More on Christie’s Below-Market Loan Gift to a Prosecutor in His Office

Update: Here’s the document the IRS would use to weigh whether this would count as a below-market loan. I’m trying to figure out precisely where Brown’s loan will fall, but given the short term of the loan (10 years) it appears it would not count as a below-market loan. (h/t Duncan) 

NYT has a version of the Chris Christie loan story with some details that seem to confirm prostratedragon’s suggestion earlier: that the loan Christie gave to the Executive Assistant AUSA (and now First AUSA) in his office, Michele Brown, would probably count as a below-market loan (and therefore a gift) for someone in her financial position.

Mr. Christie said he received a second mortgage on Ms. Brown’s home, which was in her name only, and had been receiving regular payments ever since. County records show the loan was dated Oct. 22, 2007, and carried a 5.5 percent yearly interest rate, with monthly payments of $499.22 over 10 years. [my emphasis]

As prostratedragon pointed out, given the reported financial circumstances of Brown and her husband, there’s little possibility she could have gotten that rate from a bank.

I get a farthing under 5.5% p.a. using a standard 17B II. From the story, the loan sounds like a second mortgage which under the AUSA’s family circumstances especially, would be priced more like a subprime loan —higher.

By 2007 sometime, both seconds and subprimes dried up abruptly and haven’t really recovered since, making the effective interest rate on one a very large number.

Which would make this a gift. A gift that keeps on giving, you might say, particularly since both are now in a position where their potential mutual interest in influencing one another would make this a big ethics no-no. And keeps on giving because Christie hasn’t been declaring this source of income on his disclosure forms.

Mr. Christie did not list the loan on his June 21, 2008, personal financial disclosure form as a member of the federal executive branch, which requires the detailing of any assets (like loans or receivables) worth more than $1,000, and any sources of income of more than $100 a year. Ms. Comella confirmed that Mr. Christie’s final disclosure as a prosecutor also omitted the loan.

Nor did he include the loan on his candidate’s disclosure with the New Jersey Election Law Enforcement Commission in April 2009. One of its catchall categories of unearned income requires the detailing of “other income (including interest)” of more than $100 when the total in that category exceeds $1,000. Mr. Christie listed Pfizer and three government bonds as the sources of such income, but made no mention of the loan to Ms. Brown.

Golly. You’d think someone trying to sell himself to New Jersey as a big foe of ethically challenged politicians wouldn’t make this kind of mistake. 

Update: Peterr pointed out this, from Christie’s site:

Change ethics laws to require strict disclosure
Under our current legislative ethics policy, members of the Legislature are allowed to have private sector and outside income that create conflicts of interest – apparent or justified – when they vote on or sponsor legislation that directly affects the source(s) of their income. Lawmakers who have private land developer clients, for example, are allowed to sponsor and vote on land use legislation. Legislators who are paid by organized labor unions are allowed to sponsor and vote on legislation that directly affects organized labor.

It is important to maintain a citizen-legislature, legislative ethics policy should be strengthened to include a requirement that members either recuse themselves from actions that affect their private sector interests, or that they publicly disclose these conflicts when they occur.

The new policy will be tailored to affect those occasions when the legislator knowingly has a private sector interest affected by the legislative matter at hand.

With these disclosures, the public would be able to accurately monitor whether legislators’ private income is affected by their actions as members of the Legislature. The public should not have to rely solely on law enforcement agencies to uncover these ties in connection with the occasional criminal investigation. Christie will strengthen ethics laws by ensuring the transparency necessary to restore confidence in the legislative branch of government is in place.

Mind you, Christie is focused on legislative transparency, not executive branch transparency. But I do wonder whether Christie recused himself from discussions about Brown’s promotion?

78 replies
  1. Peterr says:

    There’s also another place where this loan should have appeared: US Form 1040.

    If Christie didn’t declare the loan on his disclosure forms, it’s also possible that he didn’t declare the income earned by that loan on his 1040.

