NEW BRUNSWICK, N.J. - Officials at the New Jersey Turnpike Authority yesterday portrayed themselves as virtual bystanders in the syndicate selection process for the agency's 1991 and 1992 refundings, saying they left every major decision regarding which firms would participate to their financial adviser, Lazard, Freres & Co.

"It was really placed in Lazard's hands," said David J. Goldberg, the authority's chairman. "The reason for retaining a financial adviser is to get the expertise that they bring to the table."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.