LeFrak CEO denounces Jersey corruption

LeFrak Organization Chairman and Chief Executive Richard LaFrak sat down with the New York Times to discuss survival in a down market and integrity in a corrupt industry. He jokingly commented in his interview that his proudest accomplishment is that he has “done business in Northern New Jersey for 25 years and [hasn’t] been carted away in handcuffs yet.” But, humor aside, LeFrak said that he sees the corruption in New Jersey as “pathetic.” He argued that a focus on fundamentals keeps his business strong, even in a recession. “I’m kind of a farmer — I start with dirt and make it grow — and that’s been a tradition for 100 years,” LeFrak said. “My sons will be the fourth generation, and yet we’re still applying the same fundamental ideas applied by our predecessors.”

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