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."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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