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New Jersey Bill, Now on Christie’s Desk, Would Expand Pay-to-Play Rules for Pension Investments

With all the drama surrounding New Jersey Gov. Chris Christie’s latest round of pension changes, one big pension-related development has been overlooked: on Monday, state lawmakers approved a bill that would expand pay-to-play rules as they relate to pension investments. The bill, which would increase transparency around fees paid to private investment ...
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Audit: Massachusetts Gov. Didn’t Violate Pay-to-Play Rules With Donation That Preceded Pension Investment

In 2011, Massachusetts Gov. Charlie Baker donated $10,000 to the New Jersey Republican State Committee. Less than a year later, New Jersey committed $25 million in pension money to General Catalyst Partners for management – the firm where Baker was an executive. The transaction raised the red flags of a pay-to-play violation. But an audit released ...
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Firms Managing Illinois Pension Money May Have Skirted Pay-to-Play Rules By Donating To Rauner Campaign

Over the course of his campaign, Illinois governor-elect Bruce Rauner accepted contributions from executives from firms that manage portions of the state’s pension money, according to a new report from David Sirota. Those contributions may violate SEC pay-to-play rules, under which investment firms can’t make donations to politicians that have ...
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State Street Being Probed by SEC, Department of Justice For Possible Misconduct While Soliciting Pension Business

An interesting piece of information was tucked away in a new State Street Corp. regulatory filing. In an SEC filing filed Monday, State Street said it was being subpoenaed by the SEC and the Department of Justice for information related to the way the bank solicits business from public pension funds. State Street admits in the filing that “in at ...
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Pension Scandals Put Christie In Deep Hole

Over at Naked Capitalism, Yves Smith has written a great post recapping the recent pay-to-play allegations surrounding Chris Christie and Robert Grady and untangling the web of relationships at the heart of the scandal. The post, in full, is below. ________________ By Yves Smith, Naked Capitalism Memo to Chris Christie: when you are in a hole, quit ...
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New Jersey Lawmaker Pushes For Stricter Pay-To-Play Rules For Pension Investments

SEC rules prevent pension funds from investing with firms that have made political contributions to politicians with any control over the pension fund’s investment decisions. But a New Jersey Senator wants the state to go even further. Reported by NorthJersey.com: The law that restricts the state pension fund from investing in firms whose investment ...
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Union Files SEC Complaint Alleging Pension Pay-To-Play In North Carolina

A North Carolina labor group has filed a whistleblower complaint with the SEC over what they believe to be a violation of the SEC’s pay-to-play rules. The group alleges that Erskine Bowles held a fundraiser for state Treasurer Janet Cowell at his home in 2011. Just weeks later, Bowles’ investment firm was chosen to handle investments for North ...
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