Ridgewood NJ, Northvolt, a critical battery producer for Europe’s electric vehicle (EV) industry, has announced a series of cost-cutting measures, including job cuts and the closure of one of its facilities. The Stockholm-based company, which manufactures lithium-ion batteries and has partnerships with leading automakers such as Volkswagen and Volvo, is taking steps to secure its future amidst a challenging economic environment.
Montville NJ, With dead mammals washing up on New Jersey beaches and with a lack of financial details on the state’s offshore wind farm program, the Ocean First project should be halted until there is legislative oversight of the project said Morris County Commissioner and State Senate candidate Thomas Mastrangelo.
TRENTON NJ, New Jersey Governor Phil Murphy on Tuesday gave a glimpse of his 2017 tax returns, showing that his income climbed by about 48 percent to $6.8 million in 2017. No surprise Murphy, a former Goldman Sachs executive invested $22.5 million in his campaign for governor last year .
Trenton NJ, It seems like every day there is a new revelation about a misstep in management under Governor Murphy.Yesterday, we learned that an audit of the U.S. Embassy in Germany under then Ambassador Phil Murphy revealed that management wasn’t ‘proactive’ with more than 10 harassment claims.
Trenton NJ, Democrat Phil Murphy ,New Jersey’s new governor says he’ll be accepting the job’s $175,000-a-year salary. Murphy a multimillionaire and former Wall Street executive who earned his fortune working at Goldman Sachs , will not match what even the failed Democrat Jon Corzine did . Corzine also a wealthy alumni of Goldman Sachs took only a $1-per-year salary.
When asked the new Governor declined Wednesday to take further questions about his salary from the media . His 2016 taxes showed he earned a mere $4.6 million, mostly from interest and dividends.
Former Goldman Sachs executive Phil Murphy leads the state’s Democratic gubernatorial primary ahead of Tuesday’s election.
By Daniel Marans
Phil Murphy, the front-runner in New Jersey’s Democratic gubernatorial primary, faces new questions about his tenure at Wall Street giant Goldman Sachs with the election just days away.
The campaign of attorney Jim Johnson, Murphy’s closest competitor in the race, criticized Murphy for serving as president of Goldman Sachs Asia at a time when the division profited from an investment in Yue Yuen Industrial, a Taiwan-based shoemaker. Human rights groups claim to have documented widespread labor abuses by Yue Yuen, including the company docking workers’ already modest pay for mistakes and running factories where machines sometimes severed workers’ hands and fingers, according to an NJ Advance Media report.
“Murphy’s record at Goldman Sachs undercuts what he says on the campaign trail to working families, and it shows that he should not be trusted when he promises to disavow money in politics,” Johnson campaign manager Jocelyn Steinberg said in a Friday statement. “Voters in New Jersey don’t need any more political gimmicks ― they deserve an explanation from Phil Murphy about his time at Goldman Sachs before they head to the polls on June 6.”
Former NJ gov faces a big fine, but agency wanted the big house
By Ken Kurson • 01/06/17 7:30am
Five years after he oversaw the collapse of commodities brokerage MF Global Holdings Ltd., CEO Jon Corzine is finally paying the piper. The U.S. Commodity Futures Trading Commission (CFTC) sued Corzine for financial indiscretions at MF Global that saw the firm transfer some $700 million of customer money to its own accounts (they also loaned $175 million in customer funds to their U.K. subsidiary). The CFTC agreed to accept $5 million.
The settlement brings to a conclusion an epic run of bad luck for the former New Jersey Governor. His bankrupting of MF Global in October 2011 came less than two years after he lost his re-election bid to Chris Christie (Corzine’s entry into politics had only occurred 9 years before that, when his partners at Goldman Sachs ousted him as CEO when he lost a power struggle to co-CEO Henry Paulson.
With the exception of this account in the Wall Street Journal, all of the press about the settlement missed two key points that distinguish this settlement from most of its kind.
Ridgewood NJ, President-elect Donald J. Trump today announced his intent to appoint Gary D. Cohn as Assistant to the President for Economic Policy and Director of the National Economic Council. A renowned business leader, Mr. Cohn will help to both design and coordinate the President-elect’s America First economic agenda and make sure increasing wages for American workers will be a top priority. He will also work closely with the President-elect’s economic team at the Treasury and Commerce Departments.
“As my top economic advisor, Gary Cohn is going to put his talents as a highly successful businessman to work for the American people,” said President-elect Donald J. Trump. “He will help craft economic policies that will grow wages for our workers, stop the exodus of jobs overseas and create many great new opportunities for Americans who have been struggling. He fully understands the economy and will use all of his vast knowledge and experience to make sure the American people start winning again.”
“Being chosen to serve in the President-elect’s administration is a great honor,” said Gary Cohn. “I share President-elect Trump’s vision of making sure every American worker has a secure place in a thriving economy, and we will be completely committed to building a nation of strength, growth and prosperity.”
In addition to his incredible business history, Mr. Cohn has an inspiring personal story. Growing up in Shaker Heights, Ohio, he was diagnosed at age seven with dyslexia, which made it difficult for him to read and spell. After receiving his bachelor’s degree at American University in Washington, D.C., Mr. Cohn worked for U.S. Steel and at the New York Mercantile Exchange. Since 1990, Mr. Cohn has worked at Goldman Sachs. His legendary toughness and tenacity, which helped him rise over a quarter century at Goldman Sachs to ultimately become the company’s president, will now be put to work on behalf of the American people.
Hank Paulson, George W. Bush’s treasury secretary, who presided over both the meltdown of the U.S. economy and the subsequent bailout of his close friends and associates, has endorsed Hillary Clinton — citing his belief that she’d be more likely to enact globalist policies on trade and immigration as part of the reason for his endorsement.
Paulson also posits that Clinton would be more likely to cut Americans’ medicare and social security, which Paulson cites as a top priority following the financial collapse he helped to create.
Paulson is also the former CEO of Goldman Sachs, which has given Hillary Clinton hundreds of thousands of dollars for speeches. According to Politico, Goldman Sachs rewarded Clinton with a total of $675,000 for three paid speeches.
“When Hillary Clinton spoke to Goldman Sachs executives and technology titans at a summit in Arizona in October of 2013, she spoke glowingly of the work the bank was doing raising capital and helping create jobs, according to people who saw her remarks,” Politicowrites. “She spent no time criticizing Goldman or Wall Street more broadly for its role in the 2008 financial crisis.”
“It was pretty glowing about us,” one attendee told Politico, “She sounded more like a Goldman Sachs managing director.”
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.
