Jon Corzine
Encyclopedia
Jon Stevens Corzine is the former CEO of Goldman Sachs
and of MF Global
, and a one time American politician, who served as the 54th Governor of New Jersey
from 2006 to 2010. A Democrat
, Corzine served five years of a six-year U.S. Senate term representing New Jersey before being elected Governor in 2005. He was defeated for re-election in 2009
by Republican
Chris Christie. In March 2010, Corzine was named chairman and CEO of MF Global Inc.
, a financial services firm specializing in futures brokerage that filed for bankruptcy
protection in October 2011.
Corzine began his career in banking and finance. In the early and mid 1970s, he worked for Midwestern
banks (Continental-Illinois National Bank in Chicago, Illinois and BancOhio National Bank in Columbus, Ohio
) during and after his master of business administration
(MBA) studies at the University of Chicago Booth School of Business
. In 1975 he moved to New Jersey to work for Goldman Sachs. He became Chairman and CEO of Goldman Sachs and the leading advocate in the firm's decision to go public. In 1999, having lost a power struggle with Henry M. Paulson, Corzine left the firm. After his departure from Goldman Sachs, he earned what has been estimated to be US$400 million during the 1999 initial public offering
of the company.
to Nancy June (née Hedrick) and Roy Allen Corzine. He grew up on a small family farm in Willey Station, Illinois
and near Taylorville
. After completing high school at Taylorville High School, where he had been the football
quarterback
and basketball captain
, he attended the University of Illinois at Urbana-Champaign
, where he was a member of the Phi Delta Theta
fraternity
, and graduated in 1969, earning Phi Beta Kappa honors. While in college, he enlisted in the United States Marine Corps Reserve
and served from 1969 until 1975, attaining the rank of sergeant. In 1970 he enrolled in the University of Chicago Booth School of Business
, from which he received a Master of Business Administration
degree in 1973.
His first experience in business was in University of Chicago Booth School of Business
at night. He then moved to BancOhio National Bank, a regional bank in Columbus, Ohio
that was acquired in 1984 by National City Bank. Corzine worked at BancOhio until 1975 when he moved his family to New Jersey and was hired as a bond
trader for Goldman Sachs.
and served on the U.S. Treasury Department's borrowing committee. As a Goldman Sachs senior partner, he was summoned to help develop a rescue package for the hedge fund Long Term Capital Management when the leveraged fund's collapse in the fall of 1998 threatened contagion across the US financial system. According to U.S. News & World Report
, Corzine did not get along with co-CEO Henry Paulson
, who came from the other major area of the bank, investment banking
. When Corzine decided to help the bailout, Paulson seized control of the firm. As co-chairman of the firm, he oversaw its expansion into Asia. When Goldman Sachs went public after Corzine's departure, Corzine made $400 million.
Corzine has participated in meetings of the Bilderberg Group
, a network of leaders in the fields of politics, business, and banking, from 1995–1997, 1999, 2003 and 2004.
seat after Frank Lautenberg
announced his retirement. Corzine was trailing by 30 percentage points. Corzine was elected to the Senate by a four percent margin over his Republican
opponent four-term United States Congressman Bob Franks
in the November 2000 election and was sworn into the Senate in January 2001. He spent over $62 million of his own money on his campaign, the most expensive Senate campaign in U.S. history over $33 million of this was spent on the primary election alone, where he defeated former Governor James Florio
58%–42%. Franks had been a last minute choice because New Jersey Governor Christine Todd Whitman
had been expected to run for the Senate. The record $62 million amount surpassed Michael Huffington
, who spent nearly $28 million in an unsuccessful 1994 Senate race.
During the campaign, Corzine refused to release his income tax return
records. He claimed an interest in doing so, but he cited a confidentiality agreement with Goldman Sachs. Skeptics argued that he should have followed the example of his predecessor Robert Rubin
, who converted his equity
stake into debt upon leaving Goldman.
Corzine campaigned for state government programs including universal health care
, universal gun registration
, mandatory public preschool, and more taxpayer funding for college education. He pushed affirmative action
and same-sex marriage
. David Brooks
considered Corzine so liberal that although his predecessor was also a Democrat, his election helped shift the Senate to the left.
During Corzine's campaign for the United States Senate
, he made some controversial off-color statements. When introduced to a man with an Italian name who said he was in the construction business, Corzine quipped: “Oh, you make cement shoes
!" according to Emanuel Alfano, chairman of the Italian-American One Voice Committee. Alfano also reported that when introduced to a lawyer named David Stein, Corzine said: "He's not Italian, is he? Oh, I guess he's your Jewish lawyer who is here to get the rest of you out of jail." Corzine denied mentioning religion, but did not deny the quip about Italians, claiming that some of his own ancestors were probably Italian, or maybe French.
Also in 2000, Corzine denied having paid off African-American ministers, when in fact the foundation controlled by him and his wife had paid one influential black church $25,000. Rev. Reginald T. Jackson, director of the Black Ministers Council, had campaigned against a form of racial profiling
whereby police officers stop minority drivers and had gotten New Jersey state police superintendent, Carl A. Williams, fired. Corzine had donated to Jackson prior to getting what appears to be a reciprocal endorsement.
Corzine entered Congress in a class of ten new senators, eight of whom were Democrats. According to U.S. News & World Report, Corzine, Hillary Clinton and Jean Carnahan
were the more notable new Senators in 2000. During his five year senatorial career, he was present at 1503 of 1673 votes, co-sponsored 1014 bills, sponsored 145 bills (11 of which made it out of committee), and had one sponsored bill enacted.
He co-authored the Sarbanes-Oxley Act
. In the aftermath of Enron
, he co-sponsored (with Barbara Boxer
) legislation, which was later propounded by Ted Kennedy
, that reforms the 401(k) plan
to minimize the risk of investment portfolios. The plan was opposed by United States President George W. Bush
and faced strong opposition in Congress. Restrictions on retirement account allocations were in direct opposition to the contemporaneous movement towards self-directed individual retirement accounts
for social security.
He was a sponsor of the Start Healthy, Stay Healthy Act. Corzine supported providing a two-year tax break to victims of the September 11, 2001 attacks
and help grant citizenship to victims who were legal resident aliens
. He supported gun control
laws, outlawing racial profiling
, and subsidies for Amtrak
. He was the chief sponsor, along with U.S. Senator Sam Brownback
, of the Darfur Accountability Act. He voted against the Iraq War Resolution. Corzine was the prime sponsor, along with U.S. Senator Frank Lautenberg
, of a federal version of John's Law, in memory of Navy Ensign John R. Elliott of New Jersey, a graduate of the U.S. Naval Academy who was killed by a drunk driver. The legislation provides federal highway safety grant incentives to encourage states to impound the cars of DUI
suspects. He was an early contributing blogger at The Huffington Post
. In the aftermath of the September 11, 2001 attacks, Corzine and Peter Fitzgerald attempted to mold a more disciplined bailout of the airline industry, but even the redesigned plan was not entirely satisfactory to Corzine. Corzine opposed the reduction in low-income student eligibility for Pell Grant
funding caused by changes in the "expected family contribution".
Corzine tried and failed to introduce legislation for chemical plant regulation six weeks after the September 11, 2001 attacks. Subsequent efforts by then-Administrator of the Environmental Protection Agency
and former New Jersey Governor Christine Todd Whitman in 2002 were also squelched. Along with Hillary Clinton, he was one of the few senators who attempted to pressure the Bush administration
to clamp down on regulation of the chemical and nuclear-power industries. His efforts helped make New Jersey one of the stricter states in the nation in terms of chemical plant regulation.
In 2001, he coauthored (with Bob Graham
) a tax cut proposal aimed at lowering the marginal tax bracket from 15% to 10% on the first $19,000 of taxable income
. In 2002, he proposed a tax cut that exempted the first $10,000 of income from the $765 of Social Security taxes for both employers and employees. Despite his liberal tax cut suggestions, he is also a proponent of eliminating double taxation
by making dividend
payments tax deductible to companies as a form of economic stimulus.
While in the Senate, he chaired the Democratic Senatorial Campaign Committee
from 2003–2005. In this role he was influential in convincing certain potential candidates to not run in order to avoid costly primaries in three key states during the 2004 United States Senate elections
. He also played a role in the selection of Senator John Edwards
as a running mate
for Senator John Kerry
. Oddly, his resolution to congratulate Bruce Springsteen
on the 30th Anniversary of Born to Run
for his contribution to American culture was derailed in all likelihood due to Springsteen's support of Kerry.
In 2002, Corzine called for the resignation of United States Securities and Exchange Commission
Chairman Harvey Pitt
.
, Intelligence
, the Budget, and Energy and Natural Resources
.
, spent $73 million on their gubernatorial campaigns by the week before Election day
. This included $38 million by Corzine and $19 million by Forrester for the general election. The primaries accounted for the difference. Since Corzine had spent over $62 million on his 2000 United States Senate elections
, the combined expenditures for Corzine's run for the Senate and Governorship exceeded $100 million. The main campaign issues were property tax
es and the Bush administration. New Jersey had averaged $5,500 in 2004 property taxes, and Corzine tried to link his opponent to Bush.
The campaign for the post of Governor of New Jersey
was successful with 54% of the vote. Forrester, a businessman and a former Mayor of West Windsor Township
, in Mercer County
, won 43%. Corzine received 1,224,493 votes to Forrester's 985,235. A total of 80,277 votes, or 3%, were scattered among other candidates. Corzine won 13 of New Jersey's 21 counties: Atlantic
, Bergen
, Burlington
, Camden
, Cumberland
, Essex
, Gloucester
, Hudson
, Mercer
, Middlesex
, Passaic
, Salem
, and Union
. Corzine won the three most populous counties (Bergen, Essex, and Middlesex), five of the top six, and seven of the top nine.
. Early on, Rasmussen Reports
indicated that Republican challenger Chris Christie led Corzine 47% to 38%. Later polls showed Corzine closing the gap, and in some cases, ahead. In the end, Corzine lost the race to Christie by a margin of 48.5% to 44.9%, with 5.8% of the vote going to independent candidate Chris Daggett.
After taking office in January 2006, Corzine's approval numbers were low. Many polls seemed to indicate that much of this negative polling was a result of the 2006 New Jersey State Government shutdown
. An April 26, 2006, polls from Quinnipiac University Polling Institute showed Corzine at a 35% approval with a 42% disapproval. A February 28, 2007, poll from Quinnipiac University showed Corzine at 50% approval with 34% disapproval. When Corzine released a controversial plan to monetize the New Jersey Turnpike
and the Garden State Parkway
, his approval rating fell to 40% in January 2008. In conjunction with this fall in approval rating, an initiative to recall the Governor was started for the first and only time in New Jersey history. The recall effort failed after gathering less than 100,000 of the required 1.2 million signatures.
One of Corzine's first political tests as governor was the threat to New Jersey ports, of shipping operation control by a company from the United Arab Emirates
. Although President George W. Bush supported the sale of the business of operating the United States' ports, Corzine viewed this transaction as a national security threat.
Corzine had long insisted that state employees must bear part of the cost of their health benefits after retirement. As of July 1, 2007, in
agreements with the Communications Workers of America, the American Federation of State, County, and Municipal Employees, and the International Federation of Professional and Technical Engineers, active State employees in those unions (as well as certain other non-union employees) are now required to contribute 1.5% of their salary to offset health care costs. State and local employees’ contributions to the two largest pension systems by 10%, from 5% to 5.5% of their annual salaries and increased the retirement benefit age for new public employees, from 55 to 60 years. In 2008, Corzine approved a law that increased the retirement age from 60 to 62, required that government workers and teachers earn $7,500 per year to qualify for a pension, eliminated Lincoln's Birthday as a state worker holiday, allowed the state to offer incentives not to take health insurance and required municipal employees work 20 hours per week to get health benefits.
As part of his attempt to balance the budget, Corzine has decreased funding to most programs and localities including state universities and colleges. The first of these decreases came with the 2007 budget. Rutgers University
and other New Jersey state universities have raised tuition, cut hundreds of sections of classes, and several sports teams. With the latest decrease in funding for 2009, most state institutions have funding that is less than the amount they had a decade ago.
Corzine has been the only New Jersey Governor in recent memory to make any headway in addressing the crisis of municipal funding. While not directly touching the third rail of New Jersey governance – property taxes – Corzine's reform of the school funding formula (passed and signed in January 2008) resulted in significant relief to many New Jersey towns with outsize school costs but limited tax base. The plan survived a legal challenge and was declared constitutional by the New Jersey Supreme Court on May 28, 2009.
