Five months after Cory Booker ended his tenure as mayor to join the U.S. Senate, Newark is struggling with a leadership transition that’s left New Jersey’s biggest city on the brink of a state takeover.
Newark, New Jersey’s credit ratings were put on review for a possible downgrade by Moody’s Investors Service, citing the possibility that the city may come under formal state oversight, as it delays setting its fiscal 2014 budget.
The winner of New Jersey’s special U.S. Senate election today faces an almost immediate start to a second campaign to capture a full six-year term, even as he learns his role as Washington’s newest lawmaker.
Bill Ackman ’s first tour of Newark ended at aspiring Mayor Cory Booker ’s apartment in a housing project plagued by drug dealers and rats. The hedge fund manager still recalls a sinking feeling as graffiti-covered elevator doors closed and they rode to the 16th floor in pitch darkness.
Newark Mayor Cory Booker, who lived on food stamps and resided in low-income housing to identify with his poor constituents, is acknowledging his status as a technology millionaire as he campaigns across New Jersey for a U.S. Senate seat.