Looks as if Christie has another scandal brewing.

[dixiegrrrrl]

Chris Christie's Political Confidant And New Jersey Pension Overseer Resigns

During today's meeting of the New Jersey State Investment Council, private equity executive Robert Grady announced he is stepping down from the chairmanship of the panel. Christie has called Grady a "friend of mine for nearly 40 years" whom he relies on for political advice.

In recent months, campaign finance documents revealed that under Grady’s leadership, the state has awarded lucrative pension management contracts to hedge fund, private equity, venture capital and other so-called “alternative investment” firms whose executives made campaign contributions to Christie's campaign, his state party, the Christie-led Republican Governors Association and the Republican National Committee. The donations included a $10,000 contribution from Massachusetts Republican Gov.-elect Charlie Baker to the New Jersey Republican State Committee just months before Baker’s firm was given a New Jersey pension investment.

The donations were made despite New Jersey and federal rules aiming to restrict contributions to state officials like Christie who oversee pension investment decisions. Documents uncovered by International Business Times showed that Grady, a former Carlyle Group executive, was in regular communication with Christie’s campaign officials at the time the campaign was raising money and he was overseeing the state's pension investments. Grady pushed New Jersey to move pension money into an investment in which his private financial firm was also investing, documents revealed. New Jersey also invested in Carlyle Group funds during Grady's tenure, though he recused himself from final votes on those investments.

New Jersey's largest union has filed a complaint with the state ethics commission about the donations, and New Jersey lawmakers are currently considering legislation to strengthen existing restrictions on campaign donations to state officials from firms managing state pension money.

http://www.ibtimes.com/chris-christies-political-confidant-new-jersey-pension-overseer-resigns-1726340

[Skink]

1. Pension Gate

[merrily]

2. As Jon Stewart might say, with an evil grin, "Go on."

[JustAnotherGen]

3. Nothing will happen with this

We keep waiting for it - and it just never materializes. Our only hope - is for him to not run again. . . or for Booker to go up against him.

The only ray of light with this - if Rove makes a choice to support Bush - it will stop Christie in his tracks. Because Rove will pull out everything he's got to stop the guy he does NOT want running in 2016. But that's a big 'If'.

[FSogol]

5. Agreed, but I think it is a big 'when' not if. n/t

[jalan48]

4. Good News

With all the bad news we get on a daily basis it is refreshing when I see an article that makes me feel better.

[FSogol]

6. Christie will just act like an asshole and his supporters and the media pundits will love him

just a little bit more.

[SoapBox]

8. Yup.

Hell, the Impotent Media won't cover the President's Immigration Speech (but they sure as hell will cover the Puke and Bagger "outrage&quot ...why would they even mention this?

It's the "Teflon Ron" syndrome when it comes to Pukes.

[awoke_in_2003]

19. sadly correct. nt

[NoMoreRepugs]

7. I'd say this coupled with all his other "questionable' antics

qualifies him to have a reserved seat on the clown bus that is loading up for the GOP primary run at POTUS

[nc4bo]

9. Carlyle Group. Now where have I heard that name before?

Oh yea, poppy Bush...bin Laden.....Clinton......Christie.

Is this one of those 6 degrees of separation moments?

Nice.

[rocktivity]

10. Lots more at the DU Christie Crime Digest

http://www.democraticunderground.com/10024395877




rocktivity

[nc4bo]

12. Monsters

All of them greedy, middle class and retiree killing monsters.

[dixiegrrrrl]

14. Thank you for that link to your stupendous Christie post!

I just went over there and commented so I could find it again.
My my..him getting away with ALL the scams you posted really does point out that we are stuck here in a true lawless government.

[font style=color:#FF0000;]"Not only must Justice be done; it must also be seen to be done." ...[/font]

[malaise]

17. Yes indeed

[awoke_in_2003]

20. Stifel Financial?

Not to subtle, are they?

[dmosh42]

11. So far, he has been immune to any prosecution, maybe thanks to all the crooks....

in the DOJ & state AG's for NY & NJ. I guess we're supposed to believe it takes this long for prosecutors to finally do something.

[Spitfire of ATJ]

13. There needs to be a full accounting of the LOSSES suffered.

[rocktivity]

18. You're welcome.

http://www.democraticunderground.com/10024395877#post240


rocktivity

[Independent_Liberal]

15. Hope this is just a first in a series of GOP scandals...

...to come in the weeks and months ahead.

I've been telling myself since the election to remember how 2004 was a good year for them and then things quickly went downhill in a year with the scandals involving DeLay, Abramoff, Duke Cunningham, etc. and Bush's plan to privatize Social Security totally going down in flames.

[Cha]

16. It's freakning hard to keep up with Christie's corrputed admin. So far he's mr teflon.. we'll see.

[UTUSN]

21. R#46 & K n/t

[Laxman]

22. More Damaging Than The Conflict Of Interest....

is the money this has cost the NJ Pension system. Over $5 billion. All at a time when Christie is crying that public employees have to make concessions about the retirement system they have been paying into for years. It's OK for his buddy to siphon off hundreds of millions in management fees and make risky investment decisions that reduced returns, but those blood-sucking public employees-they're the real cause of the pension crisis!

Grady, who was a longtime executive at the Carlyle Group, justified his push to invest more state employees’ retirement money in alternative areas by arguing such investments would "maximize returns.” Yet while fees paid to Wall Street firms have spiked during Grady's tenure, New Jersey’s pension system’s returns have trailed the median returns for similarly sized public pensions. The gap has effectively cost New Jersey taxpayers billions in unrealized returns at a time when Christie has been citing the state’s pension shortfall to push for cuts to retirement benefits.

In all, New Jersey’s alternative investment portfolio trailed the S&P 500 every year Grady oversaw the state’s pension system, losing the state more than $5 billion it would have garnered had it moved the money into traditional stocks and stock index funds.

This is item # 97 (of 127 and counting!) at the Christie Crime Digest. The media might not be keeping track, but we are.

[Segami]

23. Its only a matter of time....