Corzine & MF Global, The 8th Largest Bankruptcy in US History

By Joseph Hovanec

Little has been reported by the mainstream media about the former Democrat US Senator and former Democrat NJ Governor the Honorable (I use that term loosely) Jon Corzine's MF Global meltdown. 

The Company's bankruptcy filing is the "8th Largest in US History", so one would think it would be news. However, the so called Mainstream Media with the exception of Fox News is largely silent on the issue. The only reason that so many people do know about it is that more people watch Fox News than all the other Mainstream news networks combined.

The main cause of the MF Global meltdown is reported to be largely caused by the misuse of and dare I say 'missing' client money which forced the firm into Bankruptcy. Jon Corzine tried to unload, or as some would say 'sell' the firm just prior to the Meltdown but the company that would have been the new owner discovered that there is approximately 1.2 Billion in client money that could not be accounted for so that deal fell through which led to MF Globals demise. 


Jon Corzine testified in front of Congress yesterday where he stated that he is sorry, but he does not know where the missing MF Global clients money is. 


So it seems that Jon Corzine left MF Global in exactly the same condition he left Trenton, 'BROKE', Imagine That!!!

One of my favorite cyber columnists Rich Galen today wrote on Jon Corzine and MF Global, His article is so informative and well written that I have included a link to it Here 


Watch WSJ coverage of Jon Corzine’s Testimony before Congress Here 
Watch excerpt of Jon Corzine’s Video Testimony Here
Read Wikipedia entry for the Sarbanes-Oxley bill Here
Read Reuters explanation of what happened at MF Global Here

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Businesses Eligible For Up To $9,600 In Tax Credits for Hiring Unemployed Veterans

The American Jobs Act provides incentives for businesses to hire unemployed veterans. Businesses hiring veterans who have been unemployed for specified periods of time will be eligible to receive incentives of $2,400 to $5,600 per veteran hired.

On November 21, 2011, the President signed into law two new tax credits:

• The Returning Heroes Tax Credit is a new hiring tax credit that will provide an incentive for businesses to hire unemployed veterans.
  • Short-term unemployed: A new credit of 40 percent of the first $6,000 of wages (up to $2,400) for employers who hire veterans who have been unemployed at least 4 weeks.
  • Long-term unemployed: A new credit of 40 percent of the first $14,000 of wages (up to $5,600) for employers who hire veterans who have been unemployed longer than 6 months.
• The Wounded Warrior Tax Credit will double the existing tax credit for long-term unemployed veterans with service-connected disabilities.
  • Maintain the existing Work Opportunity Tax Credit for veterans with service-connected disabilities (currently the maximum is $4,800).
  • A new credit of 40 percent of the first $24,000 of wages (up to $9,600) for firms that hire veterans with service-connected disabilities who have been unemployed longer than 6 months. Read more.

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Governor Christie releases the final version of N.J.'s Energy Master Plan

Governor Chris Christie released the state’s final 2011 Energy Master Plan, which is described as strategically balancing the development of new sources of clean energy, including natural gas, with renewables. The plan, which is the governor’s vision for the use, management, and development of energy in the state, builds upon what he sees as his efforts to make New Jersey the largest and fastest-growing solar energy market in the United States. 

Additionally, the administration proposes to address the current drop in the market price of solar renewable energy certificates (SRECs) with a plan designed to encourage growth of the solar industry and create the necessary certainty that will allow financial community to invest in energy development.


The Governor’s office has focused on the following:

• Accelerate the Renewable Portfolio Standard (RPS) and reduce the Solar Alternative Compliance Payment (SACP) 
• Returning to the percentage obligation for solar 
• Promoting Solar Installations that Provide Economic and Environmental Benefit by Limiting SREC Eligibility 
• Expanding Opportunities for Solar 
• Drive down the cost of energy for all customers 
• Promote a diverse portfolio of new, clean, in-state generation 
• Reward energy efficiency and energy conservation and reduce peak demand 
• Capitalize on emerging technologies for transportation and power production 
• Maintain support for the renewable energy portfolio standard of 22.5 percent of energy from renewable sources by 2021

Click here for a copy of the final 'Energy Master Plan'

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NJ DOL Mandatory Employers Posting Now In Effect

New state rules require employers to post notices about their obligations to maintain pertinent employee wage and benefit records.

