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Judi Lynn

(160,218 posts)
Fri May 8, 2015, 03:37 AM May 2015

Chris Christie Is Facing Yet Another Investigation

Web Only / Features » May 8, 2015
Chris Christie Is Facing Yet Another Investigation

At issue is whether Christie’s officials have lined Wall Street’s pockets with the retirement savings of teachers, firefighters, police officers and other public sector workers.

BY David Sirota

If after last week’s Bridgegate indictments you thought Chris Christie was finally done as the focus of government investigations, think again. The Republican governor’s 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 Jersey’s beleaguered public pension system to Wall Street firms. In recent years, Christie’s 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 Christie’s election campaigns. Additionally, Christie’s 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 state’s retirement system more than a little bit nervous—especially since the ever-higher fees have coincided with below-median returns for the state’s pension fund. So the trustees began asking questions, and when they didn’t get the answers they were looking for, they announced in April that they are launching a formal investigation of the matter.

More:
http://inthesetimes.com/article/17918/christies-administration-is-facing-another-investigation

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Chris Christie Is Facing Yet Another Investigation (Original Post) Judi Lynn May 2015 OP
Bet it is not only New Jersey doing this. dixiegrrrrl May 2015 #1
THIS is the shit people should be flaming angry about Cosmocat May 2015 #2
Everything that Christie touches turns to crap Gothmog May 2015 #3
CC is polling dead last in the most recent New Hampshire GOP primary poll... CTyankee May 2015 #4
his party will use Christie to make ex-Governer Bush look like an angel Sunlei May 2015 #5

dixiegrrrrl

(60,010 posts)
1. Bet it is not only New Jersey doing this.
Fri May 8, 2015, 06:28 AM
May 2015

The Republican Gov. across the country have privatized almost every money making scheme they could find.

Cosmocat

(14,543 posts)
2. THIS is the shit people should be flaming angry about
Fri May 8, 2015, 07:21 AM
May 2015

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.

Not surprisingly, this has made the trustees who oversee the state’s retirement system more than a little bit nervous—especially since the ever-higher fees have coincided with below-median returns for the state’s pension fund.

But, it won't even register with people, who will default back outrage over BIG SPENDING DEMOCRATS and WELFARE FRAUD!

CTyankee

(63,771 posts)
4. CC is polling dead last in the most recent New Hampshire GOP primary poll...
Fri May 8, 2015, 08:26 AM
May 2015

This is a case of a guy with such a swollen head he can't see what deep shit he is in.

Today there was a clip of Kacie Hunt asking him a difficult question and he told her he wouldn't even bother to answer her.

He doesn't get it...he's over. He's yesterday's mashed potatoes...

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