Labor Files Ethics Complaint Against NJ Governor Over Pension Investments

The New Jersey AFL-CIO on September 12 filed a complaint with the state’s Ethics Commission charging that investments from state pension funds were steered toward investment firms that made big campaign contributions to Republican Gov. Chris Christie and his allies.

“Despite clear boundaries created to shield pension investments from the influence of politics, it appears that the State Investment Council under Robert Grady’s direction and the Christie administration’s leadership clearly violated those rules,” said Charles Wowkanech, president of the state’s AFL-CIO. “We urge the State Ethics Commission to investigate this pay-to-play scheme on behalf of taxpayers who are footing the bill for this abuse and pensioners being shortchanged of their retirement funds.”

Grady, Managing Director of Cheyenne Capital as well as Chairman of the New Jersey State Investment Council, was a prominent executive of the Carlyle Group until 2009.

The Investment Council advises and make recommendations regarding investments to the state’s pension funds.

http://leftlaborreporter.wordpress.com/2014/09/15/labor-files-ethics-complaint-against-nj-governor-over-pension-investments/