SEPTEMBER 25, 2014 LAST UPDATED: THURSDAY, SEPTEMBER 25, 2014, 1:21 AM BY MELANIE ANZIDEI STAFF WRITER THE RECORD Print
* The median cost was $425,000 in Bergen and $265,000 in Passaic
Home prices in North Jersey rose in August, as sales across the United States slowed and sales of luxury homes increased, according to data released by RealtyTrac on Thursday.
For New Jersey, the median price for homes sold in August was $285,000, an increase $13,000 from last month.
Bergen County sales in August remained steady with a median price of $425,000, an increase of $1,000 from the same period last year. Passaic County sales also remained unchanged from July at a median price of $265,000. It was a $3,500 drop from last year.
Nationally, residential properties sold at an annual pace of about 4.5 million in August, down a half a percentage point from July and 16 percent from last year. The decline marks the fourth consecutive month where sales decreased on a year-over-year basis.
Despite the slowing pace, the median price of the properties sold in the U.S. rose 3 percent to $195,000 from July and 15 percent from last year. It is the highest price since August 2008.
New Jersey union complaint on pension ‘ethics’ is full of holes
by Dan Primack
September 15, 2014, 2:30 PM EDT
Before the AFL-CIO files another ethics report to embarrass Chris Christie, it should double-check its dates. And the law.
The New Jersey State AFL-CIO last week filed an 11-page complaint with the State Ethics Commission, referring to what it called “a disturbing pattern of big contributions to Christie for Governor or Republican organizations by firms handpicked to manage hundreds of millions in state pension funds.” If the union’s goal was to generate headlines that would embarrass a political foe, then the AFL-CIO did its job. If it wanted to make credible allegations of wrongdoing, then it failed miserably.
At issue are New Jersey laws that prevent that state’s public pension system from investing in certain types of funds whose managers have contributed to in-state political candidates or parties during the 24 months prior to receiving the commitment. In other words, ‘pay-to-play’ restrictions designed to prevent pension officials (and their bosses) from giving new business to political patrons.
AFL-CIO believes it has found five examples of such behavior. The problem is that at least three of them involve investment decisions made before Christie entered office. Moreover, the political contributions came years after the pension’s investments were made, and were made by individuals who don’t actually fall under the rule’s purview.
For example, the complaint cites:
Gleacher and Company, which manages such monies even though William Sapoch, who is listed as an investment management professional with the firm, gave $3,800 in December 2012 to Christie for Governor.
According to state investment records, the only state pension monies managed by Gleacher & Co. relate to Gleacher Mezzanine Fund II, a private debt fund that was raised back in 2006. Hard to imagine how a political donation six years later would have impacted that decision (which was made during the Corzine administration). It also is worth noting that William Sapoch appears to have been a financial advisor with Gleacher who never worked on the mezzanine business — a business that actually spun out from Gleacher (and renamed itself Arrowhead Mezzanine) back in 2010.
Here’s another:
JP Morgan, a $3,800 contribution from Robert F. Cummings, listed as the vice chairman for Investment Banking, in January 2013 to Christie for Governor and a $15,000 to the State Republican Party by Greg Onken, who is listed as a managing director and financial advisor.
New Jersey has multiple investments in JP Morgan-related securities but most of it is in publicly-traded equities and bonds that do not fall under the New Jersey statute (because these are passive holdings that do not involve the bank “recommending investment management decisions”). The only exception is a venture capital fund investment called JP Morgan Venture Capital III, which was raised in 2006 and was not managed by either of the aforementioned JP Morgan professionals (Cummings didn’t even join JPMorgan until late 2010, while Onken is a private wealth manager).
The one AFL-CIO example that does hold water is a 2011 investment in a venture capital fund managed by General Catalyst Partners, which had a part-timer who had made a $10,000 contribution to the NJ Republican State Committee just months earlier. That deal has been under investigation since this past May, while Fortune reported earlier today that the New Jersey Division of Investments has sold its interest in the fund. AFL-CIO also mentions State Street, in which New Jersey appears to have briefly invested in via a money market fund. It is unclear when that investment began and ended.
But it gets worse. Here is what AFL-CIO wrote in its press release announcing the complaint:
Many of the state’s relationships with Wall Street firms coincide with generous political contributions, even though state ethics rules require a two-year lag before a donor can be a pension investor. For example, an employee of the Blackstone Group donated $10,000 to the NJ Republican State Committee in 2011, the same year new investment business was being proposed for the firm.
The Blackstone employee being referred to here in Anthony Grillo, who actually left the firm back in 2005 (according to both a press release and contemporaneous media coverage). This example was not included in the actual complaint, but remains in the press release posted on the union’s website.
