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In reply to the discussion: Christie Crime Digest-Vol. I [View all]rocktivity
(44,546 posts)241. Gov. Christie Shifted Pension Cash to Wall Street, Costing New Jersey Taxpayers $3.8 Billion
Last edited Mon Aug 25, 2014, 01:12 PM - Edit history (3)
It's been tallied up how much -- and how badly -- Christie has spent tax revenues on Wall Street:
http://www.ibtimes.com/gov-christie-shifted-pension-cash-wall-street-costing-new-jersey-taxpayers-38-billion-1667622
International Business Times: 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 Americas largest investors in hedge funds. The maximized returns have yet to materialize...
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 Americas largest investors in hedge funds. The maximized returns have yet to materialize...
Maybe Christie's problem is that he thinks casinos and Wall Street investments work the same way!
rocktivity
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Let us not forget the DMV in Elizabeth. I'm still "sauced" over that one..LOL...n/t
monmouth3
Jan 2014
#7
Is it your prediction that Christie will be charged with a crime or crimes?
Exciting Trip
Jan 2014
#48
Since I believe that it's DOING something criminal that makes you a criminal
rocktivity
Jan 2014
#50
For the record, I think he should be charged and am cautiously optimistic that he will be
rocktivity
Jan 2014
#54
The New Brunswick apartment tower that got $4.8 million in Sandy relief funds
LiberalEsto
Jan 2014
#65
Next time you write a post like this, put it in its own OP, please , so more people can see it.
pnwmom
Feb 2014
#89
Christie begins an "internal investigation" though he's his own prime suspect
rocktivity
Feb 2014
#94
Christie's problem being, of course, is that Samson reports to him directly
rocktivity
Mar 2014
#130
Christie administration broke law in ignoring greenhouse gas rules, court says
rocktivity
Mar 2014
#162
New York Prosecutors Open Another Front of Scrutiny for Port Authority!
yortsed snacilbuper
Apr 2014
#203
"kicked $10,000 of it right back to the Republican Governor's Association?"
yortsed snacilbuper
Apr 2014
#213
GWB inquiry expands scope, subpoenas files from Christie political strategist!
yortsed snacilbuper
May 2014
#223
Christie and Wrestler "The Rock" Star in Online Pension Reform Video (For Seven Hours)
rocktivity
Jul 2014
#235
U.S. Attorney Fishman: Reports about Bridgegate investigation 'Almost entirely incorrect'
rocktivity
Jul 2014
#238
Gov. Christie Shifted Pension Cash to Wall Street, Costing New Jersey Taxpayers $3.8 Billion
rocktivity
Aug 2014
#241
...After Illinois declared the first privately run U.S. state lottery a failure
rocktivity
Dec 2014
#298