You promised the voters that you would put your assets in a blind trust. Five years later, only 1/3 of the assets are in the trust, and it isn't so blind. What's the deal, Senator Corzine?

When multi-millionaire U.S. Sen. Jon S. Corzine ran for his seat six years ago, he promised voters he would place his assets in a blind trust.

The move was to counter critics who charged that his portfolio, especially in a global investment banking and securities firm, could pose a conflict of interest.

But a review of his financial disclosure forms shows that Corzine, a Democrat seeking to become governor, has not put all of his assets in a blind trust. Moreover, the U.S. Senate ethics committee has not approved the trust that he has set up.

And Corzine's blind trust may not be that blind: The Newark mailing address for the trust is the same as his U.S. Senate campaign committee, according to his state financial disclosure form.

Corzine's agreement with the trust manager has not been made public by the candidate. His campaign did not respond to requests Thursday from Gannett New Jersey to release the agreement and identify the managers of the blind trust and Corzine's two other investment companies.

In 2001, Corzine told the Gannett News Service that two former Goldman Sachs partners, Jacob Goldfield and Chris Flowers, and a lawyer, Nancy Dunlap, would manage the blind trust. Dunlap is listed as an official with his U.S. Senate and gubernatorial political campaigns.

No law requires Corzine to put his assets in a blind trust. He also isn't required to submit the trust to the Senate ethics committee for approval. But getting approval means the agreement governing the trust would be a public record, and that Corzine would have to comply with strict Senate rules regulating such funds, including a requirement that the manager be independent, and not related to, the senator.

"Once the ethics committee has approved it, it's truly blind,'' said Pamela Gavin, the Senate's superintendent of public records. "If it's not a qualified blind trust, it has not been blessed by (the) ethics (committee).''

Tell me, Senator, would you accept this sort of ongoing deception from a GOP colleague -- or opponent?

Posted by: Greg at 02:52 PM | No Comments | Add Comment
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