    But I’m sure that didn’t happen, and Christie will make his tax returns available so that we can see the income properly reported.

    (That would be the “long form” 1040, of course . . .)


  2. PJEvans says:

    Golly. You’d think someone trying to sell himself to New Jersey as a big foe of ethically challenged politicians wouldn’t make this kind of mistake.

    He is a ‘Publican, though, and over the last forty years ‘ethically challenged’ seems to have become their standard.

  3. SparklestheIguana says:

    I guess Ralph Marra will have to indict Christie now. Embarrassing!

    I wonder if Corzine ever paid gift tax for his $470k gift to Carla Katz.

  4. orionATL says:

    so what did brown give christie in return?

    i am NOT being snidely salacious.

    i AM assuming she may have done professional favors for her boss/loan officer within the USA’s office.

    what were those favors?

    or were there any?

    specifically, what questionable actions might christie have pursued or wanted to pursued that brown might have supported. or, acting as a surrogate for christie, ordered other staff to do?

  5. brendanx says:

    A gentle suggestion: Could you include pictures of these two in your next post, so we can visualize the full dimension of their relationship?

  6. Teddy Partridge says:

    Who are the GOPs gonna come up with to run against Corzine now?

    Because this guy is T-O-A-S-T

    • LabDancer says:

      French toast, loaded with melted butter & swimming in genuine high fructose imitation maple-flavored syrup substitute.

      bmaz at 3: Timing maybe?
      bmaz at 19: I think you may have accidentally linked to a shot of your senior U.S. Senator in his graduating class yearbook from Annapolis. The occasion I’m not so sure on — either the after-party at the year-end production number spoofing Julius Caesar, or just a regular Tuesday evening.

  7. Citizen92 says:

    And according to the NYT, Christie lent Brown $46,000 in mortgage money on October 27, 2007 for a property on Talm**** Lane in Mendham, NJ. The mortgage note is recorded in Morris County (NJ) Records here.

    Morris County online records show NO other loans made to Michele Brown around 2007 for the purpose of purchase of a property. If this is the case, Christie’s mortgage would be the first lien.

    Morris County assessment records show Michele Brown as the owner of that Talm**** Lane Property. The online record was ‘last updated’ on 6/13/07.

    I find it odd there are no other loan records.

    So I looked at voter registrations. It looks like that house was (probably/possibly) owned by a Brown family member, possibly her father.

    Registrant Information
    Residential Address: 218 TAL**** RD
    MENDHAM, NJ 07945-1515
    Home Phone: 973-543-3169
    SSN: xxx-xxx-xxxx
    Date of Birth: 10/1933
    Gender: Male

    Voter Information
    Registration Date: 10/4/1976
    Party Affiliation: DEMOCRAT
    Active Status: ACTIVE
    County: 027
    Special District 1: 0003
    Special District 2: MENDHAM BR
    Precinct 1: 0019
    State House District: 016
    State Senate District: 016
    U.S. House District: 11

    Maybe Michele was buying her Dad’s house? The tax assessment shows the house worth about $645,000. A $46,000 loan in 2007 would hardly cover the purchase price.

      • Citizen92 says:


        But there should be a record of the first lien (primary loan) somewhere then.

        If there is a first loan somewhere out there, I wonder what she told the lender to get it. If she represented that she was going to put 20% down, or 10% down, or whatever of her own money — but then instead borrowed it on the sly in a private transaction with a loan from Christie — that could very well constitute mortgage fraud.

        Speculation, yes. But if she had to ask her boss to borrow money because her husband had bad credit, I have to suspect the house was ‘creatively’ financed.

        Would a ‘mortgage deed’ like what was filed in Morris County for the Christie Note be required for a HELOC? Maybe the $46k was a Christie-financed home equity line of credit?

    • scribe says:

      Ok. There’s a bit about New Jersey real estate taxes you need to understand.

