Governors Chris Christie and Andrew Cuomo's replacement of Port Authority executive director Pat Foye with New York State Special Counsel for Interagency Initiatives Rick Cotton, and Chairman John Degnan with former New Jersey state senator Kevin O’Toole, is putting lipstick on a pig.
It will make little difference in the need for transparency, accountability and reform. It is a band aid approach to a bigger problem. Breaking up is hard to do but sometimes necessary.
Members of the Port Authority are appointed by the two governors. For decades, there has been misappropriation of funds generated by tolls for non-transit-related projects, such as the original One World Trade Center, and other economic development projects.
None had anything to do with the Port Authority's basic mission. These funds should have been used for maintenance, repair and safety projects for Port Authority bridges, tunnels, airports and PATH.
These misappropriated funds added up to billions of dollars. Many of these projects were completed years late and over budget.
The only solution is to sell off all assets of the Port Authority to the private sector. No business owner with a multi-billion dollar yearly revenue stream from tolls would not consistently invest these dollars to protect its assets.