Pensiongate? Christie Campaign Donors Won Huge Contracts

While trumpeting “pension reform,” the New Jersey governor placed retiree assets in the hands of hedge fund managers bankrolling his political career.

Lee Fang, March 18, 2014

Four months into his first term, Governor Chris Christie stood at the podium of the Manhattan Institute, a conservative think tank, and laid out what was billed as the “Christie Reform Agenda.” To enthusiastic applause, the New Jersey governor railed against what he described as an out-of-control state public pension system. “Our benefits are too rich, and our employees aren’t contributing enough, either,” he said. “We are careening our way toward becoming Greece.”

Christie had just won his first statewide election with the help of Paul Singer, the hedge fund manager who chairs the Manhattan Institute. The month before Christie’s election victory in November 2009, Singer had given $100,000 to the Republican Governors Association (RGA), which aired a barrage of advertisements in Christie’s favor.