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In reply to the discussion: Christie Crime Digest Volume III [View all]Laxman
(2,419 posts)26. Christie's Funneling of Pension Money....
to his high school buddy and large contributors may be coming back to haunt him. This has already come to haunt the pension system so turn around is fair play. David Sirota believes it may result in more indictments. We can only hope.
Chris Christies fresh humiliation: The new scandal that could finally put the kibosh on his presidential hopes
If after last weeks Bridgegate indictments you thought Chris Christie was finally done as the focus of government investigations, think again. The Republican governors administration in New Jersey is facing a whole new inquiry this one involving hundreds of millions of dollars, and not just blocked-off bridge lanes.
At issue are the fees being paid by New Jerseys beleaguered public pension system to Wall Street firms. In recent years, Christies officials have shifted more of the retirement savings of teachers, firefighters, police officers and other public workers into the hands of private financial firms. That has substantially increased the management fees paid by taxpayers to those firms. Indeed, while Christie says the pension system cannot afford to maintain current retirement benefits, pension fees paid to financial firms have quadrupled to $600 million a year or $1.5 billion in total since he took office in 2010.
In recent months, details have emerged showing that Christie officials have directed lucrative pension management deals to some financial companies whose executives have made contributions to Republican groups backing Christies election campaigns. Additionally, Christies officials have admitted that they have not been fully disclosing all the fees the state has been paying to private financial firms.
Not surprisingly, this has made the trustees who oversee the states retirement system more than a little bit nervous especially since the ever-higher fees have coincided with below-median returns for the states pension fund. So the trustees began asking questions, and when they didnt get the answers they were looking for, they announced in April that they are launching a formal investigation of the matter.
If after last weeks Bridgegate indictments you thought Chris Christie was finally done as the focus of government investigations, think again. The Republican governors administration in New Jersey is facing a whole new inquiry this one involving hundreds of millions of dollars, and not just blocked-off bridge lanes.
At issue are the fees being paid by New Jerseys beleaguered public pension system to Wall Street firms. In recent years, Christies officials have shifted more of the retirement savings of teachers, firefighters, police officers and other public workers into the hands of private financial firms. That has substantially increased the management fees paid by taxpayers to those firms. Indeed, while Christie says the pension system cannot afford to maintain current retirement benefits, pension fees paid to financial firms have quadrupled to $600 million a year or $1.5 billion in total since he took office in 2010.
In recent months, details have emerged showing that Christie officials have directed lucrative pension management deals to some financial companies whose executives have made contributions to Republican groups backing Christies election campaigns. Additionally, Christies officials have admitted that they have not been fully disclosing all the fees the state has been paying to private financial firms.
Not surprisingly, this has made the trustees who oversee the states retirement system more than a little bit nervous especially since the ever-higher fees have coincided with below-median returns for the states pension fund. So the trustees began asking questions, and when they didnt get the answers they were looking for, they announced in April that they are launching a formal investigation of the matter.
Read the rest here: http://www.salon.com/2015/05/08/chris_christies_fresh_humiliation_the_scandal_that_could_finally_put_the_kibosh_on_his_presidential_hopes_partner/
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I know what you mean.. There's been so much illegality in the christie admin and from christie
Cha
May 2015
#9
my first thought when I saw skinny Wildstein was "the people behind Christie radiation poisoned him"
Backwoodsrider
May 2015
#33
Also known as "Christie's Forty-Seven-Percent-Moment" (Good-natured jabs, my donkey)
rocktivity
May 2015
#50
Is Christie's publicly-financed self-exonerating Mastro report about to come back to haunt him?
rocktivity
Jun 2015
#56
You rock Laxman!!! While the non-memories of "Fitzmas" still hurt, I think this is different...
winstars
Jun 2015
#61
I have said all along, he will never get convicted of any crime. He seems to let others....
Logical
Jun 2015
#73
Christie's latest power failure: Another storm, another self-serving response
rocktivity
Jun 2015
#80
UPDATE: (Hillary Supporter) Jon Bon Jovi Says He Gave (Hillary Opponent) Christie Permission
rocktivity
Jun 2015
#85
Christie Confirms Bruce Is Still His Fave NJ Musician, Gets Ovation From Bruce's Fans
rocktivity
Aug 2015
#98
He's Being Funded By A Tabloid? That Explains Why He's Started Talking Like One
rocktivity
Aug 2015
#99
Didn't Christie just fantasize about beating a woman and then serving her with a subpoena?
rocktivity
Feb 2016
#138