No Scandal in New Jersey

Charlie Baker is running for governor of Massachusetts.  On May 17, 2011 he donated $10,000 to the NJ Republican State Committee listing his employer as General Catalyst Partners.  As of June 30, 2012 the assets of the New Jersey pension funds included for the first time an investment in GENERAL CATALYST GROUP VI LP valued at $366,322.  The value of this investment as of June 30, 2013 was $3,988,185.  This is viewed by the people at Pandodaily.com as a scandal:
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It is not a scandal by New Jersey standards and an excerpt from the video above hits upon exactly why that is:

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So apparently David Sirota is astonished that nobody in the Christie administration is designated to comb campaign records to be certain that those donors get absolutely no personal benefit from their donations or else the expectation is that subpoenas will be issued, meetings will be convened, and media will be alerted (or awoken).

It ain’t happening.  What would astonish someone with a little knowledge of how government really works in New Jersey would be if there were a campaign donor anywhere, anytime, for any amount who did not personally benefit from their donation.

4 responses to this post.

  1. Posted by bpaterson on July 8, 2014 at 10:56 am

    a while back I made some out of the box suggestions about political donation reform:

    make all donations to become anonymous and to be funneled thru a church or some coalition of churchs to assure anonymity. The donor doing it by cashiers check or so and to identify it to the church to who it should go to. The coalition gets 2% vig for their distribution work. (I pick churches since they are the last real bastion of honest IMO). The donor can brag to the politician that he gave his campaign money, but the politician will always remain skeptical whether he is telling the truth or not. Plus its like the IRS tracking all “charitable donations” from taxpayers the total never comes close to the actual smaller amount that’s really donated.

    Or just make it for every dollar donated to one political party’s politician or committee, 25 cents of that goes to the opposition party.

    just sayin.

    Reply

  2. Posted by LGreene on July 8, 2014 at 11:57 am

    How did the investment increase from $366,000 to over $3.9 MM ? Is that a typo on your part? That would be worth understanding.. keep probing. If there is such inflation on the valuations of some alternative investments, then I would worry about the $20B invested in alternatives .

    Reply

    • It is possible they bought more of the investment but no detail in the reports beyond the value amount. Also have no idea if there is any income being generated. The only advantage seems to be that the hedge fund gets to put their own value on the investment without anyone questioning it.

      Reply

  3. Posted by Anonymous on September 21, 2014 at 11:39 am

    The NJ Ethics Commission and the NJ Attorney General should do the disclosure investigation for the Governor and State Legislature of laws and appointees with appropriate department personnel. The NJ Conflicts of Interest Law 52:13D-12 in this matter the Governor, Treasury personnel, Mr. Grady and the NJ Investment Council all fall under this code. It is very clear that many actions dealing with all pension funds including the NJABP have been impacted by ethical breaches. The NJ Commission of Ethics, head must recuse herself from any investigation in these matters because she is a CC appointee. Very entangled and messy.

    Reply

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