Chris Christie’s $300m pension proposal broke state anti-corruption laws

Source: Pando Daily

Chris Christie’s $300m pension proposal broke state anti-corruption laws (And now the intended recipient threatens to sue Pando)

A PandoDaily investigation has discovered evidence that Gov. Chris Christie’s pending deal to award a $300 million pension management contract to a controversial hedge fund is in violation of state anti-corruption laws.

New Jersey state pay-to-play statutes prohibit state contractors from directly or indirectly financially supporting the election campaigns of state officials. Those statutes also explicitly prohibit the use of outside groups or family members to circumvent that ban.

Additionally, separate Department of Treasury rules appear to prohibit public pension contracts from being awarded to investment firms whose employees have made significant financial contributions to political entities organized to operate in New Jersey state elections. Those laws also bar investment firms doing business with the state from making contributions “for the purpose of influencing any election for State office.”

Yet, late last month, the New Jersey State Investment Council moved to award a controversial $300 million investment contract to Chatham Asset Management, despite the fact that Chatham’s principal, and a woman living at his address and sharing his surname, donated more than $50,000 to a Republican election group that oversaw major portions of Gov. Christie’s 2013 re-election operation. The proposed investment is already highly controversial given the hedge fund also reportedly owns a stake in the Atlantic City casino, Revel.

Read more: http://pando.com/2014/04/18/chris-christies-300m-pension-proposal-broke-state-anti-corruption-laws-and-now-the-intended-recipient-threatens-to-sue-pando/