Corzine has championed expanding government health and education programs. He planned to require every resident to enroll in a health plan and have taxpayers help pick up the tab for low and middle income residents. In June 2008 state legislators voted for the first phase of that program mandating heath care coverage for children and Corzine signed it into law in July.
Corzine spent some $200,000 of his own money on advertisements to promote a referendum on the 2007 New Jersey ballot to borrow $450 million to fund stem cell research. The referendum faced strong opposition and was rejected despite the fact that $270 million had previously been approved to build stem cell research centers.
Corzine, a death penalty opponent, as Governor supported and presided over abolition of the capital punishment in New Jersey and replacing it with life imprisonment
. After the legislature passed and he signed it into law, New Jersey became the first state to legislatively eliminate capital punishment since 1965. Although the bill was not passed until late in 2007, New Jersey had not executed any criminals since 1963. Because the penalty was never used and often reversed upon appeal it was viewed as a form of extended suffering for victims' families by some supporters of its abolition. Before the enactment of the new law, he commuted the death sentences of all death row
inmates to life in prison. Corzine also has supported early New Jersey efforts at gun control
.
Corzine (along with governors Martin O'Malley
(MD
), Mike Beebe (AR
), and Eliot Spitzer
(NY
)) was one of several United States Governors who was an early supporter of Hillary Clinton's 2008 presidential campaign
. He raised $1 million for her campaign. He, Bill Clinton
, Eliot Spitzer
, Chuck Schumer, and Charlie Rangel co-hosted Clinton's October 25, 2007 60th-birthday party. He remained a committed Clinton superdelegate
late into the 2008 Democratic Party presidential primary season
. In the event the Democratic National Committee
would have decided to recontest the Michigan
and Florida primaries
, Corzine and Ed Rendell
were prepared to spearhead Clinton's fundraising in for those races. Towards the end of the primary season in April 2008, Corzine made it clear that although he was a Clinton supporter, his superdelegate vote would be determined by the popular vote. After her win in the April 22, 2008 Pennsylvania Democratic primary
and a calculation of popular votes that excluded caucuses and included the controversial Michigan and Florida Democratic primaries, Corzine reaffirmed his support for her. Once Barack Obama
became the presumptive nominee
, Corzine became a prominent spokesperson for Obama's agenda.
Corzine was among a group of big (in terms of population) state governors, such as Arnold Schwarzenegger
, who moved his state Republican
and Democratic
primaries to February 5, 2008, the date of Super Tuesday, 2008
. He was also among a group of prominent politicians (that included Ted Kennedy and Barack Obama) who received political contributions from Norman Hsu
that he ended up donating to charity.
In November 2008, in response to the ongoing economic downturn, Corzine proposed an economic recovery package consisting of additional spending, accelerated capital improvement spending and reforms and cuts to the corporate income tax. As of December 2008 many elements of the plan had been approved. On January 2, 2009, Corzine joined the governors of four other states in urging the federal government to provide $1 trillion in aid to the country's 50 state governments to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.
, particularly over the proposed increase of the state's sales tax from 6% to 7%. Corzine said that he would not accept a budget that did not include the sales tax increase. After the legislature failed to pass Corzine's budget by the midnight deadline of July 1, 2006, he signed an executive order that immediately closed down all non-essential state government services, such as road construction projects. Legislators failed to resolve the situation by July 4 and casinos, among other governmentally-regulated industries, closed their doors at 8:00 am on July 5. Corzine called the shutdown "deplorable," though he refused to negotiate with legislators and accept alternate plans that did not increase the sales tax. It is estimated that the state lost several millions of dollars of revenue every day the casinos remained closed.
After six days of state government shut down, Corzine and Assembly Democrats agreed to raise the state sales tax from 6% to 7% with half of the 1% increase going to the state budget and the other half going to property tax relief. On July 8, 2006, the $30 billion state budget, with the sales tax agreement, passed both houses and Governor Corzine signed the budget into law ending the budget impasse.
of the New Jersey Turnpike
. On January 8, 2008, to address ongoing structural budget issues, Governor Corzine proposed a four-part proposal including an overall reduction in spending, a constitutional amendment to require more voter approval for state borrowing, an executive order prohibiting the use of one-time revenues to balance the budget and a controversial plan to raise some $38 billion by leasing the Garden State Parkway
, the New Jersey Turnpike
, and other toll roads for at least 75 years to a new public benefit corporation
that could sell bonds secured by future tolls, which it would be allowed to raise by 50% plus inflation every four years beginning in 2010. Corzine vowed to get that plan through the state legislature by March, but held off for nearly a month before releasing the details. Upon learning how the plan would work, New Jersey residents railed against it, comparing it to using one credit card to pay off another, pointing out that it would create hardship for commuters and noting that it would actually increase the state's $32 billion debt.
, the then president of Local 1034 of the Communications Workers of America
, which represents the largest number of state workers in New Jersey. As Katz later recalled, Corzine offered her a job on his Senate campaign, but she declined the offer. Corzine and Katz were soon dating, and they began appearing in public as a couple in early 2002, shortly after Corzine's separation from his wife Joanne. (The Corzines divorced the following year.) For more than two years Corzine was romantically involved with Katz. She lived with him at his apartment in Hoboken
from April 2002 until August 2004.
After Corzine's breakup with Katz, their lawyers negotiated a financial payout in November 2004. According to press accounts, the settlement for Katz exceeded $6 million, including cash (in part used to buy her $1.1 million condominium in Hoboken), a college trust fund to educate her children, a 2005 Volvo
sport utility vehicle
, and Corzine forgave a $470,000 loan that he had made to Katz in 2002 so that she could buy out her ex-husband's share of their home in Alexandria Township
. Katz enrolled in Seton Hall University School of Law
on a full scholarship in 2004. Corzine later admitted that he had also given $15,000 to Carla Katz's brother-in-law, Rocco Riccio, a former state employee who had resigned, after being accused of examining income tax
returns for political purposes. At the time, Katz was president of the Communications Workers of America
Local 1034, which bargains on behalf of many state employees.
In the summer of 2005, when Corzine was running in the New Jersey gubernatorial election
, news first emerged of his relationship with Katz and the money she had received. Corzine was elected governor despite the scandal. In the fall of 2006, during an impasse in contract negotiations between the Corzine administration and the state's seven major state employee unions (including the CWA), Katz contacted the governor by phone and e-mail to lobby for a renewal of the negotiations. Their relationship and the financial settlement Katz received after their breakup led to criticism of potential conflicts of interest in labor negotiations while Corzine was governor. A state ethics panel, acting on a complaint from Bogota
mayor Steve Lonegan
, ruled in May 2007 that Katz's contact with Corzine during negotiations did not violate the governor's code of conduct. Separately, New Jersey Republican State Committee
Chairman Tom Wilson
filed a lawsuit to release all e-mail correspondence between Corzine and Katz during the contract negotiations. On May 30, 2008, New Jersey Superior Court
Judge Paul Innes ruled that at least 745 pages of e-mail records should be made public, but Corzine's lawyers immediately appealed the decision.
Corzine won his case on appeal, and on March 18, 2009, the New Jersey Supreme Court
ruled that it would not hear arguments in the case, effectively ending the legal battle to make his e-mails with Katz public. Corzine spent approximately $127,000 of taxpayer funds to keep the e-mails secret. Despite these efforts, on August 1, 2010, The Star-Ledger
published 123 of the Corzine-Katz e-mails, revealing the extent of their personal contact during negotiations over a new state workers contract in early 2007.
, Rush Holt
, or Frank Pallone
. Governor Richard Codey
although on November 23, 2005, he announced that he was not interested in pursuing the seat. On December 9, 2005, Corzine named U.S. Rep. Bob Menendez, a Democrat, to succeed him.
One of Corzine's first nominations was that of Zulima Farber
as New Jersey Attorney General
. Farber had been nominated to serve on the New Jersey Supreme Court
by former Governor James E. McGreevey who resigned in August 2004 amidst a plethora of scandals, but McGreevey withdrew the nomination after learning that Farber had bench warrants issued for her arrest for numerous motor vehicle infractions. Despite criticism, Corzine nominated her as Attorney General. She served for approximately seven months until an ethics investigation concluded that she had improperly influenced local police in Fairview, New Jersey
who had stopped her boyfriend Hamlet Gore for driving with a suspended license and an expired vehicle registration. Corzine insisted he did not ask for Farber's resignation.
On February 9, 2006, after many scandals regarding financial mishandling at the University of Medicine and Dentistry of New Jersey
, Corzine nominated Robert Del Tufo
, the former Attorney General of New Jersey and U.S. Attorney, as chairman of the board of trustees. Corzine also nominated Oliver Quinn, Prudential Financial's vice president and chief ethics officer, as vice chairman of the board.
Corzine's commissioner of the Department of Environmental Protection and Chief of Staff, Lisa P. Jackson
was nominated as the administrator of the United States Environmental Protection Agency
. She was confirmed by the Senate on January 22, 2009.
near Galloway Township
while traveling from the New Jersey Conference of Mayors in Atlantic City
to Drumthwacket
, his residence in Princeton
, to meet with radio personality Don Imus
and the Rutgers University
women's basketball team.
The New Jersey State Police
determined that Corzine's SUV
, driven by a state trooper, was traveling in excess of 90 MPH (147 km/h) in a 65 MPH (105 km/h) zone with its emergency lights flashing when the collision occurred. A pickup truck
drifted onto the shoulder and swerved back onto the lane, and another pickup truck
swerved to avoid the truck and hit the Governor's SUV, causing the SUV to hit the guardrail. The State Police reviewed roadside camera recordings and E-ZPass
records to track down the driver of the truck; he was not charged with any violation.
Corzine and the trooper were flown by helicopter
to Cooper University Hospital
in Camden
, a Level I trauma center. The aide was taken by ambulance to Atlantic City Medical Center
. Neither the trooper nor the aide was seriously injured, but Corzine suffered broken bones, including an open fracture of the left femur
, 11 broken ribs, a broken sternum, a broken collarbone, a fractured lower vertebra, and a facial cut that required plastic surgery
. The Governor was not wearing a seat belt. Friends had long said that they had rarely seen him wear one. When asked why the state trooper who was driving would not have asked Corzine to put on his seat belt, a staffer said the governor was "not always amenable to suggestion". The Superintendent of State Police has also noted that the trooper could be charged if the crash was preventable.
By April 23, 2007, Corzine's doctors had upgraded him from critical to stable condition. He was sedated and unable to speak because of a breathing tube
in his throat, and as such, was unable to perform his duties as Governor. In accordance with the New Jersey State Constitution
, New Jersey Senate
President Richard Codey
assumed the position of acting governor
from April 12 until May 7, 2007. In 2005, voters had approved an amendment to the state constitution to provide for a Lieutenant Governor
who would succeed the governor in the event of a vacancy, but that position would not be filled until 2010.
Corzine left the hospital on April 30, 2007. He sped to Drumthwacket
“in a van clocked at fifteen miles [per hour] over the speed limit.” New York Post
columnist Leonard Greene
reported that the Governor's motorcade, while traveling on Interstate 295 en route to his mansion, was clocked by unnamed motorists at a speed of 70 MPH while in a 55 MPH zone. Corzine recuperated at Drumthwacket, which had been outfitted with a videoconferencing
center (at his expense) so he could communicate with legislators. He issued an apology, paid a $46 ticket (issued at the behest of his staff) for not wearing a seatbelt, and he appeared in a public service announcement
advocating seat belts which opened with the words "I’m New Jersey Gov. Jon Corzine, and I should be dead."
It was reported that Corzine would pay his own medical bills rather than bill taxpayers.
PublicMind Poll 47% of New Jersey voters approved of the job Corzine was doing, while only 16% disapproved. Dr. Peter Woolley, director of the PublicMind, noted, “the numbers are pretty good for a New Jersey governor heading full tilt into an unprecedented budget crisis. Quickly diminished was much of the good will that was indicated by the March poll and in April 2006, a PublicMind poll showed that Corzine’s approval rating had eroded to 39% while his disapproval rating shot up to 36%. But by July 2006 the Governor’s
ratings recovered to some extent from the April decline and in September of the same year it was clear that Corzine’s approvals had not suffered from the summer conflict over the budget and the sales tax hike: 51% of New Jersey voters approved of the governor’s handling of his job while 31% disapproved. His ratings remained relatively stable and healthy through the rest of 2006 and 2007 with his average approvals at 54% and his average disapprovals at 29%. His car crash and injuries had no effect.
