New Jersey History: Codey & Corzine

History: Richard Codey & Jon Corzine

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-- Richard Codey

       After he assumed office as acting governor following Governor McGreevey's resignation effective in November 2004, Richard Codey's administration pursued some of the initiatives he had pushed in his long service in the legislature, particularly his concerns for improving services for mental health and cancer prevention and treatment, partly due to his wife's experience with cancer and postpartum depression. He also successfully pushed for laws to increase the minimum wage; expand scholarship aid for community colleges; strengthen penalties for identity theft; and prevent steroid use by high school athletes. He also negotiated an agreement between the National Football League's Jets and Giants to build a new stadium at the Meadowlands using private funds.

       Despite his popularity as measured in public opinion polls, Codey chose not to seek election to his own term in the November 2005 election. His decision came after Democratic US Senator Jon S. Corzine announced his intention to seek the governorship, a campaign which would be supported by the vast personal wealth that Corzine had gained from his prior career as a principal and co-chair of the Wall Street investment banking firm Goldman Sachs.

-- Jon Corzine

      Corzine had been elected to the Senate in 2000, defeating former Congressman Bob Franks, to the seat previously held by Senator Frank Lautenberg, who had announced his decision to retire. In his gubernatorial campaign, Corzine, who as a senator had voted against the resolution authorizing the Iraq War, attacked the Bush Administration's foreign policy and its cuts to domestic programs. He was elected over Republican Douglas Forrester, a businessman and former mayor, with 54% of the vote.

       After taking office in January 2006, Corzine's popularity declined, partly due to backlash against the shutdown of the state government in the first week of July after he was unable to come to an agreement with the legislature on funding the state budget. The eventual compromise provided for an increase in the state sales tax from 6% to 7%, along with expansion of its application to previously exempt products and services. The Governor also faced an embarrassing defeat when his plan to privatize the New Jersey Turnpike failed to secure significant support in the legislature. Voters also rejected a proposal he endorsed to borrow $450 million to fund stem cell research. Corzine succeeded, however, in gaining approval of measures to expand low-income health care and to abolish the death penalty, with New Jersey becoming the first state since 1965 to eliminate capital punishment through legislation.

-- Corzine 2009 re-election defeat by Chris Christie

      Corzine sought re-election in 2009, but was defeated by Republican Christopher Christie, a former US Attorney who had gained attention for high-profile political corruption prosecutions. Christie won with 48.5% of the vote to Corzine's 44.9%, with 5.8% of the vote going to independent candidate Christopher Daggett.

      After he left office, Corzine accepted appointment in March 2010 as chief executive of MF Global, a Wall Street investment and commodities brokerage firm. The firm declared bankruptcy in October 2011 after encountering liquidity shortfalls in meeting its debt payments, primarily due to decisions attributed to Corzine to invest heavily in sovereign debt of European countries. Corzine resigned shortly after the bankruptcy filing and the beginning of the firm's liquidation. Despite reports that the firm had illegally used customer fund trust accounts to meet its own obligations, Corzine and other executives were not charged with criminal violations, but were named as defendants in civil suits filed by investors, banks and others alleging losses in the firm's collapse.

Next -- Chris Christie