Under the new rules, existing employees and new hires must be provided with a written copy of the notice. Employers must provide a written copy of the notice for existing employees by December 7, 2011.



Employees hired after November 7, 2011 must be provided with a written copy of the notice at the time of their hiring. In both cases, attaching the notice to an e-mail satisfies the written notice requirement.


The Notice includes contact information for New Jersey State representatives who are available to provide employees with information or to facilitate their filing of complaints regarding an employer's alleged failure to meet the requirements of these statutes.


Employers risk fines up to $1,000 for failing to comply with the notice and posting requirements, in addition to potential criminal penalties.


This notice follows on the heels of last year's new legislation imposing stricter penalties - including the loss of operating licenses - for New Jersey employers who repeatedly fail to comply with the State's wage, benefit and tax laws.
Read New State Rules Here

View Mandatory Posting Here

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Recent Debt Report Shows Stability & Predictability to NJ Businesses

Senate Republican Leader Tom Kean, Jr. issued the following statement on the most recent Debt Report presented to the state Commission on Capital Bonding and Planning:

“The debt report shows that this Governor is fixing the mess left by McGreevey, , and an unchecked Democratic legislature that just couldn't say no to spending Corzine money the state didn’t have. Gone are the days of double digit debt increases that are passed on to our children and grandchildren.

“The commitment by Governor Christie and Republican legislators to stabilizing state finances and reducing our debt is a powerful signal to the business community that it is once again safe to create jobs and invest in New Jersey.”

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New NJ Requirement To Post Long Notice Form And To Provide It To Employees

The New Jersey Department of Labor & Workforce Development (DOL) recently issued a regulation that requires New Jersey employers to post an long Notice Form (6 pages) about employer record-keeping and reporting requirements and state offices that employees can contact concerning possible employer violations. The law also requires employers to provide the Notice Form to existing employees and to new employees. 

The new regulation is already in effect, so if you have not already posted the Notice Form, post it now. The Notice Form is to be posted in a place or places accessible to all employees in each of the employer's workplaces. A copy of the Notice Form can be found Here

For employees hired after November 7, 2011, a copy of the Notice Form is to be provided to the employee at the time of hiring. For other employees, the Notice Form must be provided to them not later than December 7, 2011. 

If your company has an internet site or intranet site for exclusive use of your company's employees and if all of your company's employees have access to the site, your company can post the Notice Form on the internet or intranet site to comply with the posting requirement. Posting on one of those sites does not, however, comply with the requirement that each employee be provided a copy of the Notice Form. Your company can, however, comply with the requirement to give the Notice Form to the employee, if your company provides the Notice Form to the employee by email. 

Companies with workplaces outside of New Jersey may not have to post the notices in the non-New Jersey workplaces and may not have to provide the notices to non-New Jersey employees. 

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House Passes Workforce Democracy and Fairness Act

The House passed H.R. 3094, the Workforce Democracy and Fairness Act by a vote of 235 to 188.  You can find details on the  vote on the bill and its amendments below. 

Coalition for a Democrat Workplace (CDW) final letter is available here; 243 organizations signed on, including NJECPAC Member Organization New Jersey IEC. Our statement about the vote is available here. CDW will be working with the Senate to see the bill move forward there. The Workforce Democracy and Fairness Act would rein in Obama's out of control NLRB

The NLRB voted 2 to 1 in favor of a resolution offered by Chairman Mark Pearce to streamline the ambush election proposed rule.  Member Craig Becker and Chairman Pearce voted in favor of the proposal, while Member Brian Hayes dissented, criticizing the substance of the proposal as well as the Board's failure to follow procedural rules. The Board will now move forward with drafting a final rule based on the Chairman's resolution. 

