Chris Christie: New Jersey Pension Launches Probe Of Fees to Wall Street

[KamaAina]

http://www.ibtimes.com/chris-christie-new-jersey-pension-launches-probe-fees-wall-street-1885257

New Jersey officials are launching a formal investigation into skyrocketing taxpayer fees paid to Wall Street firms by Gov. Chris Christie’s administration. As Christie has called for cuts to retirees’ pension benefits, his administration has paid ever-bigger fees to firms whose executives have made campaign contributions to Republican groups affiliated with the GOP governor.

The announcement of the new probe followed an investigative series by International Business Times documenting a significant spike in disclosed payments to financial firms.

Despite calls from investors like Warren Buffett for pension systems to avoid high-risk hedge funds, private equity firms and other so-called alternative investments, Christie officials have plowed billions of dollars of pension savings into those investments. They have delivered results that have trailed low-fee stock index funds while sending big fees to Wall Street firms. Indeed, under the Republican governor, the state pension’s disclosed fees have risen from $140 million in 2010 to more than $600 million in 2015....

The $600 million that New Jersey paid to financial firms in 2015 represented a one-year, 50 percent increase in reported fees. But comments made by New Jersey investment officials to IBTimes suggest the Republican’s administration may not have fully disclosed the fees paid on the state’s alternative investments in previous annual reports.

Maybe somebody could make him a bridge loan.

[malaise]

1. Finally the shite is going to hit the fan re this ReTHUG scumbag

[DebbieCDC]

2. No wonder he spent so much time on the campaign trail

Avoiding yet another investigation into his crooked administration.

Welcome back to Jersey doofus.

[Beach Rat]

3. It's about time.

Between the RGA donations and the higher fees/lower returns fiasco and turning the funds over to his high school buddy, what's his name, and Charlie Baker from Mass., oh and the 500K a year part time gig for Mary Pat. It all just smells so bad.

[rocktivity]

4. Oh, goody -- epsecially since his wife might get pulled into this one as well!

http://www.democraticunderground.com/10026612563#post4


rocktivity

[KamaAina]

5. Please tell me her name isn't Christine!

[rocktivity]

6. In case you aren't familiar with the terrific DU Christie Crime Digest

Volume 3 - http://www.democraticunderground.com/10026612563

Volume 1 | Volume 2


rocktivity