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In reply to the discussion: Christie Crime Digest-Vol. II [View all]Laxman
(2,419 posts)25. More Pension Fund Shenanigans....
this time with a $450,000/year part time job for Mary Pat.
New Jersey Paid Fees To Mary Pat Christie's Firm After State Investment Was Terminated
The disclosure that New Jersey taxpayers have been paying substantial fees to a firm that employs the governor's spouse -- years after state officials said the investment was terminated -- emerged in documents released by the Christie administration to International Business Times through a public records request.
A spokesman for the New Jersey Treasury Department, Christopher Santarelli, said via email that while New Jersey ended its investment with Angelo Gordon in 2011, the payments were legitimate because the state continues to hold an illiquid investment in the firm. Christie officials declined to disclose details of what exactly that illiquid investment is and the justification for continuing to pay fees to Angelo Gordon. The governor, Mary Pat Christie and executives at Angelo Gordon all declined to comment.
Pension overseers and financial experts characterized the appearance of the arrangement as deeply troubling. They saw it as symptomatic of a lack of transparency plaguing the management of public pension funds at a time when states and municipalities are entrusting increasingly hefty sums (and paying substantial fees) to Wall Street managers.
This is extremely problematic, Tom Bruno, the chairman of the board of trustees of one of New Jersey's three major pension funds, said. This governor talks about what he is supposedly doing to help the pension system, but the possibility of him and his family deriving any kind of personal benefit from a deal like this raises some truly serious ethical red flags.
South Carolina Treasurer Curtis Loftis Jr., a Republican official who has criticized high pension fees -- and whose endorsement is prized in the early presidential primary state -- said of the situation: It smells to high heaven.
The disclosure that New Jersey taxpayers have been paying substantial fees to a firm that employs the governor's spouse -- years after state officials said the investment was terminated -- emerged in documents released by the Christie administration to International Business Times through a public records request.
A spokesman for the New Jersey Treasury Department, Christopher Santarelli, said via email that while New Jersey ended its investment with Angelo Gordon in 2011, the payments were legitimate because the state continues to hold an illiquid investment in the firm. Christie officials declined to disclose details of what exactly that illiquid investment is and the justification for continuing to pay fees to Angelo Gordon. The governor, Mary Pat Christie and executives at Angelo Gordon all declined to comment.
Pension overseers and financial experts characterized the appearance of the arrangement as deeply troubling. They saw it as symptomatic of a lack of transparency plaguing the management of public pension funds at a time when states and municipalities are entrusting increasingly hefty sums (and paying substantial fees) to Wall Street managers.
This is extremely problematic, Tom Bruno, the chairman of the board of trustees of one of New Jersey's three major pension funds, said. This governor talks about what he is supposedly doing to help the pension system, but the possibility of him and his family deriving any kind of personal benefit from a deal like this raises some truly serious ethical red flags.
South Carolina Treasurer Curtis Loftis Jr., a Republican official who has criticized high pension fees -- and whose endorsement is prized in the early presidential primary state -- said of the situation: It smells to high heaven.
read the rest here: http://www.ibtimes.com/new-jersey-paid-fees-mary-pat-christies-firm-after-state-investment-was-terminated-1760682
I'm running out of NJ places that stink to compare with Christie's actions! This smells worse than.....let's see, the Bayway Refinery on a hot and humid August night.
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Thanks for taking the time to put this together. I spent 30 minutes and I still haven't read all of
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I collect graphics from a wide variety of sources and share with others ... here's a few more; enjoy
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