In January 2008, prior to the State of the State address Corzine was at 48% approving 32% disapproving. But another FDU PublicMind poll taken in late January, after the State of the State address, showed that governor’s ratings were slipping: 41% of voters approved of the job Corzine was doing while 39% reported that they disapproved. The decline was largely in response to the governor’s plan to raise tolls on the New Jersey Turnpike and the Garden State Parkway. February 2008 was not any kinder, as a PublicMind poll indicated that his numbers continued to slip with disapprovals catching up to approvals with 42% of voters approving and 43% of voters disapproving. Dr. Woolley of the PublicMind remarked on the decline saying, “Considering the beating he has taken on his toll plan, it’s remarkable that his numbers are not a good deal worse.” The governor’s approval ratings showed no recovery through September 2008 with his approvals and disapprovals averaging 42% and 43% respectively. Coincident with the presidential campaign, Corzine’s approval ratings saw some improvement.
In January 2009 he stood at 46% approving and 40% disapproving. Dr. Woolley asserted that the governor was faring relatively well in public opinion considering “the enormous and growing pressure on the state budget and on the governor to protect various constituencies.” Come March 2009, the PublicMind Poll found that, “Gov. Jon Corzine’s standing with the New Jersey public is suffering along with the economy,” and as a result his approvals began to slip with 40% of voters approving and 43% disapproving. His approvals continued to decline in April as he contended with the budget and the financial crisis with 40% approving and 49% disapproving. At the end of his term, in January 2010, Corzine’s approvals landed at their lowest point during the administration with 33% approving and 58% disapproving.
, a multinational futures broker and bond dealer, in March 2010.
Corzine also serves in 2010 as a partner at J.C. Flowers & Co., the private equity firm founded by his friend J. Christopher Flowers. Flowers owns a 10 percent stake in MF Global and is also a former Goldman Sachs' partner.
MF Global's stock price declined two-thirds in the final week of October 2011 and its credit rating
was reduced making its debt high-yield debt
following huge quarterly losses. On October 31, 2011, trading was halted on shares of MF Global prior to the market opening, and soon thereafter MF Global announced that it had declared Chapter 11 bankruptcy. Shortly afterwards, federal regulators began an investigation into hundreds of millions of dollars in missing customer funds.. Corzine resigned as CEO on November 4, 2011, after having retained the services of defense attorney Andrew J. Levander. It was reported that Corzine declined a severance package worth $12.1 million. MF Global's collapse was one of the ten biggest bankruptcies in US history.
that Corzine "let his family down, and he'll probably let New Jersey down, too." This quote was used by gubernatorial opponent Doug Forrester
in a campaign advertisement.
Corzine had lived with his wife in Summit
. After their separation, Corzine moved to a condominium apartment building in Hoboken
, in the same building as quarterbacks Eli Manning
and Jesse Palmer
.
In April 2010, The Huffington Post
announced the engagement of Corzine and psychotherapist Sharon Elghanayan, whom he had been dating since 2004. On November 23, 2010, Corzine married Elghanayan in a ceremony presided over by Chief Justice of the New Jersey Supreme Court
Stuart Rabner
, according to an announcement in The New York Times
.
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
and of MF Global
MF Global
MF Global , formerly known as Man Financial, was a major global financial derivatives broker. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference , foreign exchange and spread betting. MF Global was...
, and a one time American politician, who served as the 54th Governor of New Jersey
Governor of New Jersey
The Office of the Governor of New Jersey is the executive branch for the U.S. state of New Jersey. The office of Governor is an elected position, for which elected officials serve four year terms. While individual politicians may serve as many terms as they can be elected to, Governors cannot be...
from 2006 to 2010. A Democrat
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
, Corzine served five years of a six-year U.S. Senate term representing New Jersey before being elected Governor in 2005. He was defeated for re-election in 2009
New Jersey gubernatorial election, 2009
The New Jersey gubernatorial election of 2009 took place on November 3, 2009. Democratic Governor Jon Corzine was running for a second term and was being challenged by Republican Chris Christie, Independent Christopher Daggett and nine others, in addition to several write-in candidates...
by Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
Chris Christie. In March 2010, Corzine was named chairman and CEO of MF Global Inc.
MF Global
MF Global , formerly known as Man Financial, was a major global financial derivatives broker. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference , foreign exchange and spread betting. MF Global was...
, a financial services firm specializing in futures brokerage that filed for bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
protection in October 2011.
Corzine began his career in banking and finance. In the early and mid 1970s, he worked for Midwestern
Midwestern United States
The Midwestern United States is one of the four U.S. geographic regions defined by the United States Census Bureau, providing an official definition of the American Midwest....
banks (Continental-Illinois National Bank in Chicago, Illinois and BancOhio National Bank in Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
) during and after his master of business administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
(MBA) studies at the University of Chicago Booth School of Business
Booth School of Business
The University of Chicago Booth School of Business is a graduate business school located in Chicago, Illinois, at the University of Chicago. Formerly known as the University of Chicago Graduate School of Business, Chicago Booth is the second oldest business school in the U.S., the first such school...
. In 1975 he moved to New Jersey to work for Goldman Sachs. He became Chairman and CEO of Goldman Sachs and the leading advocate in the firm's decision to go public. In 1999, having lost a power struggle with Henry M. Paulson, Corzine left the firm. After his departure from Goldman Sachs, he earned what has been estimated to be US$400 million during the 1999 initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
of the company.
Early years, education, and early business career
Corzine was born in central IllinoisIllinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...
to Nancy June (née Hedrick) and Roy Allen Corzine. He grew up on a small family farm in Willey Station, Illinois
Willey Station, Illinois
Willey Station is an unincorporated community in Christian County, Illinois, United States. It lies on land donated by , for whom it was named. He arrived in Christian County in 1845. The town was laid out by , who built and owned the station house...
and near Taylorville
Taylorville, Illinois
Taylorville is a city in Christian County, Illinois, United States. The population was 11,246 at the 2010 census. It is the county seat and largest city in Christian County.-Geography:Taylorville is located at ....
. After completing high school at Taylorville High School, where he had been the football
American football
American football is a sport played between two teams of eleven with the objective of scoring points by advancing the ball into the opposing team's end zone. Known in the United States simply as football, it may also be referred to informally as gridiron football. The ball can be advanced by...
quarterback
Quarterback
Quarterback is a position in American and Canadian football. Quarterbacks are members of the offensive team and line up directly behind the offensive line...
and basketball captain
Captain (sports)
In team sports, a captain is a title given to a member of the team. The title is frequently honorary, but in some cases the captain may have significant responsibility for strategy and teamwork while the game is in progress on the field...
, he attended the University of Illinois at Urbana-Champaign
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana–Champaign is a large public research-intensive university in the state of Illinois, United States. It is the flagship campus of the University of Illinois system...
, where he was a member of the Phi Delta Theta
Phi Delta Theta
Phi Delta Theta , also known as Phi Delt, is an international fraternity founded at Miami University in 1848 and headquartered in Oxford, Ohio. Phi Delta Theta, Beta Theta Pi, and Sigma Chi form the Miami Triad. The fraternity has about 169 active chapters and colonies in over 43 U.S...
fraternity
Fraternity
A fraternity is a brotherhood, though the term usually connotes a distinct or formal organization. An organization referred to as a fraternity may be a:*Secret society*Chivalric order*Benefit society*Friendly society*Social club*Trade union...
, and graduated in 1969, earning Phi Beta Kappa honors. While in college, he enlisted in the United States Marine Corps Reserve
United States Marine Corps Reserve
The Marine Forces Reserve is the reserve force of the United States Marine Corps. It is the largest command in the U.S...
and served from 1969 until 1975, attaining the rank of sergeant. In 1970 he enrolled in the University of Chicago Booth School of Business
Booth School of Business
The University of Chicago Booth School of Business is a graduate business school located in Chicago, Illinois, at the University of Chicago. Formerly known as the University of Chicago Graduate School of Business, Chicago Booth is the second oldest business school in the U.S., the first such school...
, from which he received a Master of Business Administration
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
degree in 1973.
His first experience in business was in University of Chicago Booth School of Business
Booth School of Business
The University of Chicago Booth School of Business is a graduate business school located in Chicago, Illinois, at the University of Chicago. Formerly known as the University of Chicago Graduate School of Business, Chicago Booth is the second oldest business school in the U.S., the first such school...
at night. He then moved to BancOhio National Bank, a regional bank in Columbus, Ohio
Columbus, Ohio
Columbus is the capital of and the largest city in the U.S. state of Ohio. The broader metropolitan area encompasses several counties and is the third largest in Ohio behind those of Cleveland and Cincinnati. Columbus is the third largest city in the American Midwest, and the fifteenth largest city...
that was acquired in 1984 by National City Bank. Corzine worked at BancOhio until 1975 when he moved his family to New Jersey and was hired as a bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
trader for Goldman Sachs.
Goldman Sachs
Over the years, he worked his way up to Chairman and CEO of the company in 1994 and successfully converted the investment firm from a private partnership to a publicly traded corporation. Corzine's predecessor had led Goldman to its first money-losing year in its 129-year history and to its near collapse as a firm. Corzine also chaired a presidential commission for Bill ClintonBill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
and served on the U.S. Treasury Department's borrowing committee. As a Goldman Sachs senior partner, he was summoned to help develop a rescue package for the hedge fund Long Term Capital Management when the leveraged fund's collapse in the fall of 1998 threatened contagion across the US financial system. According to U.S. News & World Report
U.S. News & World Report
U.S. News & World Report is an American news magazine published from Washington, D.C. Along with Time and Newsweek it was for many years a leading news weekly, focusing more than its counterparts on political, economic, health and education stories...
, Corzine did not get along with co-CEO Henry Paulson
Henry Paulson
Henry Merritt "Hank" Paulson, Jr. is an American banker who served as the 74th United States Secretary of the Treasury. He previously served as the Chairman and Chief Executive Officer of Goldman Sachs.-Early life and family:...
, who came from the other major area of the bank, investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
. When Corzine decided to help the bailout, Paulson seized control of the firm. As co-chairman of the firm, he oversaw its expansion into Asia. When Goldman Sachs went public after Corzine's departure, Corzine made $400 million.
Corzine has participated in meetings of the Bilderberg Group
Bilderberg Group
The Bilderberg Group, Bilderberg conference, or Bilderberg Club is an annual, unofficial, invitation-only conference of approximately 120 to 140 guests from North America and Western Europe, most of whom are people of influence. About one-third are from government and politics, and two-thirds from...
, a network of leaders in the fields of politics, business, and banking, from 1995–1997, 1999, 2003 and 2004.
2000 election
After being forced from Goldman Sachs in January 1999, Corzine campaigned for a New Jersey SenateUnited States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
seat after Frank Lautenberg
Frank Lautenberg
Frank Raleigh Lautenberg is the senior United States Senator from New Jersey and a member of the Democratic Party. Previously, he was the Chairman and Chief Executive Officer of Automatic Data Processing, Inc.-Early life, career, and family:...
announced his retirement. Corzine was trailing by 30 percentage points. Corzine was elected to the Senate by a four percent margin over his Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
opponent four-term United States Congressman Bob Franks
Bob Franks
Robert Douglas "Bob" Franks was a Republican politician. He was a former U.S. Representative from New Jersey.-Biography:...
in the November 2000 election and was sworn into the Senate in January 2001. He spent over $62 million of his own money on his campaign, the most expensive Senate campaign in U.S. history over $33 million of this was spent on the primary election alone, where he defeated former Governor James Florio
James Florio
James Joseph "Jim" Florio is a Democratic politician who served as the 49th Governor of New Jersey from 1990 to 1994, the first Italian American to hold the position...
58%–42%. Franks had been a last minute choice because New Jersey Governor Christine Todd Whitman
Christine Todd Whitman
Christine Todd "Christie" Whitman is an American Republican politician and author who served as the 50th Governor of New Jersey from 1994 to 2001, and was the Administrator of the Environmental Protection Agency in the administration of President George W. Bush from 2001 to 2003. She was New...
had been expected to run for the Senate. The record $62 million amount surpassed Michael Huffington
Michael Huffington
Michael Huffington is an American politician, bisexual activist, and film producer. He was a member of the Republican Party, and a member of the United States House of Representatives for one term, 1993–1995, from California...
