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In the discussion thread: Christie Crime Digest Volume III [View all]

Response to Laxman (Original post)

Tue May 5, 2015, 06:53 AM

18. Nobody Needs To Know.....

about his sweetheart deals with his high school buddies and big contributors. Public pension investments are for Christie's amusement and profit.

Chris Christie Vetoes Anti-Corruption Law To Limit Wall Street Campaign Cash

The bipartisan legislation on Chris Christie's desk on Monday was designed to stop New Jersey public officials from delivering lucrative pension deals to their campaign contributors. Gov. Christie vetoed the bill -- at the same time his administration faces a new investigation into New Jersey pension fees paid to financial firms, some of whose executives made contributions to Republican groups backing Christie. The legislation also would have required the pension system to fully disclose all Wall Street fees, a provision Christie said would be "disadvantageous."

The bill in question could have complicated Christie's ability to raise presidential campaign money from Wall Street firms currently managing -- and earning fees from -- billions of dollars in New Jersey's public pension system.

Already, a Securities and Exchange Commission rule effectively bars financial firms managing state pension money from donating to governors who oversee pension investment decisions. The legislation Christie vetoed would have strengthened New Jersey's state version of those federal rules at a time when his officials have placed more public workers’ retirement savings under the management of private financial firms.

“The fund managers and investment advisers already must abide by federal campaign contribution laws,” Christie wrote in a memo explaining his decision. “Because the federal campaign contribution laws pre-empt state law in this area, I cannot approve of such a provision.”


read the rest here: http://www.ibtimes.com/chris-christie-vetoes-anti-corruption-law-limit-wall-street-campaign-cash-1907717

Yeah that's it, it's the federal pre-emption question that bothers him!

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