Napoli's - 12th & Washington - the full menu

Napoli's - 12th & Washington - the full menu
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Thursday, August 11, 2011

Jersey Journal butchers hospital story 'for the Hoboken taxpayers'

While the summer days while away, there's always a political canard or two to play and sometimes our local media joins the fray.

Yesterday's Jersey Journal story stated on the severance for the ex-CEO of HUMC:
And what Hoboken taxpayers may find more appalling is that they are on the hook for $100,000 of that package. 

The reality is Hoboken taxpayers have no liability in any shape or form for the private agreement reached on the former CEO's severance agreement.  It's primarily an agreement being mostly paid by the owners in waiting: HUMC - Bayonne's Holdco.

As the Jersey Journal made their claim attempting to act as a stand-in for the Hoboken taxpayer, the basic fact of the entire story was wrong.  It also stated the resignation of Spiros Hatrias from the position but the Hospital Authority agreed to a severance.  While technically true, this is not entirely accurate either.  No one can comment on the agreement between the parties and most observers don't take the former CEO's resignation on its face.

Enter stage right, where Councilwoman Beth Mason comes in to decry transparency.  Oddly, for a complex transaction of this type where failure would mean closure for the hospital with a far bigger bill to the taxpayers, Mason has no problem playing politics on the matter with those stakes.  It's been her calling card on the issue. As MSV Court Jester Mattacino writes in part:

Once more, Ma$on reveals she know nothing about why the RFP process must be discreet, how the bids must be private so we, the owners, were not disadvantaged, and that she knows nothing about the corporate world since any CEO would have required some kind of buy-out clause before accepting this position, a contract not of Zimmer's making.

The City of Hoboken isn't going to skate should the State provide an approval of the hospital sale next month. Hoboken is listed on the creditor's list for seven figures.

An unconfirmed creditor listing shows Hoboken is on the hook for $1.9 million.  It shows as $1,007,749 to the Hoboken Parking Authority and $903,638 to the City of Hoboken.  The City will have to await bankruptcy determinations on how much of the total will be recovered.

Butchering the hospital story on "behalf" of the Hoboken taxpayer.
The Jersey Journal got it all wrong on who pays severance to the ex-CEO

Talking Ed Note: The hostility of the local media on this deal is interesting as it's joined the politics while almost entirely ignoring the risk of the $52 million to Hoboken taxpayers.

The Jersey Journal acted as if it was noting this on behalf of the Hoboken taxpayers.  When was the last time they did that when Hoboken was being robbed outright by its corrupt Old Guard political class?

Last weekend, the Hudson Reporter ran amok calling the deal a political "Christmas" gift to the mayor overlooking the far larger matter of the hospital staying open and the $52 million bond removed from the taxpayer's necks.