      As anyone anywhere will attest, the prospect of a reassessment of real estate taxes is one of the most difficult political nettles any local pol can be called on to grasp. After all, it can get hard to go to the supermarket and deal with people who blame you for their real estate taxes going up. So, they tend to get put off.

      To work around this problem, New Jersey uses a system which kind of encourages a rolling revaluation of real estate taxes. While it does not eliminate the whole idea of reassessments, it kind of smooths the bumps a bit.

      It works like this. Every year the local assessor and the state will get data on every real estate sale/purchase in the municipality, including most pertinently the price and whether the sale was arms-length. Then, using a mathematical formula, they will prepare an analysis of what the generic property in the municipality is “truly” worth. In other words, market price trends from arms-length sales get factored into the “true” value of the property. This produces a number called the “equalization ratio”, which is defined as the “assessed value” of the property divided by the “true value” of the property. Since this “True value” changes every year in response to market trends, the equalization ratio changes every year. When that ratio shows that the assessed and true values are out of whack beyond a certain point, which I believe was 60 percent (assessed is 60 percent of true) and 130 percent (assessed is 130 percent of true), then the properties in the municipality get re-assessed by a pretty mechanical process to bring the ratio back to 100 percent. (To smooth out the tax burden, the rate of taxation is then adjusted to yield roughly the same number of dollars generated. In other words, Value $3 X Rate 6 = $18 and Value $4 X Rate 4.5 = $18, too.)

      Along the way, property owners (and the municipality) can challenge the assessment of a particular property for any number of reasons, by showing the value of comparable properties (as defined by arms-length sales of those comparable properties) that indicate the assessment is out of whack one way or another (by 15 percent or more, IIRC).

      So far so good, right?

      OK, from the general to the specific: Christie’s debtor.

      The house was valued at roughly $645k in 2007, per the tax records.
      I’ve been able to dig out equalization ratios for 2006, 2007, 2008 and 2009
      The equalization ratios for Mendham Boro are
      2006 55.37
      2007 124.13
      2008 109.49
      2009 104.96

      N.B.: There was no re-assessment indicated as between 2006 and 2007, which indicates that the real estate market cratered in that time frame. In 2006, the property was worth not quite twice the assessed value and in 2007 was worth something like 80 percent of assessed, which is consistent with what I’ve heard about the realty market in those leafy suburbs.

      It’s a bit hard to tell whether the 2006 or 2007 equalization ratios would apply to that 2007 tax record listed in your comment.

      If the 2006 ratio were applied, then the “true” value of the property, as determined by the tax assessor, would be $645k / 0.5537 = $1,165,000

      If the 2007 ratio were applied, then the “true” value of the property, as determined by the tax assessor, would be $645k / 1.2413 = $519,000

      The latter “true” price would support Christie’s loan being in furtherance of a down-payment on the property.

      It is conceivable that Brown’s father (note the month of birth of the owner/seller, 10/33) took back a note from his daughter and she never sought a commercial mortgage because he might otherwise have a big capital gain from selling it (I’m assuming he bought the house sometime around the time he registered to vote, i.e., 1976).

      Nonetheless, such intramural lending in the US Attorney’s office raises all sorts of conflict issues, none of which redound to Christie’s benefit. When I was an Army officer, one of the cardinal rules was “never borrow money from your subordinates, because then they own you”. A corollary was to not lend them money, because then you own them (and they have an incentive to off you).” In this situation, by loaning her money, Christie owns Brown.

      I mean, when someone knows you own their mortgage, they are your slave.

      • scribe says:

        More on the house and market in Mendham

        The property values in that burg are top-dollar, even now. Back in 00-01, a friend was practicing in Morristown (the next burg over) doing closings, and the $800k single family house was the norm for Mendham.

        I ran a cursory look at current – depressed – prices on real estate listings in Menhdam Borough. Note that this search yields “ask” or “listing” prices, so they’re higher than the market. But, still, the search yields the following:

        42 single family homes and 14 condos, etc.
        of these, 12 are listed at over a million dollars (top price, over $6 mil)
        a further 12 are listed at over $700k
        The cheapest was a $315k 2 bedroom 1 bath condo in a gated development.

