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Tim O's Lack of Understanding of Public Finance 101

I moved to Hoboken in 1985. This blog is my take on Hoboken politics.

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.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

hobokenhorse.com December 01, 2011 at 02:55 AM
No prosbus the correct spelling is capisce. You are spelling the mob version or the slang. Do you believe yourself a mobster? Hugging it out with Michele doesn't get you made. In fact, the clan doesn't even like you. You don't speak for any people in Hoboken other than Beth Mason who pays you for things other than friendship. I'll use my MORTe acronym as I well please and don't need any lessons from a Brezhnev eyebrowed Persian from Poughkeepsie about being Italian. Besides, you have bigger more Federal type problems to attend to or don't you know?
friendly fire December 01, 2011 at 03:42 AM
Enough, you are right in the fact that I made a spelling error, i did mean HFA, not HHA. Ignorant fool? Maybe... but let's take a step back and realize that I meant HFA, not HHA.
Enough December 01, 2011 at 10:42 PM
Red, thanks for pointing out that the city has awarded a contract. This reinforces my point that the city is really good at doing that. We'll see how long it takes for the actual work to be completed, at least on budget if not on time.
Enough December 01, 2011 at 10:47 PM
OK, Ms. Emily Litella.
Journey December 15, 2011 at 08:24 PM
So now one of the founders of Project Play has been heard on this subject. The HFA still has the money. Hoboken never recieved the money. Granted the city should have set up the trust so they could accept the money, but the money has not been wasted by the city.

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