Uh Oh, Christie's Pension Overseer Invested New Jersey Money In Fund He Is Linked To Privately!

[yortsed snacilbuper]

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For N.J. Gov. Chris Christie, scrutiny of his management continues to mount.
link

[TheNutcracker]

1. K&R to the MSM

For sure...as today they are talking about all of the weight he lost in the Tampa Bay Times

[djean111]

2. The GOP will just admire the shit out of this.

At most, the guy will get fired, Christie will claim he had no idea, and they will all laugh their way to the bank.

[Laxman]

3. Look At This In Context With This.....

item from the Crime Digest:

97. THIS should make any thinking person sick to their stomach-NJ Gov. Chris Christie's pension moves cost taxpayers and retirees billions $4 billion would have taken care of the pension shortfall! But NO-it's the public employees fault-disgusting.: http://www.ibtimes.com/gov-christie-shifted-pension-cash-wall-street-costing-new-jersey-taxpayers-38-billion-1667622

putting billions in the hands of his friends and financial supporters, even when it costs the pension system billions. He then thumps his chest about how we need pension reform because of the greedy public employees. Brings to mind the one about the definition of hutzpah- you know the kid who murders his parents and then pleads for mercy from the court because he's an orphan? The continual siphoning of public funds for the benefit of the privileged and connected few.

[malaise]

10. Call it what it is

the looting of middle class and working class folks' retirement funds.

[Enthusiast]

13. Precisely.

They want to do the same to Social Security.

[econoclast]

4. Actually I find it encouraging

I'll reiterate what I said on this topic yesterday:

I find it encouraging that his OWN money is in the same boat as the NJ pensioners'. Isn't this better than him directing money into investments he himself wouldn't touch with a ten foot pole?

The more I think that it should be mandatory that the personal funds of the pension overseers should be placed into the exact same investments as the pension funds under their care. They'd be a damn sight more careful if they knew they'd pay the price if they screwed up.

Same thing should apply to the bond rating agencies .... If they rate something AAA they should receive 'payment in kind'. Their fee should be paid in those same AAA bonds .... And they shouldn't be able to sell more than 10% of them a year for the first 5 years. They too would be a damn sight more diligent.

[monmouth3]

6. How do you really know his own money is in the same fund? Just 'cause he says so doesn't make it so

[econoclast]

7. It is in the article

[monmouth3]

8. I know it is, but I'm just sayin'...n/t

[Laxman]

9. I Understand The Sentiment But...

the conditions on investment that you wisely suggest do not exist. In their absence, this could simply be an investor putting his own money into securities that are about to receive a multi-billion dollar infusion of cash, thereby guaranteeing their rise in value in the short term. So, he gets a bump in the value of his investments in addition to the transaction and management fees he will receive as a result of his cozy relationship with the Christie administration. Maybe its a good investment for the NJ pension funds in the long term, maybe not. In any event, somebody will be making a lot of money in the near future because of their political connections.

[econoclast]

11. Oh, Like a Nancy Pelosi-type deal

Maybe .... We'll see if he cashes out soon.

[Laxman]

14. So You Don't Have A Problem With The $3.8 Billion....

that Mr. Grady has cost the taxpayers and pension participants of NJ by shifting money to his pals and organizations that he holds financial interests in? Those costs were in the form of lower returns and higher fees. What a great combination.

?itok=PmoplCGP

Gov. Chris Christie's administration openly acknowledged that more New Jersey taxpayer dollars were going to land in the coffers of major financial institutions. It was 2010, and Christie had just installed a longtime private equity executive, Robert Grady, to manage the state's pension money. Grady promoted a plan to put more of those funds into riskier investments managed by Wall Street firms. Though this would entail higher fees, Grady said the strategy would "maximize returns while appropriately managing risk."

Four years later, New Jersey has secured only half the promised results. The state has sent more pension money to big-name Wall Street firms like Blackstone, Third Point, Omega Advisors, Elliott Associates and Grady's old firm, The Carlyle Group. Additionally, the amount of fees the state pays financial managers has more than tripled since Christie assumed office. New Jersey is now one of America’s largest investors in hedge funds.

The “maximized returns” have yet to materialize.

And why precisely did you bring Nancy Pelosi into this conversation?

[econoclast]

5. Eat your own cooking

As a general principle, I thing the meals are better if the Chef has to eat what's on the menu.

[malthaussen]

12. No conflict of interest there.

More like a coincidence of interest.

-- Mal

[yortsed snacilbuper]

15. I bet Christie Critter would like to get his paws on the,

Social Security!

[JustAnotherGen]

16. Kick