The New Jersey Pension Fund has now sold a stake in a venture capital firm tied to one of Governor Christie’s campaign contributors according to The Bergen Record. The investment by the NJ Pension Fund in General Catalyst Partners became a scandal when it was revealed that one of the beneficiaries of that investment, Charles Baker, had contributed to Governor Chris Christie’s reelection campaign, arguably in violation of New Jersey’s pay to play law.
|By: DSWright Tuesday September 16, 2014 1:22 pm|
|By: DSWright Thursday September 4, 2014 2:14 pm|
According to documents reviewed by The Bergen Record, some Port Authority police officers believed it was necessary to reopen the illegally closed lanes on the George Washington Bridge. In interviews given to New Jersey lawmakers the officers recounted how the closures were creating “hazardous conditions” on the streets of Fort Lee.
One officer who wanted to reopen the lanes due to the hazardous conditions was told to “Shut up” for bringing up the issue on an open radio channel.
|By: DSWright Thursday August 28, 2014 11:30 am|
According to a report by David Sirota for the International Business Times, fees paid out to Wall Street by the State of New Jersey have tripled under the administration of Governor Chris Christie, costing the taxpayers $3.8 billion. Governor Christie was already under scrutiny for the way he managed the pension system when it was revealed that he had given a multimillion dollar contract to a campaign contributor arguably in violation of New Jersey’s pay to play law.
|By: DSWright Monday August 18, 2014 12:12 pm|
It was apparently not enough for Governor Chris Christie’s staff to shut lanes down on the George Washington Bridge violating state and federal law, now the taxpayers of New Jersey are having to pay massive legal bills as Christie and company try to prevent details from the lane closures coming out.
|By: DSWright Tuesday June 24, 2014 12:05 pm|
While New Jersey Governor Chris Christie is already shoulder deep in the investigation of illegal lane closures on the George Washington Bridge, another scandal is growing over a second bridge under his authority – the Pulaski Skyway. The Pulaski Skyway is an elevated roadway that connects the New Jersey cities of Newark and Jersey City and, according to the New York Times, is the subject of an inquiry by the Manhattan district attorney and the Securities and Exchange Commission.
|By: DSWright Friday June 20, 2014 1:03 pm|
The field for the 2016 Republican presidential primary is hemorrhaging moderates. Both New Jersey Republican Governor Chris Christie and Wisconsin Republican Governor Scott Walker are facing criminal investigations that could knock them out of the presidential race or even end their careers.
|By: cocktailhag Thursday June 19, 2014 8:00 pm|
I hope everyone is sitting down; another “bold” Republican governor and 2016 presidential hopeful has landed himself in (worse) legal trouble. Chris Christie? No, that’s every day. This time, it’s that hilariously corrupt and goofy automaton from Wisconsin, Scott Walker.
And now that you’re over the shock, it turns out Karl Rove was involved.
|By: DSWright Wednesday June 4, 2014 1:06 pm|
Recently Pando Daily broke a story about Governor Christie’s Administration violating pay to play laws by rewarding political donors with New Jersey Pension Fund contracts. The gist being that after General Catalyst employee Charles Baker donated money to the NJ GOP, General Catalyst received roughly $15 million to invest on behalf of retirees.
While the focus of the story was on violations of New Jersey’s pay to play laws, another facet of the scandal worth exploring is the increasing role alternative investment vehicles like General Catalyst – which is a venture capital firm – play in managing pension wealth. Private equity and hedge funds have begun to play an increasing role in pension investments as a recent Pew study points out.
The previously boring and safe strategy of buying government and top tier corporate bonds has been supplanted by the high flying big risk strategy of hedge funds.
|By: DSWright Friday May 16, 2014 6:45 am|
And another shoe drops. Now it is Governor Chris Christie’s former campaign manager, Bill Stepien, who has claimed that Christie lied to the public at his December press conference when Christie claimed no one on his senior staff knew about the illegal lane closures on the George Washington Bridge.
|By: DSWright Wednesday May 14, 2014 8:01 am|
Yesterday Governor Chris Christie’s Press Secretary, Michael Drewniak, testified before the New Jersey Legislature’s Special Investigative Committee on his role in handling the fallout from illegal lane closures on the George Washington Bridge aka Bridgegate. Unlike other witnesses called before the committee Drewniak did not take the Fifth Amendment though did often confer with an [...]