, who spent nearly $28 million in an unsuccessful 1994 Senate race.
During the campaign, Corzine refused to release his income tax return
Tax return (United States)
Tax returns in the United States are reports filed with the Internal Revenue Service or with the state or local tax collection agency containing information used to calculate income tax or other taxes...
records. He claimed an interest in doing so, but he cited a confidentiality agreement with Goldman Sachs. Skeptics argued that he should have followed the example of his predecessor Robert Rubin
Robert Rubin
Robert Edward Rubin served as the 70th United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs eventually serving as a member of the Board, and Co-Chairman from 1990-1992...
, who converted his equity
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
stake into debt upon leaving Goldman.
Corzine campaigned for state government programs including universal health care
Universal health care
Universal health care is a term referring to organized health care systems built around the principle of universal coverage for all members of society, combining mechanisms for health financing and service provision.-History:...
, universal gun registration
Gun law in the United States
Gun law in the United States is defined by a number of state and federal statutes. In the United States of America, the protection against infringement of the right to keep and bear arms is addressed in the Second Amendment to the United States Constitution...
, mandatory public preschool, and more taxpayer funding for college education. He pushed affirmative action
Affirmative action
Affirmative action refers to policies that take factors including "race, color, religion, gender, sexual orientation or national origin" into consideration in order to benefit an underrepresented group, usually as a means to counter the effects of a history of discrimination.-Origins:The term...
and same-sex marriage
Same-sex marriage
Same-sex marriage is marriage between two persons of the same biological sex or social gender. Supporters of legal recognition for same-sex marriage typically refer to such recognition as marriage equality....
. David Brooks
David Brooks (journalist)
David Brooks is a Canadian-born political and cultural commentator who considers himself a moderate and writes for the New York Times...
considered Corzine so liberal that although his predecessor was also a Democrat, his election helped shift the Senate to the left.
During Corzine's campaign for the United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
, he made some controversial off-color statements. When introduced to a man with an Italian name who said he was in the construction business, Corzine quipped: “Oh, you make cement shoes
Cement shoes
Cement shoes is a slang term adopted by the American Mafia crime world for a method of execution that involves weighting down a victim and throwing him or her into the water to drown. It has become adopted in the US as a humorous term representing any exotic threat from criminals. This gives rise...
!" according to Emanuel Alfano, chairman of the Italian-American One Voice Committee. Alfano also reported that when introduced to a lawyer named David Stein, Corzine said: "He's not Italian, is he? Oh, I guess he's your Jewish lawyer who is here to get the rest of you out of jail." Corzine denied mentioning religion, but did not deny the quip about Italians, claiming that some of his own ancestors were probably Italian, or maybe French.
Also in 2000, Corzine denied having paid off African-American ministers, when in fact the foundation controlled by him and his wife had paid one influential black church $25,000. Rev. Reginald T. Jackson, director of the Black Ministers Council, had campaigned against a form of racial profiling
Racial profiling
Racial profiling refers to the use of an individual’s race or ethnicity by law enforcement personnel as a key factor in deciding whether to engage in enforcement...
whereby police officers stop minority drivers and had gotten New Jersey state police superintendent, Carl A. Williams, fired. Corzine had donated to Jackson prior to getting what appears to be a reciprocal endorsement.
Tenure
Jean Carnahan
Jean Anne Carpenter Carnahan is an American politician and writer who served in the United States Senate from 2001 to 2002. A Democrat, she was appointed to the Senate to fill the seat of her posthumously elected husband, becoming the first woman to represent Missouri in the Senate.-Biography:Born...
were the more notable new Senators in 2000. During his five year senatorial career, he was present at 1503 of 1673 votes, co-sponsored 1014 bills, sponsored 145 bills (11 of which made it out of committee), and had one sponsored bill enacted.
He co-authored the Sarbanes-Oxley Act
Sarbanes-Oxley Act
The Sarbanes–Oxley Act of 2002 , also known as the 'Public Company Accounting Reform and Investor Protection Act' and 'Corporate and Auditing Accountability and Responsibility Act' and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which...
. In the aftermath of Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
, he co-sponsored (with Barbara Boxer
Barbara Boxer
Barbara Levy Boxer is the junior United States Senator from California . A member of the Democratic Party, she previously served in the U.S. House of Representatives ....
) legislation, which was later propounded by Ted Kennedy
Ted Kennedy
Edward Moore "Ted" Kennedy was a United States Senator from Massachusetts and a member of the Democratic Party. Serving almost 47 years, he was the second most senior member of the Senate when he died and is the fourth-longest-serving senator in United States history...
, that reforms the 401(k) plan
401(k)
A 401 is a type of retirement savings account in the United States, which takes its name from subsection of the Internal Revenue Code . A contributor can begin to withdraw funds after reaching the age of 59 1/2 years...
to minimize the risk of investment portfolios. The plan was opposed by United States President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
and faced strong opposition in Congress. Restrictions on retirement account allocations were in direct opposition to the contemporaneous movement towards self-directed individual retirement accounts
Self-Directed IRA
A Self-Directed Individual Retirement Arrangement is an IRA that requires the account owner to make investment decisions and investments on behalf of the retirement plan. IRS regulations require that either a qualified trustee, or custodian hold the IRA assets on behalf of the IRA owner...
for social security.
He was a sponsor of the Start Healthy, Stay Healthy Act. Corzine supported providing a two-year tax break to victims of the September 11, 2001 attacks
September 11, 2001 attacks
The September 11 attacks The September 11 attacks The September 11 attacks (also referred to as September 11, September 11th or 9/119/11 is pronounced "nine eleven". The slash is not part of the pronunciation...
and help grant citizenship to victims who were legal resident aliens
Alien (law)
In law, an alien is a person in a country who is not a citizen of that country.-Categorization:Types of "alien" persons are:*An alien who is legally permitted to remain in a country which is foreign to him or her. On specified terms, this kind of alien may be called a legal alien of that country...
. He supported gun control
Gun control
Gun control is any law, policy, practice, or proposal designed to restrict or limit the possession, production, importation, shipment, sale, and/or use of guns or other firearms by private citizens...
laws, outlawing racial profiling
Racial profiling
Racial profiling refers to the use of an individual’s race or ethnicity by law enforcement personnel as a key factor in deciding whether to engage in enforcement...
, and subsidies for Amtrak
Amtrak
The National Railroad Passenger Corporation, doing business as Amtrak , is a government-owned corporation that was organized on May 1, 1971, to provide intercity passenger train service in the United States. "Amtrak" is a portmanteau of the words "America" and "track". It is headquartered at Union...
. He was the chief sponsor, along with U.S. Senator Sam Brownback
Sam Brownback
Samuel Dale "Sam" Brownback is the 46th and current Governor of Kansas. A member of the Republican Party, he served as a U.S. Senator from Kansas from 1996 to 2011, and as a U.S. Representative for Kansas's 2nd congressional district from 1995 to 1996...
, of the Darfur Accountability Act. He voted against the Iraq War Resolution. Corzine was the prime sponsor, along with U.S. Senator Frank Lautenberg
Frank Lautenberg
Frank Raleigh Lautenberg is the senior United States Senator from New Jersey and a member of the Democratic Party. Previously, he was the Chairman and Chief Executive Officer of Automatic Data Processing, Inc.-Early life, career, and family:...
, of a federal version of John's Law, in memory of Navy Ensign John R. Elliott of New Jersey, a graduate of the U.S. Naval Academy who was killed by a drunk driver. The legislation provides federal highway safety grant incentives to encourage states to impound the cars of DUI
DUI
DUI is a three letter acronym that may stand for:* Driving under the influence * Democratic Union for Integration — the largest ethnic Albanian party in the Republic of Macedonia* Data Use Identifier...
suspects. He was an early contributing blogger at The Huffington Post
The Huffington Post
The Huffington Post is an American news website and content-aggregating blog founded by Arianna Huffington, Kenneth Lerer, and Jonah Peretti, featuring liberal minded columnists and various news sources. The site offers coverage of politics, theology, media, business, entertainment, living, style,...
. In the aftermath of the September 11, 2001 attacks, Corzine and Peter Fitzgerald attempted to mold a more disciplined bailout of the airline industry, but even the redesigned plan was not entirely satisfactory to Corzine. Corzine opposed the reduction in low-income student eligibility for Pell Grant
Pell Grant
A Pell Grant is money the federal government provides for students who need it to pay for college. Federal Pell Grants are limited to students with financial need, who have not earned their first bachelor's degree or who are not enrolled in certain post-baccalaureate programs, through participating...
funding caused by changes in the "expected family contribution".
Corzine tried and failed to introduce legislation for chemical plant regulation six weeks after the September 11, 2001 attacks. Subsequent efforts by then-Administrator of the Environmental Protection Agency
Administrator of the Environmental Protection Agency
The Administrator of the Environmental Protection Agency is the head of the United States federal government's Environmental Protection Agency, and is thus responsible for enforcing the nation's Clean Air and Clean Water Acts, as well as numerous other environmental statutes. The Administrator is...
and former New Jersey Governor Christine Todd Whitman in 2002 were also squelched. Along with Hillary Clinton, he was one of the few senators who attempted to pressure the Bush administration
George W. Bush administration
The presidency of George W. Bush began on January 20, 2001, when he was inaugurated as the 43rd President of the United States of America. The oldest son of former president George H. W. Bush, George W...
to clamp down on regulation of the chemical and nuclear-power industries. His efforts helped make New Jersey one of the stricter states in the nation in terms of chemical plant regulation.
In 2001, he coauthored (with Bob Graham
Bob Graham
Daniel Robert "Bob" Graham is an American politician. He was the 38th Governor of Florida from 1979 to 1987 and a United States Senator from that state from 1987 to 2005...
) a tax cut proposal aimed at lowering the marginal tax bracket from 15% to 10% on the first $19,000 of taxable income
Taxable income
Taxable income refers to the base upon which an income tax system imposes tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. The amounts included as income, expenses, and other deductions vary by country or system. Many systems provide that...
. In 2002, he proposed a tax cut that exempted the first $10,000 of income from the $765 of Social Security taxes for both employers and employees. Despite his liberal tax cut suggestions, he is also a proponent of eliminating double taxation
Double taxation
Double taxation is the systematic imposition of two or more taxes on the same income , asset , or financial transaction . It refers to taxation by two or more countries of the same income, asset or transaction, for example income paid by an entity of one country to a resident of a different country...
by making dividend
Dividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...
payments tax deductible to companies as a form of economic stimulus.
While in the Senate, he chaired the Democratic Senatorial Campaign Committee
Democratic Senatorial Campaign Committee
The Democratic Senatorial Campaign Committee is the Democratic Hill committee for the United States Senate. It is the only organization solely dedicated to electing Democrats to the United States Senate. The DSCC's current chair is Sen. Patty Murray, who succeeded Sen. Robert Menendez following...
from 2003–2005. In this role he was influential in convincing certain potential candidates to not run in order to avoid costly primaries in three key states during the 2004 United States Senate elections
United States Senate elections, 2004
The United States Senate election, 2004 was an election for one-third of the seats in the United States Senate which coincided with the re-election of George W. Bush as president and the United States House election, as well as many state and local elections. Senators who were elected in 1998,...
. He also played a role in the selection of Senator John Edwards
John Edwards
Johnny Reid "John" Edwards is an American politician, who served as a U.S. Senator from North Carolina. He was the Democratic nominee for Vice President in 2004, and was a candidate for the Democratic presidential nomination in 2004 and 2008.He defeated incumbent Republican Lauch Faircloth in...
as a running mate
Running mate
A running mate is a person running together with another person on a joint ticket during an election. The term is most often used in reference to the person in the subordinate position but can also properly be used when referring to both candidates, such as "Michael Dukakis and Lloyd Bentsen were...
for Senator John Kerry
John Kerry
John Forbes Kerry is the senior United States Senator from Massachusetts, the 10th most senior U.S. Senator and chairman of the Senate Foreign Relations Committee. He was the presidential nominee of the Democratic Party in the 2004 presidential election, but lost to former President George W...
. Oddly, his resolution to congratulate Bruce Springsteen
Bruce Springsteen
Bruce Frederick Joseph Springsteen , nicknamed "The Boss," is an American singer-songwriter who records and tours with the E Street Band...
on the 30th Anniversary of Born to Run
Born to Run
The album's release was accompanied by a $250,000 promotional campaign by Columbia directed at both consumers and the music industry, making good use of Landau's "I saw rock 'n' roll's future—and its name is Bruce Springsteen" quote. With much publicity, Born to Run vaulted into the top 10 in its...
for his contribution to American culture was derailed in all likelihood due to Springsteen's support of Kerry.
