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.*
* 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: