From the Asbury Park Press:
Indictment: Mayor offered jobs to opponent
A small-town mayor from southern New Jersey offered his political opponent municipal jobs if the man would agree to drop out of a political race, state Attorney General Stuart Rabner said Tuesday as he announced the mayor’s indictment.
“This case involves political corruption at its most venal and brazen,” Rabner said of Carneys Point Mayor John “Mack” Lake III, a Republican who lost his Township Committee re-election bid this month.
Lake is charged with two counts of bribery and one count of official misconduct in the indictment.
“Mr. Lake basically told his opponent: You keep me in power, and I’ll use that power to reward you financially,” Rabner told reporters at a news conference in the Hughes Justice Complex.
…
Rabner said Lake, 50, had approached his opponent, Anthony Rullo, in July, offering to use his position as mayor to secure for Rullo a part-time job with the township’s sewer authority.Lake allegedly beseeched Rullo to drop out of the committee race. Rullo did not.
Rabner said Lake tried again later in the summer to get Rullo to quit the race, this time offering Rullo a $15,000 job as an assistant housing inspector.
From the Star Ledger:
U.S. agents raid union offices led by a key Jersey Democrat
http://www.nj.com/search/index.ssf?/base/news-5/116417387627240.xml?starledger?nnj&coll=1
Federal agents yesterday raided the offices of a West Caldwell union long headed by state Assemblyman Thomas P. Giblin, part of what sources said is an ongoing corruption probe into the union and the politically active family that has run it for decades.
Armed with a search warrant, about a dozen agents from the Department of Labor and U.S. Postal Inspection Service arrived at the West Caldwell offices of International Operating Engineers Local 68 around 9 a.m., ushering workers into a hall and demanding personnel and business records from union leaders.
From the Star Ledger
Utilities exec accused of taking kickbacks
http://www.nj.com/search/index.ssf?/base/news-5/116417423927240.xml?starledger?nnj&coll=1
FBI agents arrested the former executive director of the Western Monmouth Utilities Authority yesterday on charges he received thousands of dollars worth of home improvements in return for using his power to aid those contractors and developers.
The arrest of Frank G. Abate is the latest in a string involving officials in Monmouth County.
They should also put all the elected officials in jail who gave no-bid contracts to campaign contributors.
I have no idea how low prices may drop, if at all. HOWEVER, I am DAMN relieved to see prices level off.
Last summer, I experienced the EXACT PANIC emotions one does after an extended frenzy of which you are not a part of.
1) I felt I had better buy a house…ANY house, b/c soon I would not be able to afford a damn thing. I had watched my “mortgage free house” fund dwindle in relative value, fearing this would sooon become nothing more than a downpayment… This happens after seeing prices go balistic year after year.
2) I would drive down the road thinking, there’s a millionairre, and there’s another one. Yup, everyone who lives in a house is a $#@%$# milllionairre now. sitting on a 6 figure profit. I remember thinking with disgust of how long it took me to SAVE a few $100k, while it just appeared for these people automatically. Not bitter, or jealous, but just disgusted at how badly I f*cked up.
My instincts from my stock trading days were the only sanity I had left. There was no way EVERYONE was cashing out, without depressing the market. Just like a stock, excess sellers will drop the price. By definition, everyone can’t sell at the high.
I also thought, how this damn ATM house can turn into a liability. Lots of expenses to maint. a house.
I assume that will now come to the surface a bit more. Now that your increasing equity isn’t exceeding costs each passing month.
Well, I am just happy the market has stopped it’s exponential ascent. I am still in the game. Barely hanging on, and prob. not ever mort. free now…after the doubling from 2000 to 2006. But at least it’s paused.
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