MSNBC’s Krystal Ball Now an Expert on the Newark Economy

Last night the MSNBC contributor tweeted about the Cory Booker–President Obama–Bain Capital kerfuffle:

The Bain model of slash and burn economics is at core of problems facing Newark. Profits r privatized. Losses r public.


Five of the last seven mayors of Newark have been indicted on corruption charges. Via Wikipedia:

Newark has been marred with episodes of political corruption throughout the years. Five of the last seven Mayors of Newark have been indicted on criminal charges, including the last three Mayors: Hugh Addonizio, Kenneth Gibson, and Sharpe James. As reported by Newsweek: “… every mayor since 1962 (except the current one, Cory Booker) has been indicted for crimes committed while in office.”[65]

Addonizio was mayor of Newark from 1962 to 1970. A son of Italian immigrants, a tailor and WWII veteran, he ran on a reform platform, defeating the incumbent, Leo Carlin, who, ironically, he characterized as corrupt and a part of the political machine of the era. During the 1967 riots, it was found that Addonizio and other city officials were taking kickbacks from city contractors. He was convicted of extortion and conspiracy in 1970, and was sentenced to ten years in federal prison.[66]

His successor was Kenneth Gibson, the city’s first African American mayor, elected in 1970. He pleaded guilty to federal tax evasion in 2002 as part of a plea agreement on fraud and bribery charges. During his tenure as Mayor in 1980, he was tried and acquitted of giving out no-show jobs by an Essex County jury.[67]

Sharpe James, who defeated Gibson in 1986 and declined to run for a sixth term in 2006, was indicted on 33 counts of conspiracy, mail fraud, and wire fraud by a federal grand jury sitting in Newark. The grand jury charged that James illegally used city-owned credit cards for personal gain, illegally spending $58,000, and that James orchestrated a scheme to sell city-owned land at below-market prices to his companion, who immediately re-sold the land to developers and gained profit of over $500,000. James had an initial appearance on July 12, 2007 and entered a plea of not guilty to the 25 counts facing him. However, James was eventually found guilty on fraud charges by a federal jury on April 17, 2008 for his role in the conspiring to rig land sales at nine city-owned properties. The former mayor was sentenced to serve up to 27 months in prison.

Newark has a lot of problems, but has anyone ever heard of Bain-type private equity firms coming into Newark and ruining its economy? If anything, it’s the Democratic party and its support of crooks that has put Newark where it is today.

Several tweeters, including myself, asked her to name some examples, which she has yet to do.

Oh, and she’s a hypocrite. While hitting Booker on his support for Bain Capital, she neglected to mention the support she received in her failed 2010 congressional race from the finance industry.

The sad part is Cory Booker’s pathetic retreat from his Meet the Press statement that Obama attacks on Bain were “nauseating.” Mayor Booker would be better served if he manned up and continued to say what he believes rather than skulk into a corner as Obama’s chastened puppet.

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