Photo credit: Boyd A. Loving Motorcyclist escapes serious injury in Ridgewood crash
September 27,2014
Boyd A. Loving
4:06 PM
Ridgewood NJ, A motorcyclist walked away from a collision with a Honda Odyssey van at the intersection of South Broad and Hudson Streets in Ridgewood on Saturday afternoon, 09/27. His Harley Davidson motorcycle was less fortunate; it was removed from the roadway by a flatbed tow truck. The cycle owner was treated by Ridgewood EMS personnel at the scene for a minor arm injury. Ridgewood PD and FD personnel also responded to the incident. Village patrol officers were observed interviewing at least one eye witness to the crash. No official word was provided at the scene as to the accident’s cause.
Hikers undeterred but locals unnerved by fatal West Milford bear attack
SEPTEMBER 26, 2014, 6:53 PM LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 6:56 PM BY ALLISON PRIES STAFF WRITER THE RECORD
Hikers were undeterred Friday, but people who live in bear country were unnerved by a fatal black bear attack earlier this week near a West Milford hiking trail.
Darsh Patel, 22, a Rutgers University student from Edison, was found dead by police in the 576-acre Apshawa Preserve after he and four friends ran from a 4-year-old, 300 pound black bear that was trailing them. Patel’s body was found with bite and claw marks on it. Authorities, who searched two hours for Patel, shot and killed a bear that was found near his body acting aggressively.
“They’re normally so docile,” said Suzie Struble, who has lived across from the Northwood Drive entrance to the Apshawa Preserve for five years. “If you live in West Milford you just know – there are bear here.”
SEPTEMBER 26, 2014, 11:00 AM LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 11:00 AM ASSOCIATED PRESS
TRENTON, N.J. (AP) — Time is running out for the person holding an unclaimed Powerball lottery ticket bought in New Jersey that is worth $1 million.
The ticket for the Oct. 23, 2013 drawing was purchased at Kwik Farms on Shrewsbury Avenue in Tinton Falls.
The winning ticket matched these five numbers: 03, 23, 31, 34 and 47. The Powerball number was 13.
Anyone holding the ticket should sign the back and contact the New Jersey Lottery before midnight on Thursday, Oct. 23. They can also have the ticket validated by any retailer who sells lottery tickets.
Gymnastics: Ridgewood, Holy Angels are closer than they appear
SEPTEMBER 26, 2014 LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 12:31 AM BY GREG TARTAGLIA SPORTS EDITOR THE RIDGEWOOD NEWS
RIDGEWOOD — Kerry Callaghan is the new kid on the block who isn’t entirely new — much like her gymnastics team’s most recent opponent.
The Ridgewood High School junior grew up in the village but was not with the Maroons for the past two years. In 2012, the Callaghans moved to suburban Dallas, where Kerry attended Marcus High School in Flower Mound, Texas.
Her family came back to Ridgewood this summer, and she is now a part of the RHS program for which two of her three older sisters competed.
“It feels good, seeing my old friends again and doing gymnastics with girls I’ve competed with since the third or fourth grade,” Callaghan said.
The Maroons are equally happy about her return. Callaghan’s scores on vault (8.75) and floor (8.4) counted toward their team total versus Holy Angels on Wednesday, and Ridgewood needed every tenth to secure a 102.875-102.225 win in NJGL A Division action.
SEPTEMBER 26, 2014, 4:22 PM LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 5:20 PM BY CHRIS HARRIS STAFF WRITER THE RECORD
HO-HO-KUS — Traffic counting cables illegally installed along Powderhorn Road one week ago were finally peeled from the street on Thursday afternoon, but Donna Cioffi warns that they could be returning.
Cioffi had been told by borough officials on Monday to remove the traffic counting cables within 24 hours, or else the town would intervene. However, the strips remained through Thursday, despite the written warning.
But now, “all illegal devices have been removed,” Cioffi reported Friday morning. “However, they may be returning, as per the recommendation of the engineer.”
Cioffi’s engineers, she said, suggested taking additional readings soon, as “they are not sure if the weight of the vehicles was registering correctly.”
Cioffi commissioned the independent traffic study of Powderhorn Road, where she resides, paying an engineering firm she won’t identify $600 to conduct the analysis. The longtime borough resident said she is confident that traffic on the popular commuter cut-through exceeds county estimates of approximately 4,000 vehicles on any given day. Cioffi maintains enforcement by borough police of weight restrictions has been lax along her street, where she’d also like to see traffic volumes reduced.