        Moving out into the even-leafier Mendham Township, the search yields:

        95 listings (90 single family, 5 condo)

        of these, 12 are over $3 mil
        another 42 are over $1 mil
        another 20 are over $700k
        the cheapest was $259k for a 2 bedroom, 1 Bath which, it appears, adjoins or is in the Great Swamp. There were only 3 listings under $300k.

        These are not neighborhoods where the people living in the $400k or $600k house are the richest/most prominent in town. They are, relatively speaking, underlings and servants. Plebs.

  8. Mary says:

    As long as the 5.5% is above the IRS imputed interest rates for a long term loan (or blended rates if it has a demand element) then legally there’s no gift and second mortgage/equity line rates wouldn’t be the benchmark, it would be the IRS rates. I don’t know what they were in 2007 in the month the loan was made, but that would be the relevant percentage for private party secured loans, not market rates.

    Peterr is right that he should have picked up interest income on his return and should in other filings hav disclosed the loan.

    @26 – the purchase money loan for the house wouldn’t have had to be in 2007 when the Christie loan was made, would it? Did you only look at 2007? I guess it all read to me as if she had the home for awhile, but they got into tough circumstances in 2007 with her husband’s job and that’s when the money was advanced.

    • Citizen92 says:

      I couldn’t find any other property transactions in her name on that property address. Do you perhaps know what her husband’s name is? Maybe the purchase deed was made out in his name?

        • Citizen92 says:

          Michele’s Husband appears to be Michael E. Allen.

          Michele’s Husband was apparently involved in the Allen Evans Group, LTD, a health care consulting business.

          The firm’s website (now defunct) is archived here:…

          Curiously, neither an Allen nor an Evans appears on the staff list.

          • emptywheel says:

            Sort of makes you wonder whether Michele had any involvement in the DPAs. Because that firm reads like a who’s who of competitors for those who got DPAs. And BMS actually got one from Christie.

            I think I recall her participating in an email thread on Ashcroft’s sweetheart deal. I’ll go check later today.

            • brendanx says:

              To make it easier to follow for everyone, DPA is “deferred prosection agreement”, as in:

              In one such notable agreement, the U.S. attorney for New Jersey, Christopher J. Christie, put the screws to Bristol-Myers Squibb, which got into hot water because of a potential securities violation for inflating its quarterly earnings….


              • Citizen92 says:

                Bristol-Myers is listed as a client of that firm I mentioned above, a firm possibly associated with Ms. Brown and her husband.

      • Citizen92 says:

        Found it! (the first mortgage/first lien)

        Michele Brown and Michael Allen took out a $400,000 mortgage on the aforementioned property address on May 16, 2003 from Penn Federal Savings Bank of West Orange, NJ. The mortgage has a 20 year term. The mortgage documents do not appear to spell out an interest rate (maybe they forgot to scan that page).

        So it would appear their borrowing history was…
        2003 – $400,000 first mortgage from Penn Federal (house was worth ?? then)
        2007 – $46,000 second mortgage from Christie (house was worth $675k then)

        But there’s more. Appears as though Ms. Brown and Mr. Allen had a Federal Lien removed on their property on 9/12/05. The online county records unfortunately do not have any additional supporting detail on this. Here’s a link to that record.

        I wonder if a US Attorney might have sway over imposing and removing Federal property liens?

        (Side note – a Michael E Allen also appears to have Fed liens placed on him in 2000 and 2002. At the time a Sarita Allen was also listed.. but no mention of Michele Brown).

        I do not see a property appraisal from 2003, so I don’t know how much that property would been worth back when that loan was made.

        • Citizen92 says:

          I see that linking these documents no longer works. Their system is a little wonky.