In 2002, Corzine called for the resignation of United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
Chairman Harvey Pitt
Harvey Pitt
Harvey Pitt was the 26th chairman of the U.S. Securities and Exchange Commission , serving from 2001-2003. He led the SEC in restoring the U.S...
.
Committee assignments
In the Senate, Corzine was a member of the Committees on BankingUnited States Senate Committee on Banking, Housing, and Urban Affairs
The United States Senate Committee on Banking, Housing, and Urban Affairs has jurisdiction over matters related to: banks and banking, price controls, deposit insurance, export promotion and controls, federal monetary policy, financial aid to commerce and industry, issuance of redemption of notes,...
, Intelligence
United States Senate Select Committee on Intelligence
The United States Senate Select Committee on Intelligence is dedicated to overseeing the United States Intelligence Community—the agencies and bureaus of the federal government of the United States who provide information and analysis for leaders of the executive and legislative branches. The...
, the Budget, and Energy and Natural Resources
United States Senate Committee on Energy and Natural Resources
The United States Senate Committee on Energy and Natural Resources has jurisdiction over matters related to energy and nuclear waste policy, territorial policy, native Hawaiian matters, and public lands....
.
2005
Corzine and his opponent, Republican Doug ForresterDoug Forrester
Douglas Forrester is an American businessman in New Jersey. He was the 2002 Republican nominee for New Jersey U.S. Senator and the 2005 Republican nominee for Governor of New Jersey. Forrester was defeated by his two Democratic opponents, Frank Lautenberg and then-U.S. Senator Jon Corzine,...
, spent $73 million on their gubernatorial campaigns by the week before Election day
Election Day (politics)
Election Day refers to the day when general elections are held. In many countries, general elections are always held on a Sunday, to enable as many voters as possible to participate, while in other countries elections are always held on a weekday...
. This included $38 million by Corzine and $19 million by Forrester for the general election. The primaries accounted for the difference. Since Corzine had spent over $62 million on his 2000 United States Senate elections
United States Senate elections, 2000
In 2000, elections for one-third of the seats in the United States Senate occurred In 2000, elections for one-third of the seats in the United States Senate occurred In 2000, elections for one-third of the seats in the United States Senate occurred (they coincided with the election of George W....
, the combined expenditures for Corzine's run for the Senate and Governorship exceeded $100 million. The main campaign issues were property tax
Property tax
A property tax is an ad valorem levy on the value of property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state or a municipality...
es and the Bush administration. New Jersey had averaged $5,500 in 2004 property taxes, and Corzine tried to link his opponent to Bush.
The campaign for the post of Governor of New Jersey
Governor of New Jersey
The Office of the Governor of New Jersey is the executive branch for the U.S. state of New Jersey. The office of Governor is an elected position, for which elected officials serve four year terms. While individual politicians may serve as many terms as they can be elected to, Governors cannot be...
was successful with 54% of the vote. Forrester, a businessman and a former Mayor of West Windsor Township
West Windsor Township, New Jersey
-Demographics:As of Census 2010, West Windsor had a population of 27,165. The median age was 39.6. The racial and ethnic composition of the population was 54.9% White, 3.7% Black or African American, 0.1% Native American, 37.7% Asian, 1.0% some other race and 2.6% reporting two or more races...
, in Mercer County
Mercer County, New Jersey
As of the census of 2000, there were 350,761 people, 125,807 households, and 86,303 families residing in the county. The population density was 1,552 people per square mile . There were 133,280 housing units at an average density of 590 per square mile...
, won 43%. Corzine received 1,224,493 votes to Forrester's 985,235. A total of 80,277 votes, or 3%, were scattered among other candidates. Corzine won 13 of New Jersey's 21 counties: Atlantic
Atlantic County, New Jersey
-National protected areas:* Edwin B. Forsythe National Wildlife Refuge * Great Egg Harbor Scenic and Recreational River -Demographics:...
, Bergen
Bergen County, New Jersey
Bergen County is the most populous county of the state of New Jersey, United States. As of the 2010 United States Census, its population was 905,116. The county is part of the New York City Metropolitan Area. Its county seat is Hackensack...
, Burlington
Burlington County, New Jersey
There were 154,371 households out of which 34.30% had children under the age of 18 living with them, 57.70% were married couples living together, 10.90% had a female householder with no husband present, and 27.70% were non-families. 22.90% of all households were made up of individuals and 8.50% had...
, Camden
Camden County, New Jersey
-Demographics:As of the 2010 Census the population of Camden County was 60.28% Non-Hispanic white, 18.45% Non-Hispanic black, 1.12% Hispanic blacks, 0.17% Non-Hispanic Native American, 0.15% Hispanic Native Americans, 5.07% Non-Hispanic Asian, and 0.14% non-Hispanics reporting some other race...
, Cumberland
Cumberland County, New Jersey
Cumberland County is a county located in the U.S. state of New Jersey. As of the 2010 Census, the population is 156,898. Its county seat is Bridgeton. Cumberland County is named for Prince William, Duke of Cumberland....
, Essex
Essex County, New Jersey
Essex County is a county located in the northeastern part of the U.S. state of New Jersey. As of the United States 2010 Census, the population was 783,969, ranking it third in the state after Bergen County and Middlesex County; Essex County's population has declined from 786,147 as of the bureau's...
, Gloucester
Gloucester County, New Jersey
Gloucester County is a county located in the U.S. state of New Jersey. As of the 2010 Census, the population was 288,288. Its county seat is Woodbury....
, Hudson
Hudson County, New Jersey
Hudson County is the smallest county in New Jersey and one of the most densely populated in United States. It takes its name from the Hudson River, which creates part of its eastern border. Part of the New York metropolitan area, its county seat and largest city is Jersey City.- Municipalities...
, Mercer
Mercer County, New Jersey
As of the census of 2000, there were 350,761 people, 125,807 households, and 86,303 families residing in the county. The population density was 1,552 people per square mile . There were 133,280 housing units at an average density of 590 per square mile...
, Middlesex
Middlesex County, New Jersey
-Demographics:As of the census of 2000, there were 750,162 people, 265,815 households, and 190,855 families residing in the county. The population density was 2,422 people per square mile . There were 273,637 housing units at an average density of 884 per square mile...
, Passaic
Passaic County, New Jersey
Passaic County is a county located in the U.S. state of New Jersey. As of the 2010 Census, the population was 501,226. Its county seat is Paterson...
, Salem
Salem County, New Jersey
-Demographics:As of the census of 2000, there were 64,285 people, 24,295 households, and 17,370 families residing in the county. The population density was 190 people per square mile . There were 26,158 housing units at an average density of 77 per square mile...
, and Union
Union County, New Jersey
Union County is a county located in the U.S. state of New Jersey. As of the 2010 Census, the population was 536,499. It is part of the New York Metropolitan Area. Its county seat is Elizabeth. Union County ranks 93rd among the highest-income counties in the United States. It also ranks 74th in...
. Corzine won the three most populous counties (Bergen, Essex, and Middlesex), five of the top six, and seven of the top nine.
2009
Corzine ran for re-election in the 2009 New Jersey gubernatorial electionNew Jersey gubernatorial election, 2009
The New Jersey gubernatorial election of 2009 took place on November 3, 2009. Democratic Governor Jon Corzine was running for a second term and was being challenged by Republican Chris Christie, Independent Christopher Daggett and nine others, in addition to several write-in candidates...
. Early on, Rasmussen Reports
Rasmussen Reports
Rasmussen Reports is an American media company that publishes and distributes information based on public opinion polling. Founded by pollster Scott Rasmussen in 2003, the company updates daily indexes including the President's job approval rating, and provides public opinion data, analysis, and...
indicated that Republican challenger Chris Christie led Corzine 47% to 38%. Later polls showed Corzine closing the gap, and in some cases, ahead. In the end, Corzine lost the race to Christie by a margin of 48.5% to 44.9%, with 5.8% of the vote going to independent candidate Chris Daggett.
Governor of New Jersey
Corzine declined his $175,000 salary in 2006.After taking office in January 2006, Corzine's approval numbers were low. Many polls seemed to indicate that much of this negative polling was a result of the 2006 New Jersey State Government shutdown
2006 New Jersey State Government shutdown
The 2006 New Jersey state government shutdown was the first shutdown in the history of the U.S. state of New Jersey. The shutdown occurred after the New Jersey Legislature and Governor Jon Corzine failed to agree on a state budget by the constitutional deadline. Furthermore, Corzine and the...
. An April 26, 2006, polls from Quinnipiac University Polling Institute showed Corzine at a 35% approval with a 42% disapproval. A February 28, 2007, poll from Quinnipiac University showed Corzine at 50% approval with 34% disapproval. When Corzine released a controversial plan to monetize the New Jersey Turnpike
New Jersey Turnpike
The New Jersey Turnpike is a toll road in New Jersey, maintained by the New Jersey Turnpike Authority. According to the International Bridge, Tunnel and Turnpike Association, the Turnpike is the nation's sixth-busiest toll road and is among one of the most heavily traveled highways in the United...
and the Garden State Parkway
Garden State Parkway
The Garden State Parkway is a 172.4-mile limited-access toll parkway that stretches the length of New Jersey from the New York line at Montvale, New Jersey, to Cape May at New Jersey's southernmost tip. Its name refers to New Jersey's nickname, the "Garden State." Most New Jersey residents refer...
, his approval rating fell to 40% in January 2008. In conjunction with this fall in approval rating, an initiative to recall the Governor was started for the first and only time in New Jersey history. The recall effort failed after gathering less than 100,000 of the required 1.2 million signatures.
One of Corzine's first political tests as governor was the threat to New Jersey ports, of shipping operation control by a company from the United Arab Emirates
United Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
. Although President George W. Bush supported the sale of the business of operating the United States' ports, Corzine viewed this transaction as a national security threat.
Corzine had long insisted that state employees must bear part of the cost of their health benefits after retirement. As of July 1, 2007, in
agreements with the Communications Workers of America, the American Federation of State, County, and Municipal Employees, and the International Federation of Professional and Technical Engineers, active State employees in those unions (as well as certain other non-union employees) are now required to contribute 1.5% of their salary to offset health care costs. State and local employees’ contributions to the two largest pension systems by 10%, from 5% to 5.5% of their annual salaries and increased the retirement benefit age for new public employees, from 55 to 60 years. In 2008, Corzine approved a law that increased the retirement age from 60 to 62, required that government workers and teachers earn $7,500 per year to qualify for a pension, eliminated Lincoln's Birthday as a state worker holiday, allowed the state to offer incentives not to take health insurance and required municipal employees work 20 hours per week to get health benefits.
As part of his attempt to balance the budget, Corzine has decreased funding to most programs and localities including state universities and colleges. The first of these decreases came with the 2007 budget. Rutgers University
Rutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
and other New Jersey state universities have raised tuition, cut hundreds of sections of classes, and several sports teams. With the latest decrease in funding for 2009, most state institutions have funding that is less than the amount they had a decade ago.
Corzine has been the only New Jersey Governor in recent memory to make any headway in addressing the crisis of municipal funding. While not directly touching the third rail of New Jersey governance – property taxes – Corzine's reform of the school funding formula (passed and signed in January 2008) resulted in significant relief to many New Jersey towns with outsize school costs but limited tax base. The plan survived a legal challenge and was declared constitutional by the New Jersey Supreme Court on May 28, 2009.
Corzine has championed expanding government health and education programs. He planned to require every resident to enroll in a health plan and have taxpayers help pick up the tab for low and middle income residents. In June 2008 state legislators voted for the first phase of that program mandating heath care coverage for children and Corzine signed it into law in July.
Corzine spent some $200,000 of his own money on advertisements to promote a referendum on the 2007 New Jersey ballot to borrow $450 million to fund stem cell research. The referendum faced strong opposition and was rejected despite the fact that $270 million had previously been approved to build stem cell research centers.
Corzine, a death penalty opponent, as Governor supported and presided over abolition of the capital punishment in New Jersey and replacing it with life imprisonment
Life imprisonment
Life imprisonment is a sentence of imprisonment for a serious crime under which the convicted person is to remain in jail for the rest of his or her life...
