First the reporters at Esquire (and their insiders) gave us a hint that BridgeGate was small potatoes -- compared to the new investigation underway, regarding Christie's Money Management tricks. I detailed those initial murmurings here.
Now other insiders, are painting an even clearer picture of the Larger Potatoes investigation, into Christie's 3-card Monte game of {mis-}using the citizens' money. This time the insiders spoke to the Associated Press (AP):
AP sources: Christie facing 2nd bridge probe
by David Porter and Jennifer Peltz, Associated Press; chieftain.com -- June 24, 2014
NEWARK, N.J. [...]
The Manhattan district attorney’s office and the Securities and Exchange Commission are investigating whether $1.8 billion in funding to repair the Pulaski Skyway and related projects was misrepresented in bond documents by the Port Authority of New York and New Jersey, a person familiar with the investigation but not authorized to discuss it publicly told The Associated Press. The person spoke on the condition of anonymity.
And a government official with direct knowledge said the Manhattan district attorney’s office is investigating.
Besides federal laws and regulations, New York state has its own securities law, called the Martin Act. It allows for criminal charges for making false statements when selling bonds and some other financial instruments; the charges can be felonies. The law also allows authorities to bring civil suits.
[...]
"$1.8 billion in funding" ...
THAT's a lot of "
misrepresenting."
Ooops!
WHY in the world would Governor Christie take the Port Authority transit funds, and re-allocate them as his own "NJ Rainy Day" infrastructure funds?
Two words: Presidential Ambitions.
As I delved into the short-sighted Gopher rationale here, a few days ago:
How Christie used the Port Authority to bolster his 'Tough on Taxes' Image
by jamess -- Jun 23, 2014
Power and Ambition, combined with lack-luster Watch Dogs, just may amount to one very LARGE Abuse of the public trust, under Christie's watch.
It's kind of looking like Christie's Presidential Potato is just about baked.
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To summarize per commenter Mopshell:
The Pulaski Skyway actually comes under the authority of the New Jersey state government so it was their responsibility to shell out funds to repair it. However, because Christie's policy of reducing taxes had effectively reduced revenue, the NJ government found itself short of the necessary moolah for the much-needed maintenance work. So, in true crooked Christie style, he cooked up this scheme to get the Port Authority to pay for it instead, thereby misappropriating their funds which happen to be in the form of bond monies. Enter the SEC!
Thanks Mopshell! very well said.