          To see the 2003 mortgage loan documents
          1. Go here…..sclaim.asp
          2. Accept the disclaimer
          3. In the ‘party name’ field enter ‘brown michele’ (no quotes)
          4. The relevant record is 06/05/2003; MTG-14503-54; file #091950

          To see the FEDERAL 2005 lien release on their property
          Repeat steps 1,2
          3. In the ‘party name’ field enter ‘brown michelea’ (no quotes)
          4. The relevant record is 09/12/2005; REFL-96-411; file #093545

          To see the 2007 Christie loan
          Repeat steps 1,2
          3. In the ‘party name’ field enter ‘christie mary pat’
          4. The relevant record is 11/2/2007; MTG-29051-1625; file #2007096387

          • scribe says:

            More likely, either us DFH bloggers are crashing their system, or the sysop is frantically trying to (a) close off access while (b) allowing title searchers and others who work on that system to continue getting in to work.

  9. JohnnyTable70 says:

    Some allegations were raised about a house that Corzine bought for his girlfriend, who is a lobbyist. I would be curious to hear what the NJ GOP and perhaps Christie specifically said in regards to the Corzine situation.

  10. Citizen92 says:

    Hits just keep on coming.

    Another Federal Tax Lien (or maybe one I’ve already found). It’s from the IRS for $11,397.78. Appears to be for non-payment of business taxes.

    This one lists Michael E and Sarita Allen at the property address shared by Michael Allen and Michele Brown. It was signed on 8/24/04 but filed with Morris County on 10/12/2006.

    To find it, do as above, searching ‘allen sarita’. The relevant document is dated 10/12/2006 It is file #2006098279.

      • Citizen92 says:

        All the documents aren’t on line. There’s only one actual image I’ve been able to find, one from 2004.

        The lien record from 2004 looks like it was placed by the IRS (Detroit office) in 2000, and looks like it is set to expire in 2010. It shows the $11,397.00 balance in 2004.

        There are several other entries for Federal liens on different dates and years for Mr. Allen, but none of those are accompanied by any details or images (that I can find).

      • Citizen92 says:

        I’d think a US Attorney’s office could always tell the IRS to, uh, forget about those liens… Time served, blah blah blah.

        • bmaz says:

          I dunno about that. USAs are of course in the Justice Department while IRS is Treasury. Ther is no direct command or influence of a US Attorney over the IRS, its liens or its agents absent a task force formation agreement for specific purposes, which is highly unlikely here.

  11. Citizen92 says:

    So, in the short, is sounds to me like First Assistant US Attorney Michele Brown’s husband, Michael E Allen, has some debts to pay off to the IRS from a health care consulting business he seems to have been involved with. The other named person in most of the IRS documents is Sarita Allen, who, I guess, could be an ex-wife, sibling or other family relation.

      • Citizen92 says:

        Michael E. Allen’s name appears on several of the online mortgage documents along with Michele Brown on the Morris County documents system.

        As for the tie for the consulting business:

        An (apparently outdated) online Dunn and Bradstreet provides the business listing, showing the residential Talmage address (which is Mr. Allen’s and Ms. Brown’s home:…..MENDHAM-NJ

        Further Googling (the phone # in that profie, (973) 616-1400, for example) shows us that Allen Evans Group apparently changed its name and place of business to just Evans Group(and also reveals the website):…..-page.html

        The archived website for Evans Group was first published in April 2001. It makes no reference of an Allen.

        The IRS lien image recorded in Morris County records seems to hint that the finding dates back to 2000. It lists the Talmadge St address as the place of business.

        This is what I have so far. Looks to me like Allen was formally part of the business up until 2000-ish financial difficulties with the IRS. The company then moved to a nearby town, and eliminated Allen’s name from the marquee. As I pointed out earlier, curiously, even in the post-April 2001 reconstituted business, there is no named entity “Evans” among the staff either.

        That’s what I’ve got so far. Right now I can associate Allen with the business as a founder, but don’t have anything that shows him as being formally involved post-2000. But he does seem to have a lot of debts from whatever he was doing…

        • emptywheel says:

          Ah. Gotcha.

