George Washington Bridge Live Stream - New Jersey to New York

Johnson and Johnson Heiress Dies in Poland

Barbara Piasecka Johnson,heiress to the vast Johnson and Johnson fortune,has died in Wroclaw,Poland where she grew up.She was 76 and had been seriously ill for some time.A degreed art historian,Mrs.Johnson was born in Staniewicze,Poland in 1937,an area now a part of Belarus.
After World War II,her family resettled in Wroclaw.Mrs.Johnson fled communist Poland in the late 1960s.After briefly studying in Rome,she emigrated to the United States with a hundred dollars in her pocket and not a word of English.J.Seward Johnson,Sr.,heir to the Johnson and Johnson health care company fortune,hired her as a maid and cook at his Oldwick,New Jersey estate.
A year later,Barbara left to study art at New York University.Mr.Johnson provided her with a Manhattan apartment,which he moved into with her.He divorced his second wife in 1971 and married Barbara,several decades his junior.
Following Mr.Johnson's death of prostrate cancer in 1983,her seven stepchildren contested the will in court,accusing her of being a manipulative gold digger.She denied the charge,saying Mr.Johnson disinherited the stepchildren because of their scandalous and disappointing behaviour.A settlement was reached in which she received about 300 million of the half billion dollar estate.
A woman of considerable beauty,Barbara made a name for herself as an art collector and philanthropist,eventually donating her art collection to her foundation for the benefit of the poor and sick,especially those with autism.She also achieved notoriety when she stepped in to rescue the famous Gdansk shipyard,base of the Solidarity movement that freed Poland from communism,from bankruptcy,an effort that ultimately proved unsuccessful.
Following her funeral Mass in Wroclaw cathedral on April 15,Barbara will be buried in that city,the girlhood home she never forgot.
Johnson and Johnson(JNJ)

Honeywell Advances Aircraft Communication

Honeywell International is advancing the way planes communicate with each other,resulting in advantages for both the public and the planet.Honeywell's Aerospace division has developed new pilot software.It enables what are essentially automatic text messages between aircraft.The messages are sent to each aircraft from other aircraft to give a more accurate picture of where everyone is.
Bob Witwer,Vice President of Aerospace Advanced Technology,explained that means that distances between planes can be shortened with a very high degree of safety.The software gives a better sense of situational awareness.The development was made possible by the discovery of communications technology that can do this data exchange,as well as the achievement of raw computing power that enables us to collate all the data.
The FAA has been very strong in this case.It is the first in many improvements that will help aircraft get there faster;save fuel;and protect the environment with lower emissions.We are very confident in this technology,Mr.Witwer said.
Honeywell International has its headquarters in Morristown,New Jersey,and other facilities around the globe.Its operating segments include Aerospace;Automation and Control Solutions;Performance Materials and Technologies;and Transportation Systems.
Honeywell International(HON)

Tropical Storm Lee Costs Mount

Already cash-strapped and tired states now find themselves dealing with further multiple costs as the remnants of Tropical Storm Lee beleaguered the Mid-Atlantic region.Hurricane Irene had tested the area severely,which now must battle record flooding from Lee's five days of nearly continuous rainfall.
At least two people were swept away to their deaths by high water in Virginia,one of them a twelve year-old boy.Pennsylvania's death toll rose to five by Friday as the Susquehanna River closed at least 178 roads in the worst flooding since Hurricane Agnes in 1972.
Pennsylvania Governor Tom Corbett described a clear public health emergency in his state as sewage plants were swamped and rendered inoperable.The flood waters could contain all sorts of dangers,from the raw sewage to manifold debris and diesel fuel.
The Susquehanna River drains lands from New York state to Maryland,flowing eventually into the Chesapeake Bay.It is estimated that T.S. Lee has dropped some 2.4 trillion gallons of rain water on the Susquehanna basin.
Other states have also recorded various difficulties on account of the endless rain.Pompton Lakes,New Jersey had to condemn 22 homes that have been inundated repeatedly by Hurricane Irene and T.S. Lee.A car dealer in Upper Marlboro,Maryland counted a loss of five million dollars of inventory ruined by chaotic waters.
The sun has not been seen for so long,the region's residents may not recognize it when it finally does return.
Update:As of Saturday,September 10,the long-gone sun had indeed returned to the Mid-Atlantic skies.All the same,it should be noted that some of T.S. Lee's energy is still present in the atmosphere.This may result in isolated to scattered showers and thunderstorms for the next several days.In consequence,flash flooding could result,even though the region's waterways have begun the receding process.Setbacks may occur,given the historic drenching that has been sustained.
Towards the middle and end of the new week,the jet stream is expected to dip dramatically,bringing the possibility of a record-breaking cold front to the lower 48.Colorado already has seen the first snow of the season,a dusting that fell on the Arapahoe basin.