Cioffi said she plans to share the results with county and borough officials.
A recent editorial declared a victory for Obamacare as evidenced by a Robert Wood Johnson Foundation survey showing a substantial reduction in the number of uninsured New Jersey residents over the past year.
The result, while positive, is not all that surprising given that under the law individuals must purchase coverage or face a financial penalty. In addition, the government doled out taxpayer-funded subsidies and expanded eligibility under Medicaid. I suppose there aren’t too many problems that can’t be solved by throwing money at them — except perhaps deficits.
The result, while positive, is not all that surprising given that under the law individuals must purchase coverage or face a financial penalty. In addition, the government doled out taxpayer-funded subsidies and expanded eligibility under Medicaid. I suppose there aren’t too many problems that can’t be solved by throwing money at them — except perhaps deficits.
The editorial does not report on other effects of Obamacare: cancellation of policies for individuals who had to then purchase new policies at vastly higher premiums, elimination of choice among coverage (Uncle Sam knows what you need), and an overall reduction in the availability and quality of health care.
Recent downward corrections to the enrollment figures due to non-payment of premiums portend even higher premium costs next year unless the administration bails out insurers for their losses with even more taxpayer money. No one disputed the goal of reducing the ranks of the uninsured. The quarrel was always with the approach.
Until this ill-conceived law is repealed, we have to live with its consequences, both intended and unintended. To paraphrase the Greek King Pyrrhus, any more victories like this, and we will be ruined.
SEPTEMBER 26, 2014 LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 9:26 AM BY JODI WEINBERGER STAFF WRITER THE RIDGEWOOD NEWS
The first thing students at Ridgewood High School (RHS) did with their new Chromebooks was power them up and test out their log-ins and passwords to make sure they worked.
The second? Change the background screen.
Some students gathered their friends and took a selfie with the computer’s built-in camera for a truly personal background, others chose bands or cartoons. Junior Becca Feder laughed before saying what her new background was, but then finally admitted, “SpongeBob.”
According to the district’s manager of information technology Ryan Kenny, the other first priorities for the teens was whether they could remove the hard plastic cover and put stickers and decals on the case – the answer to both was “no.”
All together, 1,717 Chromebooks were handed out to the students this week, each one engraved with “Ridgewood Public Schools” and plastered with a barcode and the student’s name for identification.
The high school used the students’ gym period to hand them out, giving them the time to play around with the device before using it for paper writing and other activities in the classroom.
“Is it charged already?” one student asked as he signed his name indicating that he received the laptop.
Panel says parking is source of problems in downtown Ridgewood
SEPTEMBER 26, 2014 LAST UPDATED: FRIDAY, SEPTEMBER 26, 2014, 4:19 PM BY LAURA HERZOG STAFF WRITER THE RIDGEWOOD NEWS
John Saraceno, owner of the former Bank of America building, gave some bad news during Deputy Mayor Albert Pucciarelli’s most recent public forum on the Central Business District (CBD).
Sarceno, a Ridgewood resident, said he wanted to attract anything other than a restaurant into the historic building, but he couldn’t.
“It was amazing to see the lack of interest from anyone other than a restaurant,” he said. “In three years, I never received a proposal or request from a non-restaurant, and all I wanted was a non-restaurant.”
Now, the new high-end seafood restaurant FISH is on its way into the long-vacant space.
The issue, Saraceno said, is two-fold: Ridgewood’s parking “stigma,” and the stigma “that Ridgewood is asleep.”
“In the retail marketplace, there is a tremendous view,” he noted, “that Ridgewood has lost its edge.”
Some similarly jarring points were made by other attendees during the forum Monday evening in the richly furnished back room of Chestnut Street’s new Roots Steakhouse, which features luxe leather seating and lantern lighting.
Tapes showing meek oversight of Goldman are about to rock Wall Street
Major Obama Supporter Gets Free Pass?
Wall Street is about to be rocked by secretly recorded audio tapes that purport to show a too-cozy relationship between the New York Federal Reserve Bank and the financial institutions it is supposed to regulate.
The 45 hours of tapes, made by Carmen Segarra, a former NY Fed worker, capture former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive, according to public radio’s “This American Life,” and ProPublica which obtained the tapes and is scheduled to air a program about the matter Friday night.
Segarra, ironically, was hired by the NY Fed in October 2011 to help toughen up their oversight. She was fired in 2013 after, she claims in a lawsuit, she tried to get Goldman to toe the line on regulations.
The NY Fed has regulators embedded at each of the large banks it oversees. On her first day on the job, Segarra was assigned to Goldman.