Based on the resolution, The CDW expects the final rule in the next few weeks.  The rule will not contain some of the aspects of the proposed rule, such as the 7 day period for a hearing and the requirement employers release employee phone numbers and email addresses.  However, The final rule will still significantly reduce the time period for elections and deprive employers of many due process rights. In short, the streamlined rule would radically change election procedures in an effort to promote rapid, increased unionization at the expense of employees and employers. Littler has a post with more details here.  


You can view CDW's comments on the original proposed rule here. CDW will be watching closely and will keep you posted.  The Board's information about the hearing, including a video archive that will be posted later today, is available here.

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Take Action Now to Block Egregious NLRB Rule Proposal

Craig Becker's recess appointment to the NLRB expires December 31. At that point, with only two Members, the Board will be powerless to issue even the most routine orders.

As we have previously reported, Craig Becker believes the only choice employees should have in a union election is which union to belong to.

The Workforce Democracy and Fairness Act (H.R.3094) would block the NLRB's Ambush Election proposal, an effort by the Board to deny employees access to critical information about unions and strip employers of free speech and due process rights. H.R. 3094 would also reverse the Board’s recent decision which opens the door to micro-unions.


In a blatant attempt to finalize its biased ambush rule before Obama appointee Craig Becker’s term expires, the National Labor Relations Board (NLRB) will vote on the proposed rule on November 30th – the same day Congress is set to vote on H.R. 3094 that would block the proposal!

That is why it is so important to TAKE ACTION NOW!!! Contact your legislator today and tell them to support H.R. 3094.

Think this proposed rule is no big deal? Think again. The rule is so egregious that Republican NLRB Appointee Brian Hayes has threatened to resign if the rule should come up for a vote. If Hayes resigns it would effectively quash a long-sought change to union election rules. 

Read More

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US Supreme Court to Hear Arguments on Obamacare

Just as we had previously predicted, the Supreme will hear the challenge to the health care overhaul law brought by 26 states and NFIB. 

The arguments are expected to be heard sometime in March, and a decision would most likely follow sometime in June in the heat of the Presidential Election. "The health care law has not lived up to its promises of reducing costs, allowing citizens to keep their coverage or improving a cumbersome system that has long been a burden to small-business owners and employees, alike," said NFIB President and CEO Dan Danner. 

The NFIB plans to argue the individual mandate provision of the health care law is a violation of the US Constitution and can not stand on its own without it, NFIB President and CEO Dan Danner writes, "the existence of the individual mandate will set a precedent that will allow and embolden Congress to compel Americans to do, and to buy, whatever the government commands," Read More

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Senate Officially Passes Repeal of 3% Witholding Tax on Public Contracts

The Senate has officially passed the bill repealing the 3% percent withholding rule with a 95-0 vote. 

NJECPAC have long supported the measures repeal working closely with both IEC and ABC on this and other issues plaguing the business community in Washington.  

Republicans have been on board with the repeal of the measure for a number of years. It is refreshing to see that the Democrats that have been blocking the measure are finally catching up with what matters to Business. The President has also succumbed, and agreed to sign the measure into law. 

It is comforting to finally see a bill get bi-partisan support and to know that all of our time and efforts spent in Washington pressing legislators on this issue were not in vain. 

As Sen. Scott Brown (R-Mass), the sponsor of the underlying withholding bill, said, “This is just the kind of thing we have been calling for, just the sort of thing we should be doing a lot more of around here.” 

The Senate also passed a bill offering tax incentives to companies that hire veterans (94-1). 

Read Full Story Here:

Next week, House Republicans will attempt to advance legislation combating the NLRB’s rule for “quickie union elections.” John Kline (R-Minn) stated, “We can’t wait for Democrats in Washington to wake up to the fact that the NLRB’s actions are wreaking havoc on American workplaces.” 

As with any issue effecting our members and their businesses, we will continue monitor this one closely. Full Story Here:

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