New Jerseyans Like Nuke Plant Next Door

For many residents of the Barnegat Bay area,fear of nuclear energy doesn't enter the equation.They like to fish and swim in the warm waters the local Exelon reactor discharges.They feel it improves their quality of life in general,supporting the economy with jobs as well as providing recreation.In short,the oldest nuclear power plant in America improves the health of the community.
To be sure,there are drawbacks to the warm water.Environmentalists point out its interference with the health of Barnegat Bay,killing sea turtles and countless fish.To those who live in its shadow,however,the Exelon plant has been a good neighbor-one that they think more than makes up for any drawbacks.
Barnegat Bay is a 30-mile long arm of the Atlantic Ocean.Its brackish waters are off the coast of Ocean County,New Jersey.
Exelon(EXC)

Richard LeFrak:A Brightening Business Picture

For Richard LeFrak,billionaire head of The LeFrak Organization,it's clear that business conditions are getting better.He sees it in his real estate and hotel businesses.There is also some improvement in his mall sales.
Indeed,they are ready to build a high-rise multifamily project on the New Jersey waterfront in March or April.They have to be a little ahead of demand.It's their first new development in two and a half years.
Mr.Lefrak is starting to see pretty good uptick in certain submarkets,the best of which is Miami.The majority of the buyers are coming from Latin America-all cash buyers looking for income.There's a vigorous demand everywhere in Miami.All those markets are red-hot.
Banks are a little more confident,ready to play with the borrowers.As conditions get better,the problem is shrinking of its own accord,and there's no supply coming on the market.All of these things make it look a little better,Mr.LeFrak observes.
The LeFrak Organization is a multifaceted holding company with extensive properties in New York,Los Angeles and London.

Shop Talk

Hello to New Jersey,where I advertised this week.It is the home of many financial professionals,such as those of CNBC.It looks like we will have the quietest weekend in some time.We have forgotten what a normal weekend is.Maybe we will miss the excitement.I suppose we shall watch the presidential race.Two years of nonstop presidential politics will soon come to an end.The Inauguration will be a summit of history.All the ruckus will be forgotten then.

Shop Talk

I have readers in Sparta and Englishtown,New Jersey.Welcome to you and all my business friends.Thank you for learning.Have a restful weekend.

Jersey Trains Packed

New Jersey's commuter trains are bursting at the seams.Ridership was up 5% in Q1.Richard Sarles,head of New Jersey Transit,said they are buying double-decker train cars,which will transport more riders at less energy cost than adding standard rail cars.The agency's ultimate goal is to double the number of trains to 46 per hour,and build a new tunnel to New York City-at a cost of more than seven billion dollars U.S..The tunnel will take 10 years to build,Mr.Sarles said.Many other states are seeing an increase in commuter passengers as the price of gas skyrockets.

Jersey Helps Lehman

Lehman Brothers(LEH) is raising six billion dollars U.S. in new capital.Investors include the New Jersey Division of Investment,the state's pension fund.Common and preferred stock offerings will also be made.The capital is for general corporate purposes,Lehman said.The investment bank said it will report a Q2 loss of 2.8 billion dollars in a few weeks.It is Lehman's first loss since being spun off from American Express(AXP) in 1994.Lehman is in the process of deleveraging.Risk positions hvae been redeuced by 30%,commercial mortgages by 20%,and resaidential mortgages by 20% as well.In consequence,Lehman's profit and price to earnings ratio will be lower than they historically have been.

New Jersey in the Red

New Jersey has one of the worst budget deficits in the nation,according to Governor Jon Corzine.Although the state is a center of the pharmaceutical,chemical and shipping industries,it is still plagued by red ink.This is because of twenty years of structural mismanagement,coupled with a recession,Mr.Corzine said.Mr.Corzine,a former chairman of Goldman Sachs(GS),is displeased by the risky attempt to close the state pension funding gap by taking on more debt in the form of pension bonds.That's the way he used to operate at Goldman Sachs,the governor observed.

Jon Corzine

The governor of New Jersey,Jon Corzine,believes we are in a recession.The former Goldman Sachs(GS) executive isn't sure the the federal Govrnment's stimulus plan gives us the most bang for the buck.There's a real risk of getting into a deeper recession.He's afraid people will walk away from their homes.They're being squeezed by the cost of living.Governor Corzine feels that Paulson and Bernanke are taking steps in the right direction,but haven't gone far enough.Recession talk isn't helpful to the folks getting pinched.We're in the heart of a consumer economy.New Jersey's revenues are not coming in.There will have to be more budget cuts.We need a system that will help people lower their debt level,that will target homeowners with mortgages,Governor Corzine said.