Anthony Sartor resigned after serving 15 years on the board of the Port Authority of New York and New Jersey, becoming the second commissioner to exit as the agency is probed by federal and local prosecutors.
New Jersey’s move to raise $96 million by pledging tobacco-settlement revenue to investors may lead to additional downgrades after Standard & Poor’s cut the state’s rating this week, according to Herbert J. Sims & Co.
Investors such as BlackRock Inc. and Wasmer Schroeder & Co. are growing wary of New Jersey debt, saying the state’s credit rating is poised to fall further without steps to address revenue and pension gaps.
Tesla Motors Inc. appealed New Jersey’s ban on direct auto sales, arguing that the decision thwarts the carmaker’s mission of providing sustainable transportation and unfairly favors entrenched franchise dealers.
The Port Authority of New York and New Jersey, the agency that runs the bridge at the center of the scandal surrounding Governor Chris Christie, should stop funding “zero-return” projects and revamp a management structure that divides it into political fiefdoms, according to a report.
Governor Chris Christie’s move to reduce New Jersey’s pension payment to help close a mid-year budget gap has Moody’s Investors Service concerned that the state is approaching the limit of steps to trim spending.
Chris Christie was interviewed as part of an internal inquiry into politically motivated traffic jams, a spokesman for New Jersey’s governor said, after the New York Times reported that the probe had cleared the state’s top official of direct involvement in the events.
A reduction of New Jersey’s pension payment shows that Governor Chris Christie has “exhausted” other spending cuts and the state’s finances are weaker than forecast, according to Moody’s Investors Service.