. After the legislature passed and he signed it into law, New Jersey became the first state to legislatively eliminate capital punishment since 1965. Although the bill was not passed until late in 2007, New Jersey had not executed any criminals since 1963. Because the penalty was never used and often reversed upon appeal it was viewed as a form of extended suffering for victims' families by some supporters of its abolition. Before the enactment of the new law, he commuted the death sentences of all death row
Death row
Death row signifies the place, often a section of a prison, that houses individuals awaiting execution. The term is also used figuratively to describe the state of awaiting execution , even in places where no special facility or separate unit for condemned inmates exists.After individuals are found...
inmates to life in prison. Corzine also has supported early New Jersey efforts at gun control
Gun control
Gun control is any law, policy, practice, or proposal designed to restrict or limit the possession, production, importation, shipment, sale, and/or use of guns or other firearms by private citizens...
.
Corzine (along with governors Martin O'Malley
Martin O'Malley
Martin Joseph O'Malley is an American Democratic politician who is currently serving as the 61st Governor of Maryland. Previously, he served as the mayor of Baltimore from 1999 to 2007. He is currently the chairman of the Democratic Governors Association.-Early life, education and career:O'Malley...
(MD
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
), Mike Beebe (AR
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
), and Eliot Spitzer
Eliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
(NY
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
)) was one of several United States Governors who was an early supporter of Hillary Clinton's 2008 presidential campaign
Hillary Clinton presidential campaign, 2008
New York junior Senator and former First Lady Hillary Rodham Clinton had expressed interest in the 2008 United States presidential election since at least October 2002, drawing media speculation on whether she would become a candidate. No woman has ever won the nomination of a major party in the...
. He raised $1 million for her campaign. He, Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
, Eliot Spitzer
Eliot Spitzer
Eliot Laurence Spitzer is an American lawyer, former Democratic Party politician, and political commentator. He was the co-host of In the Arena, a talk-show and punditry forum broadcast on CNN until CNN cancelled his show in July of 2011...
, Chuck Schumer, and Charlie Rangel co-hosted Clinton's October 25, 2007 60th-birthday party. He remained a committed Clinton superdelegate
Superdelegate
"Superdelegate" is an informal term commonly used for some of the delegates to the Democratic National Convention, the presidential nominating convention of the United States Democratic Party....
late into the 2008 Democratic Party presidential primary season
Democratic Party (United States) presidential primaries, 2008
The 2008 Democratic presidential primaries were the selection process by which voters of the Democratic Party chose its nominee for President of the United States in the 2008 U.S. presidential election...
. In the event the Democratic National Committee
Democratic National Committee
The Democratic National Committee is the principal organization governing the United States Democratic Party on a day to day basis. While it is responsible for overseeing the process of writing a platform every four years, the DNC's central focus is on campaign and political activity in support...
would have decided to recontest the Michigan
Michigan Democratic primary, 2008
The Michigan Democratic Presidential Primary took place January 15, 2008. Originally, the state had 156 delegates up for grabs that were to be awarded in the following way: 83 delegates were to be awarded based on the winner in each of Michigan's 15 congressional districts while an additional 45...
and Florida primaries
Florida Democratic primary, 2008
The Florida Democratic Presidential primary took place on January 29, 2008. Originally, the state had 185 delegates up for grabs that were to be awarded in the following way: 121 delegates were to be awarded based on the winner in each of Florida's 25 congressional districts while an additional 64...
, Corzine and Ed Rendell
Ed Rendell
Edward Gene "Ed" Rendell is an American politician who served as the 45th Governor of Pennsylvania. Rendell, a member of the Democratic Party, was elected Governor of Pennsylvania in 2002, and his term of office began January 21, 2003...
were prepared to spearhead Clinton's fundraising in for those races. Towards the end of the primary season in April 2008, Corzine made it clear that although he was a Clinton supporter, his superdelegate vote would be determined by the popular vote. After her win in the April 22, 2008 Pennsylvania Democratic primary
Pennsylvania Democratic primary, 2008
The 2008 Democratic primary in Pennsylvania was held on April 22 by the Pennsylvania Department of State in which voters chose their preference for the Democratic Party's candidate for the 2008 U.S. Presidential election. Voters also chose the Pennsylvania Democratic Party's candidates for various...
and a calculation of popular votes that excluded caucuses and included the controversial Michigan and Florida Democratic primaries, Corzine reaffirmed his support for her. Once Barack Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
became the presumptive nominee
Presumptive nominee
In politics, the presumptive nominee is a political candidate who is all but assured of his or her party's nomination, but has not yet been formally nominated...
, Corzine became a prominent spokesperson for Obama's agenda.
Corzine was among a group of big (in terms of population) state governors, such as Arnold Schwarzenegger
Arnold Schwarzenegger
Arnold Alois Schwarzenegger is an Austrian-American former professional bodybuilder, actor, businessman, investor, and politician. Schwarzenegger served as the 38th Governor of California from 2003 until 2011....
, who moved his state Republican
New Jersey Republican primary, 2008
The 2008 New Jersey Republican primary took place on February 5, 2008, with 52 national delegates.- Results :* Candidate dropped out of the race before the primary- See also :* New Jersey Democratic primary, 2008...
and Democratic
New Jersey Democratic primary, 2008
The 2008 New Jersey Democratic primary took place February 5, 2008, also known as Super Tuesday. Hillary Clinton won this primary.-Polls:- Results :- See also :* Democratic Party presidential primaries, 2008...
primaries to February 5, 2008, the date of Super Tuesday, 2008
Super Tuesday, 2008
Super Tuesday 2008, Super Duper Tuesday, Mega Tuesday, Giga Tuesday, Tsunami Tuesday, and The Tuesday of Destiny are names for February 5, 2008, the day on which the largest simultaneous number of state U.S. presidential primary elections in the history of U.S. primaries were held...
. He was also among a group of prominent politicians (that included Ted Kennedy and Barack Obama) who received political contributions from Norman Hsu
Norman Hsu
Norman Yung Yuen Hsu , born October 1951, is a convicted pyramid investment promoter who associated himself with the apparel industry. His business activities were intertwined with his role as a major fundraiser for the Democratic Party, and he gained notoriety after suspicious patterns of bundled...
that he ended up donating to charity.
In November 2008, in response to the ongoing economic downturn, Corzine proposed an economic recovery package consisting of additional spending, accelerated capital improvement spending and reforms and cuts to the corporate income tax. As of December 2008 many elements of the plan had been approved. On January 2, 2009, Corzine joined the governors of four other states in urging the federal government to provide $1 trillion in aid to the country's 50 state governments to help pay for education, welfare and infrastructure as states struggle with steep budget deficits amid a deepening recession.
Government shutdown
Corzine, in attempting to pass the 2007 fiscal year budget, clashed with fellow state Democrats in the New Jersey General AssemblyNew Jersey General Assembly
The New Jersey General Assembly is the lower house of the New Jersey Legislature.Since the election of 1967 , the Assembly has consisted of 80 members. Two members are elected from each of New Jersey's 40 legislative districts for a term of two years, each representing districts with average...
, particularly over the proposed increase of the state's sales tax from 6% to 7%. Corzine said that he would not accept a budget that did not include the sales tax increase. After the legislature failed to pass Corzine's budget by the midnight deadline of July 1, 2006, he signed an executive order that immediately closed down all non-essential state government services, such as road construction projects. Legislators failed to resolve the situation by July 4 and casinos, among other governmentally-regulated industries, closed their doors at 8:00 am on July 5. Corzine called the shutdown "deplorable," though he refused to negotiate with legislators and accept alternate plans that did not increase the sales tax. It is estimated that the state lost several millions of dollars of revenue every day the casinos remained closed.
After six days of state government shut down, Corzine and Assembly Democrats agreed to raise the state sales tax from 6% to 7% with half of the 1% increase going to the state budget and the other half going to property tax relief. On July 8, 2006, the $30 billion state budget, with the sales tax agreement, passed both houses and Governor Corzine signed the budget into law ending the budget impasse.
Toll hike plan
Initially, Corzine opposed privatizationPrivatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
of the New Jersey Turnpike
New Jersey Turnpike
The New Jersey Turnpike is a toll road in New Jersey, maintained by the New Jersey Turnpike Authority. According to the International Bridge, Tunnel and Turnpike Association, the Turnpike is the nation's sixth-busiest toll road and is among one of the most heavily traveled highways in the United...
. On January 8, 2008, to address ongoing structural budget issues, Governor Corzine proposed a four-part proposal including an overall reduction in spending, a constitutional amendment to require more voter approval for state borrowing, an executive order prohibiting the use of one-time revenues to balance the budget and a controversial plan to raise some $38 billion by leasing the Garden State Parkway
Garden State Parkway
The Garden State Parkway is a 172.4-mile limited-access toll parkway that stretches the length of New Jersey from the New York line at Montvale, New Jersey, to Cape May at New Jersey's southernmost tip. Its name refers to New Jersey's nickname, the "Garden State." Most New Jersey residents refer...
, the New Jersey Turnpike
New Jersey Turnpike
The New Jersey Turnpike is a toll road in New Jersey, maintained by the New Jersey Turnpike Authority. According to the International Bridge, Tunnel and Turnpike Association, the Turnpike is the nation's sixth-busiest toll road and is among one of the most heavily traveled highways in the United...
, and other toll roads for at least 75 years to a new public benefit corporation
Public benefit corporation
A public-benefit corporation is a public corporation chartered by a state designed to perform some public benefit.A public authority is a type of public-benefit corporation that takes on a more bureaucratic role, such as the maintenance of public infrastructure, that often has broad powers to...
that could sell bonds secured by future tolls, which it would be allowed to raise by 50% plus inflation every four years beginning in 2010. Corzine vowed to get that plan through the state legislature by March, but held off for nearly a month before releasing the details. Upon learning how the plan would work, New Jersey residents railed against it, comparing it to using one credit card to pay off another, pointing out that it would create hardship for commuters and noting that it would actually increase the state's $32 billion debt.
Carla Katz
In the spring of 1999, when Jon Corzine was running for the United State Senate, he met Carla KatzCarla Katz
Carla A. Katz served as president of Local 1034 of the Communications Workers of America from 1999 until 2008, representing 16,000 public and private sector workers in the state of New Jersey...
, the then president of Local 1034 of the Communications Workers of America
Communications Workers of America
Communications Workers of America is the largest communications and media labor union in the United States representing about 550,000 members in both the private and public sectors. The union has 27 locals in Canada via CWA-SCA Canada representing about 8,000 members...
, which represents the largest number of state workers in New Jersey. As Katz later recalled, Corzine offered her a job on his Senate campaign, but she declined the offer. Corzine and Katz were soon dating, and they began appearing in public as a couple in early 2002, shortly after Corzine's separation from his wife Joanne. (The Corzines divorced the following year.) For more than two years Corzine was romantically involved with Katz. She lived with him at his apartment in Hoboken
Hoboken, New Jersey
Hoboken is a city in Hudson County, New Jersey, United States. As of the 2010 United States Census, the city's population was 50,005. The city is part of the New York metropolitan area and contains Hoboken Terminal, a major transportation hub for the region...
from April 2002 until August 2004.
After Corzine's breakup with Katz, their lawyers negotiated a financial payout in November 2004. According to press accounts, the settlement for Katz exceeded $6 million, including cash (in part used to buy her $1.1 million condominium in Hoboken), a college trust fund to educate her children, a 2005 Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...
sport utility vehicle
Sport utility vehicle
A sport utility vehicle is a generic marketing term for a vehicle similar to a station wagon, but built on a light-truck chassis. It is usually equipped with four-wheel drive for on- or off-road ability, and with some pretension or ability to be used as an off-road vehicle. Not all four-wheel...
, and Corzine forgave a $470,000 loan that he had made to Katz in 2002 so that she could buy out her ex-husband's share of their home in Alexandria Township
Alexandria Township, New Jersey
-Demographics:As of the census of 2000, there were 4,698 people, 1,535 households, and 1,290 families residing in the township. The population density was 170.6 people per square mile . There were 1,598 housing units at an average density of 58.0 per square mile...
. Katz enrolled in Seton Hall University School of Law
Seton Hall University School of Law
The Seton Hall University School of Law is part of Seton Hall University, and is located in downtown Newark, New Jersey. Seton Hall Law School is the only private law school in New Jersey, and is the top-ranked of the three law schools in the state...
on a full scholarship in 2004. Corzine later admitted that he had also given $15,000 to Carla Katz's brother-in-law, Rocco Riccio, a former state employee who had resigned, after being accused of examining income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
returns for political purposes. At the time, Katz was president of the Communications Workers of America
Communications Workers of America
Communications Workers of America is the largest communications and media labor union in the United States representing about 550,000 members in both the private and public sectors. The union has 27 locals in Canada via CWA-SCA Canada representing about 8,000 members...
