Governor Corzine's super secret borrowing plan now has a new name, "Fiscal Restructuring." Isn't that what happens to companies in Chapter 11 bankruptcy?
The APP's article about the lame duck legislative session has a revealing little tidbit about the Governor's plan to bankrupt New Jersey, like he did Enron:
"Earlier Wednesday, Corzine said he was still awaiting an opinion from the federal government on the tax implications of his plan. Depending on the answer, he said, he may have to turn to alternative ideas."
Hmmm, maybe we don't have to wait until Judge Feinberg decides if New Jerseyans can see the plan. Let's file a Freedom of Information Act request with the U.S. Treasury Department. (Tom, Mark, Todd...did you get that?)
Why would the feds have to issue an opinion about the tax implications of the plan? There must be a question about whether or not the "borrower" is a governmental enity, as interest paid by state and municipal governments is not taxable income. Could this mean that the Governor plans to sell the toll roads after all?
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