Tim O's Lack of Understanding of Public Finance 101

At Monday's council meeting Tim Occhipinti demonstrated a complete lack of understanding of how public finance operates and his immature behavior. He made the startling declaration that the proposed bond issue would have an underwriter, financial adviser, bond counsel and an auditor. In the words of the equally bright Homer Simpson- Doh! Take a look at the thousands of bond issues and amazingly you will find the same personnel in every single one. This is done for the protection of the issuer. He then pointed out that the bond counsel is politically connected. What NJ law firm worth their salt is not? Can Tim name one? I doubt it. He should have spoken to a bond professional, such as myself so that he wouldn't waste the public's time, as he typically does. Our Corporate Counsel, Mark Tabakin works for one as well. In my opinion he is first class. When MORC (aka MORTe) illegally breached his contract he took the high road and didn't lash out.

Tim also smirks when city layoffs are mentioned. As a city employee how does that make you feel? When I was speaking, Tim rudely muttered something, ignoring the fact that I had the floor. Dave Mello challenged him to say it to my face. Cowardly Tim couldn't do it. Dave later told me he was telling me to shut up. I guess the truth really does hurt.

Hoboken currently has a legal case with no lawyer because MORC will not approve or pay for lawyers. This is part of their effort to sabotage our city's finances and force a state takeover. This time, not because of underfunding, but because 4 obstinate, legal and financial malfeasants want to make our most fiscally responsible mayor since I moved to Hoboken look bad. It beyond shame that these miscreants hate the mayor so much they are willing to destroy this town.

For the second time we received a reprimand from NJ DLGS to convene a special meeting regarding year end transfers that every municipality does in accordance with NJSA 40A: 4-57, which the minority continues to violate. Only in the Orwellian world of Beth Mason can anyone believe that the letter is meant for the good governance majority.

What about our firefighters? Their overtime pay is 46% ($920,000) of the transfers. While I believe that Director Tooke was hired to straighten out such excesses, I believe, unlike Tim and MORC that we should honor our word and contracts. Pay the firefighters the money they earned. $500,000 or 25% (71% total) is earmarked to the bankruptcy law firm of Paul Hollander. As he correctly pointed out to Tim, it was a long series of hard negotiations that produced the deal to save HUMC and Hoboken taxpayers as much as $80 million. It cost taxpayers $2 million in claims and $500,000 for legal expenses. The penny wise, pound foolish, legally incompetent minority wanted Hollander to reduce his expenses. This would have meant a $25 million tax rise in Hoboken. This is another example of why MORC is fiscally incompetent. To be fair, there is a raise in the mayor's office. There was a promotion to Chief of Staff, a common office for a town of our size or larger that cost a whopping $11,000 or ½ of .1%! Other items, fully explained to Michael (“the dog ate my homework”) Russo are mundane actions such as reassigning personnel from one department to another and hiring mandated security guards for Hoboken's Court.

The only hope is for concerned citizens (and firefighters) to attend the special meeting. Beth Mason folded on the Monarch project when the room was filled with Tea Building residents and the same with a boatload of citizens and HUMC employees. This is the only way to get through to these kind of people. They couldn't care less about you or this town. They crave a return to power so we can see overdevelopment, patronage, higher taxes and more perp walks.