          So the business starts running out of their house (before Brown and Allen are married?). Then they ditch Allen and move it. You’d think they got bought out, but then why all the debt.

    • Citizen92 says:

      Just throwing out fodder, not really a hypothesis.

      So what to make of a personal ’soft second’ mortgage loan, a US Attorney’s husband apparently being garnished by the IRS, and a health care consulting business who ran with some of those for whom the NJ USA’s office meted out monitoring arrangements?

  12. emptywheel says:

    Oh, and btw, it will surprise none of you that Christie is technically a tax cheat, either.

    Christopher J. Christie, the Republican challenging Gov. Jon S. Corzine, failed to report income from a loan he gave in 2007 to a top aide while he was New Jersey’s ranking federal prosecutor on his tax returns, Mr. Christie’s campaign staff disclosed on Tuesday.

    Apparently, they’ve never actually RELEASED the tax returns except for allowing one journalist to look at them. And this looks like Christie’s team offered it up without allowing anyone to peak.

    But I’m sure there’s nothing else hinky there.

  13. anwaya says:

    Many years ago now – almost 20 years – I lent some money to a colleague so he could buy a Mark II Jag, he got a rate below a bank loan and I got a rate above bank interest. Did I declare the interest income? After this much time, I couldn’t say. But it was a mutually beneficial arrangement.

  14. foothillsmike says:

    USAs and AUSAs can and used to be audited closely to verify that there have not been any improprieties.

    • scribe says:

      They have to maintain a security clearance, which would lead to close looks at financial issues, too.

      • Citizen92 says:

        Security clearances and audits which, of course, can be manipulated or finessed by a rogue management team at headquarters. Of which there was such a management team from approximately 2001-2009.

  15. Broadstreetbuddy says:

    Thanks for all the info about my state. If the dems aren’t messing things up then the Republicans are REALLY messing things up. There is a reason no New Jersey Politician makes it into the national spotlight, except for Christie Todd Whitman who was a disgracefuly pick by Bush for cabinet post after she plundered and bankrupted state employees’ pensions, is becuase they are usually in jail or had to resign before they went to jail. Like my dad says, they are all crooks.

  16. Citizen92 says:

    Looks like it started in the house.

    Moved when Allen’s financial troubles arrived. Booted him off the marquee around the time of the move. Maybe they still kept him on as a consultant without putting him out front? Who knows.

    Apparently the “Evans” part of the name was worth keeping, despite not having an Evans on the staff, either.

    Not sure what this company does/did. Consulting, but also appears to be medical package manufacturing as well as a few Army contracts for munitions!

    Evans Group appears to have disappeared sometime after 10/2006 (that is the last date of their archived website). If the place held out until mid-2007 that might be consistent with the story that Michele’s husband ‘lost his job’ and they therefore needed the mortgage loan.

    I don’t want to lead you down a rabbit hole here, but there looks to be a little smoke here.

    • emptywheel says:

      Well, again, there have been reports of credit card debts, but it looks like his debt is really about tax liens. So who’s to say the debts aren’t tied to leaving the company after which you all of a sudden have DPAs in the industry hte guy used to work in.

      One more detail: Christie says he and his wife have given other loans out (but not mortgages). Those also don’t appear on his disclosure forms. Sure sounds interesting to me.

      • brendanx says:

        So who’s to say the debts aren’t tied to leaving the company after which you all of a sudden have DPAs in the industry hte guy used to work in.

        I don’t follow the implication.

      • scribe says:

        The thing about giving out loans is, like I said above, that it makes the debtor realize that the creditor owns him.

        Moreover, the next question is: “Where is Chris Christie getting all this money to make loans with?”

        – We know he was a primo fundraiser for Bushie, IIRC, a Ranger.

        – We know that the NJ bar (NJ’s bar is informal, more a community than anything) was not a little aghast when he was appointed as the USAtty b/c he was something like 35 when appointed and had no or next-to-no criminal experience, and it was clear he was appointed on the strength of his fundraising.