Local 1034, which bargains on behalf of many state employees.
In the summer of 2005, when Corzine was running in the New Jersey gubernatorial election
New Jersey gubernatorial election, 2005
The New Jersey gubernatorial election of 2005 was a race for the Governor of New Jersey. It was held on November 8, 2005. Incumbent Democratic Governor Richard Codey, who replaced Governor Jim McGreevey in 2004 after his resignation, did not run for election for a full term of office.The primary...
, news first emerged of his relationship with Katz and the money she had received. Corzine was elected governor despite the scandal. In the fall of 2006, during an impasse in contract negotiations between the Corzine administration and the state's seven major state employee unions (including the CWA), Katz contacted the governor by phone and e-mail to lobby for a renewal of the negotiations. Their relationship and the financial settlement Katz received after their breakup led to criticism of potential conflicts of interest in labor negotiations while Corzine was governor. A state ethics panel, acting on a complaint from Bogota
Bogota, New Jersey
As of the 2010 Census, Bogota had a population of 8,187. The median age was 38.6. The racial and ethnic composition of the population was 61.0% White, 9.4% Black or African American, 0.8% Native American, 9.8% Asian, 0.1% Native Hawaiian / Pacific Islander, 14.8% some other race and 4.1% reporting...
mayor Steve Lonegan
Steve Lonegan
Steven M. Lonegan was mayor of Bogota, New Jersey from 1995–2007 and a candidate for the Republican nomination for Governor of New Jersey in 2005 and 2009. He is the Director of the New Jersey chapter of Americans for Prosperity....
, ruled in May 2007 that Katz's contact with Corzine during negotiations did not violate the governor's code of conduct. Separately, New Jersey Republican State Committee
New Jersey Republican State Committee
The New Jersey Republican State Committee is the affiliate of the Republican Party in New Jersey. The Committee was founded in 1880. The party is led by Chairman of the New Jersey Republican State Committee Sam Raia of Saddle River, New Jersey.-Membership:...
Chairman Tom Wilson
Tom Wilson (New Jersey)
Tom Wilson is an American Republican Party leader who served as the chairman of the New Jersey Republican State Committee from 2004 to 2009.-Biography:...
filed a lawsuit to release all e-mail correspondence between Corzine and Katz during the contract negotiations. On May 30, 2008, New Jersey Superior Court
New Jersey Superior Court
The Superior Court is the state court in the U.S. state of New Jersey, with state-wide trial and appellate jurisdiction. The Superior Court has three divisions: the Appellate Division is essentially an intermediate appellate court while the Law and Chancery Divisions function as trial courts...
Judge Paul Innes ruled that at least 745 pages of e-mail records should be made public, but Corzine's lawyers immediately appealed the decision.
Corzine won his case on appeal, and on March 18, 2009, the New Jersey Supreme Court
New Jersey Supreme Court
The New Jersey Supreme Court is the highest court in the U.S. state of New Jersey. It has existed in three different forms under the three different state constitutions since the independence of the state in 1776...
ruled that it would not hear arguments in the case, effectively ending the legal battle to make his e-mails with Katz public. Corzine spent approximately $127,000 of taxpayer funds to keep the e-mails secret. Despite these efforts, on August 1, 2010, The Star-Ledger
The Star-Ledger
The Star-Ledger is the largest circulated newspaper in the U.S. state of New Jersey and is based in Newark. It is a sister paper to The Jersey Journal of Jersey City, The Times of Trenton and the Staten Island Advance, all of which are owned by Advance Publications.The Newark Star-Ledgers daily...
published 123 of the Corzine-Katz e-mails, revealing the extent of their personal contact during negotiations over a new state workers contract in early 2007.
Appointments
Corzine continued to serve in the U.S. Senate while running for Governor, which ensured that he could resign from the Senate and appoint a successor if he won and allowed him to retain his Senate seat if he lost. Speculation was that he would appoint a Democrat from one of the congressional districts in New Jersey, perhaps Congressmen Rob AndrewsRob Andrews
Robert Ernest "Rob" Andrews is the U.S. Representative for , serving since 1990. He is a member of the Democratic Party. The district includes most of Camden County and parts of Burlington County and Gloucester County....
, Rush Holt
Rush D. Holt, Jr.
Rush Dew Holt, Jr. is the U.S. Representative for . He is a member of the Democratic Party. He is currently the only Quaker in Congress.-Early life and education :Rush D. Holt was born to Rush D...
, or Frank Pallone
Frank Pallone
Frank Pallone, Jr. is the U.S. Representative for , serving since 1993. He is a member of the Democratic Party. He previously represented the 3rd district from 1988 to 1993.-Early life, education, and early political career:...
. Governor Richard Codey
Richard Codey
Richard James Codey is an American Democratic Party politician who served as the 53rd Governor of New Jersey from November 2004 to January 2006. He has served in the New Jersey Senate since 1981 and served as the President of the Senate from 2002 to January 2010. He represents the 27th Legislative...
although on November 23, 2005, he announced that he was not interested in pursuing the seat. On December 9, 2005, Corzine named U.S. Rep. Bob Menendez, a Democrat, to succeed him.
One of Corzine's first nominations was that of Zulima Farber
Zulima Farber
Zulima Farber is the former Attorney General of New Jersey and the first Latina to serve as Acting Governor of New Jersey. She was appointed to the position in 2006 by Governor Jon Corzine...
as New Jersey Attorney General
New Jersey Attorney General
The Attorney General of New Jersey is a member of the executive cabinet of the state. The office is appointed by the Governor of New Jersey and term limited...
. Farber had been nominated to serve on the New Jersey Supreme Court
New Jersey Supreme Court
The New Jersey Supreme Court is the highest court in the U.S. state of New Jersey. It has existed in three different forms under the three different state constitutions since the independence of the state in 1776...
by former Governor James E. McGreevey who resigned in August 2004 amidst a plethora of scandals, but McGreevey withdrew the nomination after learning that Farber had bench warrants issued for her arrest for numerous motor vehicle infractions. Despite criticism, Corzine nominated her as Attorney General. She served for approximately seven months until an ethics investigation concluded that she had improperly influenced local police in Fairview, New Jersey
Fairview, Bergen County, New Jersey
Fairview is a borough located in Bergen County, New Jersey. As of the 2010 United States Census, the borough had a total population of 13,835....
who had stopped her boyfriend Hamlet Gore for driving with a suspended license and an expired vehicle registration. Corzine insisted he did not ask for Farber's resignation.
On February 9, 2006, after many scandals regarding financial mishandling at the University of Medicine and Dentistry of New Jersey
University of Medicine and Dentistry of New Jersey
The University of Medicine and Dentistry of New Jersey is the state-run health sciences institution of New Jersey, United States. It has eight distinct academic units...
, Corzine nominated Robert Del Tufo
Robert Del Tufo
Robert J. Del Tufo was the Attorney General of New Jersey from 1990 – 1993.-Biography:Del Tufo was born in 1933 in Newark, New Jersey to Raymond and Mary Del Tufo. His older brother, Raymond Del Tufo, Jr., would later serve as U.S. Attorney for the District of New Jersey. He graduated from...
, the former Attorney General of New Jersey and U.S. Attorney, as chairman of the board of trustees. Corzine also nominated Oliver Quinn, Prudential Financial's vice president and chief ethics officer, as vice chairman of the board.
Corzine's commissioner of the Department of Environmental Protection and Chief of Staff, Lisa P. Jackson
Lisa P. Jackson
Lisa Perez Jackson is an American chemical engineer currently serving as the Administrator of the Environmental Protection Agency . Previously, she worked at the New Jersey Department of Environmental Protection for 6 years, first as an assistant commissioner and later as commissioner...
was nominated as the administrator of the United States Environmental Protection Agency
United States Environmental Protection Agency
The U.S. Environmental Protection Agency is an agency of the federal government of the United States charged with protecting human health and the environment, by writing and enforcing regulations based on laws passed by Congress...
. She was confirmed by the Senate on January 22, 2009.
Motorcade accident
On April 12, 2007, Governor Corzine and 25 year-old aide Samantha Gordon were injured in an automobile accident on the Garden State ParkwayGarden State Parkway
The Garden State Parkway is a 172.4-mile limited-access toll parkway that stretches the length of New Jersey from the New York line at Montvale, New Jersey, to Cape May at New Jersey's southernmost tip. Its name refers to New Jersey's nickname, the "Garden State." Most New Jersey residents refer...
near Galloway Township
Galloway Township, New Jersey
Galloway Township is a township in Atlantic County, New Jersey, United States. As of the 2010 United States Census, the township population was 37,349...
while traveling from the New Jersey Conference of Mayors in Atlantic City
Atlantic City, New Jersey
Atlantic City is a city in Atlantic County, New Jersey, United States, and a nationally renowned resort city for gambling, shopping and fine dining. The city also served as the inspiration for the American version of the board game Monopoly. Atlantic City is located on Absecon Island on the coast...
to Drumthwacket
Drumthwacket
Drumthwacket is the official residence of the governor of New Jersey. The mansion is located at 354 Stockton Street in Princeton, New Jersey, close to the state capital of Trenton...
, his residence in Princeton
Princeton, New Jersey
Princeton is a community located in Mercer County, New Jersey, United States. It is best known as the location of Princeton University, which has been sited in the community since 1756...
, to meet with radio personality Don Imus
Don Imus
John Donald "Don" Imus, Jr. is an American radio host, humorist, philanthropist and writer. His nationally-syndicated talk show, Imus in the Morning, is broadcast throughout the United States by Citadel Media and relayed on television by the Fox Business Network.-Personal life:Imus was born in...
and the Rutgers University
Rutgers University
Rutgers, The State University of New Jersey , is the largest institution for higher education in New Jersey, United States. It was originally chartered as Queen's College in 1766. It is the eighth-oldest college in the United States and one of the nine Colonial colleges founded before the American...
women's basketball team.
The New Jersey State Police
New Jersey State Police
The New Jersey State Police is the state police force for the state of New Jersey. It is a general-powers police agency with state wide jurisdiction when requested by the Governor, designated by Troop Sectors.-History:...
determined that Corzine's SUV
Sport utility vehicle
A sport utility vehicle is a generic marketing term for a vehicle similar to a station wagon, but built on a light-truck chassis. It is usually equipped with four-wheel drive for on- or off-road ability, and with some pretension or ability to be used as an off-road vehicle. Not all four-wheel...
, driven by a state trooper, was traveling in excess of 90 MPH (147 km/h) in a 65 MPH (105 km/h) zone with its emergency lights flashing when the collision occurred. A pickup truck
Pickup truck
A pickup truck is a light motor vehicle with an open-top rear cargo area .-Definition:...
drifted onto the shoulder and swerved back onto the lane, and another pickup truck
Pickup truck
A pickup truck is a light motor vehicle with an open-top rear cargo area .-Definition:...
swerved to avoid the truck and hit the Governor's SUV, causing the SUV to hit the guardrail. The State Police reviewed roadside camera recordings and E-ZPass
E-ZPass
E-ZPass is an electronic toll-collection system used on most tolled roads, bridges, and tunnels in the northeastern US, south to Virginia and West Virginia, and west to Illinois. Currently, there are 25 agencies spread across 14 states that make up the . All member agencies use the same technology,...
records to track down the driver of the truck; he was not charged with any violation.
Corzine and the trooper were flown by helicopter
Air ambulance
An air ambulance is an aircraft used for emergency medical assistance in situations where either a traditional ambulance cannot reach the scene easily or quickly enough, or the patient needs to be transported over a distance or terrain that makes air transportation the most practical transport....
to Cooper University Hospital
Cooper University Hospital
Cooper University Hospital is a provider of health services, medical education, and clinical research in southern New Jersey and the Delaware Valley, in the United States...
in Camden
Camden, New Jersey
The city of Camden is the county seat of Camden County, New Jersey. It is located across the Delaware River from Philadelphia, Pennsylvania. As of the 2010 United States Census, the city had a total population of 77,344...
