Here’s as decent a recap as I’ve seen (and it isn’t excellent) of Corzine’s brilliant plan to slash the state debt by basically using the same trick that Enron did – use a third party entity that was outside the usual view (like the partnerships which weren’t overseen by the SEC) by stashing the liability there and hoping no one noticed, leaving a nice clean balance sheet.

But as we all know now with Enron, the liability never really left and now everybody is either going to jail or is dead.

Corzine’s plan would work as long as the toll revenue keeps coming in, but if it doesn’t, either there will be additional tricks needed to cover the losses or it could be as spectacular as Enron was a few years ago.

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