in NJ for both parties is so corrupt none of this matters, and Christie has no chance as a presidential candidate... but a hit piece is still a hit piece.

And they're not even a NYS&W customer anymore, right?

RichM Wrote:
-------------------------------------------------------
> Yes the SEC can, but not the Record... much as
> they might like...
>
> Come on Lack, if you want to quote the NYT, OK,
> but this newspaper?... Governor Florio "sells"
> the north segment of 80/95 to the Turnpike
> Authority, in the paper's backyard, same issue,
> bonding costs... crickets. HopingToBe Senator
> Florio begins to take a beating in the polls,
> Grandpa Lautenberg comes back from the dead to
> take his place on the ballot days before the
> general election... crickets from the boys in
> Hackensack...
>
> The whole political soup in NJ for both parties is
> so corrupt none of this matters, and Christie has
> no chance as a presidential candidate... but a hit
> piece is still a hit piece.
>
> And they're not even a NYS&W customer anymore,
> right?

Correct. They moved out of  the River Street building at least a decade ago.

I think the SEC's interest in municipal and tax exempt bond issuance is very significant.  They moved on the Illinois politicians, and rapped a few knuckles. Required Illinois to add some bucks to the deal,  That was widely seen as a warning, but also a mulligan bestowed by the Oval office. In the case of AAF, it may cause them to add a few more lines to their outlook and risks to the offering page. For California, who knows what the authority may do?

Agreed, I was only mentioning the already accepted bad precedent with the Turnpike bonding!

But we're still friends I hope!

< When the tunnel was cancelled, the funds were diverted to a road project entirely in NJ which feeds traffic to the Holland Tunnel and local Jersey City etc neighborhoods.>

Actually, NJ lied and said the Pulaski Skyway should be rebuilt with PA funds since it lead to the LINCOLN tunnel. Christie won that one.
NY's King Andrew tried to get the PA to pay for Tappan Zee, but he lost that one.

http://www.nj.com/news/index.ssf/2015/07/even_the_lawyers_now_have_lawyers_at_the_embattled_port_authoritie.html



Edited 1 time(s). Last edit at 07/06/15 12:18 by joemvcnj.