Discussion revolving around the looting of the Hoboken Parking Utility often quotes different figures as the players all had their take. The figures on the mob connected south Jersey arcade firm are different than former Director John Corea’s end.
The general consensus is that it was into seven figures, about $1.1 million. But here’s a chart you can see the strange dips in revenue over a three year period. One commenter noted towns are able to forecast meter revenue so closely it can be sold as a reliable security. In Hoboken, that wasn’t the case under John Corea. How he was able to slip under the net for so long is in itself a subject worth further investigation.
MSV understands law enforcement is not done doing so.
The resistance on the City Council to probing it further was mainly a battle between Councilman Peter Cunningham and Councilman Michael Russo. Cunningham’s famous quote, “there’s money going out the back door” was countered by Russo repeatedly saying the council had no authority to look into the matter. What was he hiding?
Here’s a chart on the meter revenue, courtesy of the Wiley Coyote, Eric Kurta:
This chart illustrates the looting going on month by month in the Hoboken Parking Utility under John Corea. Note that November and December 2007 were months where repayments were made after the discovery was made and an agreement to pay back part of the missing funds.