Christie Getting What He Wants Out of New Jersey Pension System

Campaign donors.

A union-backed group calling themselves the ‘Hedge-Clippers’ released a report this morning attacking New Jersey’s increasing use of ‘alternative’ investments on the grounds that the fees are too high and the returns are not enough (though they admit in the report that they are guessing on net returns since the NJ Investment Council does not disclose fees). They also note that several of the investments are made in companies linked to Christie donors:

  • KSL Capital
  • Lazard Rathmore (Herbert Gullquist)
  • Canyon Capital
  • Chatham Asset Management (Anthony Melchiorre)
  • Third Point Management (Daniel Loeb)
  • Elliot Associates (Paul Singer)

The Nation did an investigative report last year with many of these same names.

Coincidentally, the Christie campaign just released a list of more than 100 people who have signed on to help elect Christie president.  Though I can’t find the list, only the story about it, there are reported to be hedge fund honchos on it.

If Christie wins these guys will look to get their hands on that Social Security trust fund (if you want to call it that).  That’s why they are hedging their bets by backing Christie but it’s not going to happen.*

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* Christie winning that is.  Social Security could still be privatized with President Bush or President Trump but the idea of President Christie is absurd.  He’s tanking even during the early happy-talk-Fox-and-Friends portion of the campaign before anyone mentions the messes his administration has exacerbated with New Jersey taxes, debt levels, pension funding, and political ethics.  All have hit new highs (or lows) that the boy won’t be able to dance around:
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16 responses to this post.

  1. Posted by Anonymous on July 22, 2015 at 9:54 am

    These donors all know that Christie will not be the nominee let alone president. They are contributing just to keep the status quo for the next few years so they can continue to rake in huge fees. (in secret of course)

    Reply

  2. Posted by dentss dennagan on July 22, 2015 at 11:37 am

    Actually ,the unions refusing to sit down with CC is the best thing that could happen to CC and the taxpayer ,I couldn’t predict what will be left in the pensions in that time but the lower it gets the less leverage the unions have .

    Reply

    • Posted by Tough Love on July 22, 2015 at 11:48 am

      Good point…… the DEEPER the plan gets into the “impossible to fix” status, the better for the taxpayers, because the only option will be to REPLACE it for future service. And SO MANY eyes will be studying that “replacement” plan, that of whatever design (DC, DB, Cash Balance-DB, Hybrid, etc), it will definitely cost taxpayers a GREAT DEAL less than the TRUE (well hidden) cost of the current DB Plan.

      Reply

      • Posted by Anonymous on July 22, 2015 at 6:31 pm

        You still voting for Christie for pres. He isnt even on the radar. Maybe Trump is more you cup of tea.

        Reply

        • Posted by Anonymous on July 22, 2015 at 6:48 pm

          In an effort to maximize his menial warchest the Governor is using a Krispy Kreme van for his campaign – win, win situation!

          Reply

        • Posted by Tough Love on July 22, 2015 at 10:40 pm

          Actually, I’m now inclined to vote for Scott walker … who decimated the Wisc. Public Sector Unions.

          Well Done !

          Reply

          • Posted by Anonymous on July 23, 2015 at 1:25 am

            Is he even running for president, lmao

          • Posted by S Moderation Douglas Is Wrong Again on July 23, 2015 at 2:40 am

            Yes, Walker is running and has no chance.

          • Posted by S and P 500 on July 23, 2015 at 6:00 am

            Koch PACS also deserve a well done, since the Kochs financed Walker’s successful election and successful defeat of his recall. I buy Brawny Paper Towels whenever I can to support Koch PACS. LOL

    • Posted by Anonymous on July 22, 2015 at 3:28 pm

      FYI…… The local unions have been asking for a seat at the table since CC took office. Never before has a governor treated these people like garbage since him. Politics and feelings aside….. The public workers are taxpayers, constituents, middle class workers of this state that CC represents.

      Reply

      • Posted by Tough Love on July 22, 2015 at 10:43 pm

        When has a Public Sector Union EVER been willing to accept a result that is FAIR to the Taxpayers …. meaning taxpayer-funded pensions and benefits EQUAL to what comparable Taxpayers get ?

        Reply

      • Posted by S Moderation Douglas Is Wrong Again on July 23, 2015 at 2:40 am

        Good, now the public employees know how taxpayers feel.

        Reply

    • Posted by Anonymous on July 22, 2015 at 6:32 pm

      yes you will be doing great once a democrat is in the governors mansion, wont be long now.

      Reply

  3. Posted by Anonymous on July 22, 2015 at 12:47 pm

    The point of this article, it’s politics as usual. Both sides play the game to benefit those who benefit them!

    I’m not debating the need for immediate P&B Commission reforms.

    My point is if the Governor really cares then he would call the unions/publics bluff. Appoint a designee to negotiate on his/NJ’s behalf to rebuff their concern/refusal to further negotiate with him.

    That ain’t happening so the blogging will continue.

    Reply

  4. Posted by Anonymous on July 22, 2015 at 7:32 pm

    http://www.nytimes.com/politics/first-draft/2015/07/22/f-e-c-releases-donald-trumps-financial-disclosure-statement/
    The Donald with a $110k non public although union pension , really. Guess he’d want an income cap on SS too. Laughable!

    Reply

  5. Posted by THOMAS UCKO on July 23, 2015 at 12:31 am

    I think the Christie Finance Committee list you’re looking for is here:

    http://politickernj.com/2015/07/christie-campaign-announces-prez-candidates-full-national-finance-team/

    Reply

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