Charles P. Pierce -The Passion of Big Chicken (AKA Chrispie Christie)

[n2doc]

I suspect that the Chris Christie Comeback is not going to be based on the model of governance that he brought to New Jersey. I suspect that may be beyond even the vast talents of the various porcine cosmeticians in the national media. There are a couple of reasons for this.

Reason The First: Remember that tough love part of his stump speech, where he justifies cutting the pensions in front of an audience of firefighters who eventually came around to Chris Christie's position that he was fleecing them for their own good? He loves to tell that story, especially in front of audiences made up of people from families that have not had to worry about retirement income since the Dutch fled Manhattan. Remember how the "reform" of (deliberately underfunded) pensions was such a big part of the "tough choices" that only a manly man like Big Chicken could make.

Yeah, not so much any more.

The state has sent more pension money to big-name Wall Street firms like Blackstone, Third Point, Omega Advisors, Elliott Associates and Grady's old firm, The Carlyle Group. Additionally, the amount of fees the state pays financial managers has more than tripled since Christie assumed office. New Jersey is now one of America's largest investors in hedge funds. The "maximized returns" have yet to materialize. Between fiscal year 2011 and 2014, the state's pension trailed the median returns for similarly sized public pension systems throughout the country, according to data from the financial analysis firm, Wilshire Associates. That below-median performance has cost New Jersey taxpayers billions in unrealized gains and has left the pension system on shaky ground. Meanwhile, New Jersey is now paying a quarter-billion dollars in additional annual fees to Wall Street firms -- many of whose employees have financially supported Republican groups backing Christie's reelection campaign.

Costing the state billions while simultaneously making your cronies rich? Is Chris Christie the governor of New Jersey or the prime minister of Griftylvania?

(Let us pause here and remember that, any time a politician tells you that you're better off putting money you've already earned into The Market, be that the Social Security trust fund or your earned-benefit pension, said politician is already halfway in your pocket. They are asking you to put your money down in a rigged casino. Politicians who make this pitch should find more honest work, like swindling the blind, or selling oregano for weed.)

more
http://www.esquire.com/blogs/politics/Big_Chicken_Loses_Big

[leftyohiolib]

1. reminder you can hear charles pierce live on stephanie miller's show on mondays

along with rude pundit and others, john feuglsang, jackie sheckner with aca facts

[Beach Rat]

2. Hey Christie-show us that video again!

you know, the one about making the "hard choices" on pension reform? No wonder The Rock didn't want his face anywhere near that garbage. (and that coming from a guy who starred in Escape from Witch Mountain!)

[FSogol]

3. K & R. n/t

[greatlaurel]

4. Very important article.

Thanks for posting. The raiding of the public pension system is going on here in Ohio without anyone saying a peep about it. The major newspapers are all GOP shills. The state has been taken over by the most corrupt Republicans the party could find. It appears this election in November is going to reinstate these crooks to finish off stealing this once rich state's remaining resources.

The Columbus Dispatch is owned by the Wolfe family who have very close but shadowy connections to the Bushes. The Wolfe family are heavily involved in the banking industry, but again the connections are shadowy and poorly reported. I wonder how much of Ohio's pension funds are being redistributed to banks, investment firms and hedge funds, following the New Jersey model.

John Kasich appears to believe, if he is reelected, he will be the GOP candidate for POTUS in 2016. He must be very happy about Christies problems.