Hans von Spakovsky / @HvonSpakovsky / September 25, 2014
Attorney General Eric Holder, the first attorney general in history to be held in contempt by the House of Representatives, surprised the political world today when he announced he would be resigning, effective on the confirmation of his successor.
Holder will leave a troubled legacy and many unanswered questions as John Fund and I discovered when we were researching our new book, “Obama’s Enforcer: Eric Holder’s Justice Department.” The Justice Department veterans we talked to said that Holder has politicized the Department to an unprecedented degree, which should concern everyone who cares about the rule of law.
So what are the top seven worst actions by Eric Holder?
1. Operation Fast and Furious, probably the most reckless law enforcement operation ever carried out by the Justice Department. This gun-running scandal led directly to the death of an American border agent and many Mexican citizens. Holder was held in contempt because of his refusal to turn over information and documentation about this operation gone wrong that he basically claimed he knew nothing about.
2. Holder has waged a war on election integrity and “racialized and radicalized the [Civil Rights] Division to the point of corruption” according to one current Justice employee, embedding “politically leftist extremists in the career ranks who have an agenda that does not comport with equal protection or the rule of law; who believe that the ends justify the means; and who behave unprofessionally and unethically.”
3. Failure to conduct a real, criminal investigation of the IRS targeting of conservative organizations and to enforce the contempt citation issued by the House of Representative against Lois Lerner.
Lois Lerner (Photo: Jonathan Ernst/Newscom)
4. Reinstituting the Clinton-era model for handling terrorists that endangers the national security and safety of the American people and going after journalists in leak investigations while ignoring leaks coming out of the White House from high-level administration officials.
5. Failing to advise President Obama against taking actions that violate the Constitution and federal law, refusing to enforce or defend federal laws and trying to persuade state attorneys general to engage in the same type of behavior of refusing to defend laws passed by their state legislatures.
6. Engaging in collusive “sue and settle” lawsuits with advocacy organizations and political allies of the president in order to implement regulations and new requirements without public notice or participation in order to use taxpayer money to fund the budgets of liberal groups.
7. Treated Congress with contempt and did everything he could to evade its oversight responsibilities by misleading, misinforming and ignoring members of Congress and its committee.
There is no telling how long it will take to repair the damage that Holder has done to the Justice Department. History will not be kind to his legacy. As one former Justice Departmentemployee told us, in his opinion, “Holder is the worst person to hold the position of attorney general since the disgraced John Mitchell, who went to jail as a result of the Watergate scandal.”
The panel Governor Christie commissioned to develop solutions to fix the state’s underfunded public employee pension and health benefits systems warned Thursday that changes must be made. In a preliminary report, the panel detailed the causes of the shortfall but offered no specific recommendations for fixing the problem. (Hayes/The Bergen Record)
Citing Ronald Reagan, N.J. Senate Candidate Jeff Bell calls for immigration reform
TRENTON — Jeff Bell, the Republican who is challenging U.S. Sen. Cory Booker (D-N.J.), says his party has been “unwelcoming to Hispanic voters” and that he favors a guest worker program that would put immigrants in the country illegally on a path to legal status. (Friedman/NJ Advance Media)
Actor Ron Perlman and Executive Chef Ben Pollinger to Appear at Bookends
Tuesday, September 30th @ 6:00pm- Star of Hellboy & Sons of Anarchy, RON PERLMAN, will sign his new book: EASY STREET (THE HARD WAY) ($26.99).
Thursday, October 2nd @ 7:00pm- Executive Chef of Oceana in NYC, BEN POLLINGER, will do a demonstration and sign his new cookbook: SCHOOL OF FISH ($35.00)
Call Bookends at 201-445-0726 with additional questions.
Bookends is a legendary New Jersey Landmark! We are known for our incredible author events and have hosted well over 1,000 authors in the past 15 years!
All books MUST be purchased from BOOKENDS for any of our events and a valid Bookends receipt must be presented for entry.
Appearing authors will only autograph books purchased at Bookends and must have valid Bookends Receipt. Availability & pricing for all autographed books subject to change. Bookends cannot guarantee that the books that are Autographed will always be First Printings.Autographed books purchased at Bookends are non-returnable.
While we try to ensure that all customers coming to Bookends’ signings will meet authors and get their books signed, we cannot guarantee that all attendees will meet the author or that all books will be signed. We cannot control inclement weather, author travel schedules or authors who leave prematurely.
Bookends, 211 E. Ridgewood Avenue, Ridgewood, NJ 07450 201-445-0726
Missed one of our events? We have Signed Books from some of our recent signings. Call the store to order 201-445-0726.