        – And we know he was loaning out money.

        How much do you want to bet he was not just loaning money, but also laundering money from national-level Republicans into needy politically-oriented people in NJ, in exchange for those debtors being converted into little wholly-owned Borg drones doing Rover’s will?

        Because I’m betting that’s where this story is going to wind up.

    • scribe says:

      About the army contract

      Y’all need to remember that Pitcatinny is about 20 miles down the road from Morristown and even closer to Pompton Plains, the town where the Evans outfit’s office is listed (in the contract site) as being. In other words, it’s very local to all the players here – no one is more than 20 miles away. People who work at Pitcatinny are usually sorta well known in the local professional community, though no one really knows what exactly it is that they do.

      Pitcatinny develops munitions for the Army.

      In terms of the contract award, I would not be surprised if this was a drinkin’ buddy kind of thing going on. I say that for a couple reasons.

      Now, on to the meat of the contract.

      The Excalibur system is a GPS guided artillery shell, discussed in this article and this article.

      It has been used already in Iraq, apparently since about 2006.

      It appears intended to be used in a manner similar to the way they use Predator drones and Hellfire missiles – taking out designated targets with single shot, high accuracy high explosives from a distance, the difference being that it would be an Army cannon artillery piece delivering the warhead as opposed to the Air Force and a drone.

      The contract says “Excalibur OBR” – clicking through to download it leads to seeing that “OBR” means “on board recorder”. Why they would need an on-board recorder for an artillery shell seems to be an odd item, other than it might be a sort of test-program thing, where they want to see how the shell tracks and compare it to theoretical. I dunno.

      But, the thing is, a $15k or $20k contract is really pretty small for this kind of a program. I note for comparison’s sake this article, about a suspension of deliveries while the Army and a contractor fix a bad part. The cost of the repair: $16.3 million, or about $1600 per shell.

      So, I have to wonder just what a $15k or $20k contract is good for in the context of a program this big. That’s one reason this could smell like a drinkin’ buddy thing. Another reason: this appears to be Evans’ only foray into the world of government/defense contracting. You don’t just wake up Tuesday and decide that you’re going to go into defense contracting. This takes a huge investment in time and effort into learning what it is that it takes to even get in the door.

      But, it’s a lot easier to get in that door if someone’s holding it open for you, inviting you in, and showing you the way.

      I don’t know if that’s the case, but it kinda smells that way.

      • maryo2 says:

        For reference, the contract is dated 3/18/2003 and is signed by Richard J. Bedner. It is $19,975 for “Engineering support for the fabrication of Excalibur On-Board-Recorders (OBR) IAW (in according with) the attached SOW (statement of work).”

  17. bmaz says:

    From NYT:

    Christopher J. Christie, the Republican challenging Gov. Jon S. Corzine, failed to report income on his tax returns from a loan he gave to a top aide while he was New Jersey’s ranking federal prosecutor, Mr. Christie said on Tuesday.

    Mr. Christie also failed to report the $46,000 loan as required under federal and state ethics rules.

    The aide, Michele A. Brown, borrowed the money in 200 7 from Mr. Christie while he was United States attorney for New Jersey and she was his executive assistant and counsel, according to mortgage records in Morris County.

    Speaking to reporters on Tuesday afternoon in Cherry Hill, Mr. Christie apologized and said he was in the process of amending his state and federal financial disclosures, as well as his tax returns for 2007. He described the omission as an oversight. “When I make mistakes, I’m going to admit them,” he said.

  18. Citizen92 says:

    Since is was browsing the neighborhood, I couldn’t help but remark that Mr. Christie lives in a $2M + home.

    His wife was (is) an investment banker on the Street, and Christie, prior to US Attorney, was a partner in a firm.

    So I suppose they could afford it.

    Still… Lending money to other people too? What is this, Check-N-Go? Is he lending his own money, or is he a friendly face to lend other people’s money?

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