Posted on 9/26/2006, 4:24:16 AM by Coleus
Shortly after launching his campaign for governor, Jon Corzine forgave a $50,000 loan to a prominent black minister who later endorsed his candidacy. Corzine lent the money through his charitable foundation to the Rev. Reginald Jackson's church in spring 2004, to help fund Jackson's unsuccessful campaign for bishop in the African Methodist Episcopal Church.
The debt was wiped off the books Jan. 1, 2005. That was a month after Corzine declared his candidacy for governor. It was also three weeks after Corzine forgave a $470,000 loan to a state-worker union leader whom he had dated. Jackson is the longtime executive director of the 600-congregation Black Ministers Council of New Jersey. In September he and 15 other leaders of the council stood with Corzine at a Statehouse news conference to endorse his run for governor.
The gift to Jackson was disclosed for the first time in the 2005 tax return for the Jon S. Corzine Foundation, released yesterday by the governor's office in response to a request by The Star-Ledger. The return is due to be filed today with state and federal regulators, according to Tom Shea, Corzine's chief of staff. If the loan had been forgiven one day earlier, the gift would have had to appear on the foundation's 2004 return, which came under public scrutiny during last year's campaign.
"It was reported in '05 because the loan was forgiven in '05 -- simple as that," Shea said. The original loan, he said, "was fully reported in 2004. There was no effort to hide this, ever, at any point in time." Corzine was not available to comment yesterday, Shea said. In an interview yesterday, Jackson said Corzine was the top donor to his $235,000 effort to win election to bishop in July 2004.
(Excerpt) Read more at nj.com ...
This is a common scam -
1. What was the pupose of the "loan"??
2. How was it reported to the IRS??
Just curious!!
Corslime just gave $74million to the city of Newark to facilitate safer conditions for pedestrians and drivers.
Never a mention of specifics.
Now the slime is passing out taxpayer dollars instead of his own money. Still buying votes, is all it is.
The money was a gift from one charitable organization to another charitable organization and done one day after it would have had to be disclosed in the year BEFORE the election.
The "purpose" is to give lotsa money to someone to buy their votes - it's called a loan so that it isn't classified as a gift....and then "forgiven" so that the loanee doesn't have to pay it back. It's a scam, but they have the legal loopholes to do it.
Preachers cost more than cops now.
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