, a Level I trauma center. The aide was taken by ambulance to Atlantic City Medical Center
AtlantiCare Regional Medical Center City Division
AtlantiCare Regional Medical Center is a health system based in Atlantic County, NJ. It includes two hospitals; the Atlantic City Campus in Atlantic City, New Jersey and the Mainland Campus in Pomona, New Jersey. It has Atlantic City's only cancer institute, heart institute, and neonatal intensive...
. Neither the trooper nor the aide was seriously injured, but Corzine suffered broken bones, including an open fracture of the left femur
Femur
The femur , or thigh bone, is the most proximal bone of the leg in tetrapod vertebrates capable of walking or jumping, such as most land mammals, birds, many reptiles such as lizards, and amphibians such as frogs. In vertebrates with four legs such as dogs and horses, the femur is found only in...
, 11 broken ribs, a broken sternum, a broken collarbone, a fractured lower vertebra, and a facial cut that required plastic surgery
Plastic surgery
Plastic surgery is a medical specialty concerned with the correction or restoration of form and function. Though cosmetic or aesthetic surgery is the best-known kind of plastic surgery, most plastic surgery is not cosmetic: plastic surgery includes many types of reconstructive surgery, hand...
. The Governor was not wearing a seat belt. Friends had long said that they had rarely seen him wear one. When asked why the state trooper who was driving would not have asked Corzine to put on his seat belt, a staffer said the governor was "not always amenable to suggestion". The Superintendent of State Police has also noted that the trooper could be charged if the crash was preventable.
By April 23, 2007, Corzine's doctors had upgraded him from critical to stable condition. He was sedated and unable to speak because of a breathing tube
Tracheal tube
A tracheal tube is a catheter that is inserted into the trachea in order for the primary purpose of establishing and maintaining a patent airway and to ensure the adequate exchange of oxygen and carbon dioxide. Many different types of tracheal tubes are available, suited for different specific...
in his throat, and as such, was unable to perform his duties as Governor. In accordance with the New Jersey State Constitution
New Jersey State Constitution
The Constitution of the State of New Jersey is the basic governing document of the State of New Jersey. In addition to three British Royal Charters issued for East Jersey, West Jersey and united New Jersey while they were still colonies, the state has been governed by three constitutions...
, New Jersey Senate
New Jersey Senate
The New Jersey Senate was established as the upper house of the New Jersey Legislature by the Constitution of 1844, replacing the Legislative Council. From 1844 until 1965 New Jersey's counties elected one Senator, each. Under the 1844 Constitution the term of office was three years. The 1947...
President Richard Codey
Richard Codey
Richard James Codey is an American Democratic Party politician who served as the 53rd Governor of New Jersey from November 2004 to January 2006. He has served in the New Jersey Senate since 1981 and served as the President of the Senate from 2002 to January 2010. He represents the 27th Legislative...
assumed the position of acting governor
Acting governor
An acting governor is a constitutional position created in some U.S. states when the governor dies in office or resigns. In some states, the governor may also be declared to be incapacitated and unable to function for various reasons, including illness and absence from the state for more than a...
from April 12 until May 7, 2007. In 2005, voters had approved an amendment to the state constitution to provide for a Lieutenant Governor
Lieutenant Governor of New Jersey
The Lieutenant Governor of New Jersey is a position that has existed since January 2010, following conjoint election with the Governor of New Jersey. The position was created as the result of a Constitutional amendment to the New Jersey State Constitution passed by the voters on November 8, 2005...
who would succeed the governor in the event of a vacancy, but that position would not be filled until 2010.
Corzine left the hospital on April 30, 2007. He sped to Drumthwacket
Drumthwacket
Drumthwacket is the official residence of the governor of New Jersey. The mansion is located at 354 Stockton Street in Princeton, New Jersey, close to the state capital of Trenton...
“in a van clocked at fifteen miles [per hour] over the speed limit.” New York Post
New York Post
The New York Post is the 13th-oldest newspaper published in the United States and is generally acknowledged as the oldest to have been published continuously as a daily, although – as is the case with most other papers – its publication has been periodically interrupted by labor actions...
columnist Leonard Greene
Leonard Greene
Leonard Michael Greene was an American inventor and aerodynamics engineer who held more than 200 patents, many of which are aviation-related. He is most well known for his contributions to aviation technology, including his invention, the Aircraft Stall Warning device, which warns pilots when a...
reported that the Governor's motorcade, while traveling on Interstate 295 en route to his mansion, was clocked by unnamed motorists at a speed of 70 MPH while in a 55 MPH zone. Corzine recuperated at Drumthwacket, which had been outfitted with a videoconferencing
Videoconferencing
Videoconferencing is the conduct of a videoconference by a set of telecommunication technologies which allow two or more locations to interact via two-way video and audio transmissions simultaneously...
center (at his expense) so he could communicate with legislators. He issued an apology, paid a $46 ticket (issued at the behest of his staff) for not wearing a seatbelt, and he appeared in a public service announcement
Public service announcement
A public service announcement or public service ad is a type of advertisement featured on television, radio, print or other media...
advocating seat belts which opened with the words "I’m New Jersey Gov. Jon Corzine, and I should be dead."
It was reported that Corzine would pay his own medical bills rather than bill taxpayers.
Public opinion
During the first months of his administration, Governor Corzine experienced favorable approval ratings. According to a March 2006 Fairleigh DickinsonFairleigh Dickinson University
Fairleigh Dickinson University is a private university founded as a junior college in 1942. It now has several campuses located in New Jersey, Canada, and the United Kingdom.-Description:...
PublicMind Poll 47% of New Jersey voters approved of the job Corzine was doing, while only 16% disapproved. Dr. Peter Woolley, director of the PublicMind, noted, “the numbers are pretty good for a New Jersey governor heading full tilt into an unprecedented budget crisis. Quickly diminished was much of the good will that was indicated by the March poll and in April 2006, a PublicMind poll showed that Corzine’s approval rating had eroded to 39% while his disapproval rating shot up to 36%. But by July 2006 the Governor’s
ratings recovered to some extent from the April decline and in September of the same year it was clear that Corzine’s approvals had not suffered from the summer conflict over the budget and the sales tax hike: 51% of New Jersey voters approved of the governor’s handling of his job while 31% disapproved. His ratings remained relatively stable and healthy through the rest of 2006 and 2007 with his average approvals at 54% and his average disapprovals at 29%. His car crash and injuries had no effect.
In January 2008, prior to the State of the State address Corzine was at 48% approving 32% disapproving. But another FDU PublicMind poll taken in late January, after the State of the State address, showed that governor’s ratings were slipping: 41% of voters approved of the job Corzine was doing while 39% reported that they disapproved. The decline was largely in response to the governor’s plan to raise tolls on the New Jersey Turnpike and the Garden State Parkway. February 2008 was not any kinder, as a PublicMind poll indicated that his numbers continued to slip with disapprovals catching up to approvals with 42% of voters approving and 43% of voters disapproving. Dr. Woolley of the PublicMind remarked on the decline saying, “Considering the beating he has taken on his toll plan, it’s remarkable that his numbers are not a good deal worse.” The governor’s approval ratings showed no recovery through September 2008 with his approvals and disapprovals averaging 42% and 43% respectively. Coincident with the presidential campaign, Corzine’s approval ratings saw some improvement.
In January 2009 he stood at 46% approving and 40% disapproving. Dr. Woolley asserted that the governor was faring relatively well in public opinion considering “the enormous and growing pressure on the state budget and on the governor to protect various constituencies.” Come March 2009, the PublicMind Poll found that, “Gov. Jon Corzine’s standing with the New Jersey public is suffering along with the economy,” and as a result his approvals began to slip with 40% of voters approving and 43% disapproving. His approvals continued to decline in April as he contended with the budget and the financial crisis with 40% approving and 49% disapproving. At the end of his term, in January 2010, Corzine’s approvals landed at their lowest point during the administration with 33% approving and 58% disapproving.
Post-gubernatorial career
Corzine was appointed CEO and Chairman of MF GlobalMF Global
MF Global , formerly known as Man Financial, was a major global financial derivatives broker. MF Global provided exchange-traded derivatives, such as futures and options as well as over-the-counter products such as contracts for difference , foreign exchange and spread betting. MF Global was...
, a multinational futures broker and bond dealer, in March 2010.
Corzine also serves in 2010 as a partner at J.C. Flowers & Co., the private equity firm founded by his friend J. Christopher Flowers. Flowers owns a 10 percent stake in MF Global and is also a former Goldman Sachs' partner.
MF Global's stock price declined two-thirds in the final week of October 2011 and its credit rating
Credit rating
A credit rating evaluates the credit worthiness of an issuer of specific types of debt, specifically, debt issued by a business enterprise such as a corporation or a government. It is an evaluation made by a credit rating agency of the debt issuers likelihood of default. Credit ratings are...
was reduced making its debt high-yield debt
High-yield debt
In finance, a high-yield bond is a bond that is rated below investment grade...
following huge quarterly losses. On October 31, 2011, trading was halted on shares of MF Global prior to the market opening, and soon thereafter MF Global announced that it had declared Chapter 11 bankruptcy. Shortly afterwards, federal regulators began an investigation into hundreds of millions of dollars in missing customer funds.. Corzine resigned as CEO on November 4, 2011, after having retained the services of defense attorney Andrew J. Levander. It was reported that Corzine declined a severance package worth $12.1 million. MF Global's collapse was one of the ten biggest bankruptcies in US history.
Electoral history
Personal life
Corzine married his high school sweetheart, Joanne Dougherty, in 1969 at the age of 22, and their 33-year marriage produced three children: Jennifer, Josh, and Jeffrey. The couple separated in 2002 and were divorced in November 2003. In November 2005, Dougherty told The New York TimesThe New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
that Corzine "let his family down, and he'll probably let New Jersey down, too." This quote was used by gubernatorial opponent Doug Forrester
Doug Forrester
Douglas Forrester is an American businessman in New Jersey. He was the 2002 Republican nominee for New Jersey U.S. Senator and the 2005 Republican nominee for Governor of New Jersey. Forrester was defeated by his two Democratic opponents, Frank Lautenberg and then-U.S. Senator Jon Corzine,...
in a campaign advertisement.
Corzine had lived with his wife in Summit
Summit, New Jersey
Summit is a city in Union County, New Jersey, United States. At the 2010 United States Census, the city's population was 21,457. Summit had the 16th-highest per capita income in the state as of the 2000 Census....
. After their separation, Corzine moved to a condominium apartment building in Hoboken
Hoboken, New Jersey
Hoboken is a city in Hudson County, New Jersey, United States. As of the 2010 United States Census, the city's population was 50,005. The city is part of the New York metropolitan area and contains Hoboken Terminal, a major transportation hub for the region...
, in the same building as quarterbacks Eli Manning
Eli Manning
Eli Nelson Manning is an American football quarterback for the New York Giants of the National Football League. He is the younger brother of NFL quarterback Peyton Manning and the son of former NFL quarterback Archie Manning...
and Jesse Palmer
Jesse Palmer
Jesse James Palmer is a Canadian-born sports commentator and former college and professional football player who was a quarterback in the National Football League for four seasons in the early 2000s...
.
In April 2010, The Huffington Post
The Huffington Post
The Huffington Post is an American news website and content-aggregating blog founded by Arianna Huffington, Kenneth Lerer, and Jonah Peretti, featuring liberal minded columnists and various news sources. The site offers coverage of politics, theology, media, business, entertainment, living, style,...
announced the engagement of Corzine and psychotherapist Sharon Elghanayan, whom he had been dating since 2004. On November 23, 2010, Corzine married Elghanayan in a ceremony presided over by Chief Justice of the New Jersey Supreme Court
New Jersey Supreme Court
The New Jersey Supreme Court is the highest court in the U.S. state of New Jersey. It has existed in three different forms under the three different state constitutions since the independence of the state in 1776...
Stuart Rabner
Stuart Rabner
Stuart Jeff Rabner is the Chief Justice of the New Jersey Supreme Court. He has previously served as New Jersey Attorney General, Chief Counsel to Governor Jon Corzine, and as a federal prosecutor at the U.S. Attorney's Office for the District of New Jersey.-Biography:Rabner grew up in Passaic,...
, according to an announcement in The New York Times
The New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
.
See also
- New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
- List of Governors of New Jersey
- United States SenateUnited States SenateThe United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
- List of United States Senators
External links
- Corzine for Governor official campaign website
- Profile at SourceWatchSourceWatchSourceWatch is an internet wiki site that is a collaborative project of the liberal Center for Media and Democracy...
- The Deal He Made, Craig Horowitz, New York Magazine, July 10, 2005