Hedge fund manager Orin Kramer, who heads the New Jersey Investment Council, wants to set the record straight: the state pension fund’s losses would have been worse if he hadn’t begun diversifying its portfolio six years ago.
Kramer disputed a report that appeared on PolitickerNJ.com last week that contended he presided over the loss of $25 billion from New Jersey’s pension fund. Upon taking the post in 2002, Kramer said that he recognized the need to for the state’s multi-billion dollar fund to diversify its holdings. New Jersey, he said, stood alone in the proportion of stocks to other assets that its pension fund held.
“The reason that I joined the council is because New Jersey had the most undiversified, equity-heavy portfolio of any major comparable institutional fund in the country,” said Kramer. “Compared to every major endowment, corporate pension fund and public pension fund, New Jersey was uniquely undiversified and heavily dependent on equities.”Read More >
IRVINGTON - North Ward Councilman David Lyons, a likely 2010 mayoral candidate, has long been the nemesis of Irvington Mayor Wayne Smith, for whom Keith Reid at his trial today said he accepted a $5,000 bribe.
“Number one, if that’s true,” said Lyons, “Wayne needs to resign. He should do the honorable thing and resign.”
Last year, the U.S. Attorney’s Office indicted Reid and ten other officials throughout New Jersey for accepting bribes from representatives of Coastal Solutions, LLC., an FBI operation posing as an insurance brokerage business offering services to municipalities. The indictment accused Reid of accepting $10,000 bribes from a cooperating witness in exchange for his assurance that he would influence Newark City Council President Mildred Crump and other public officials in Newark and Irvington to help secure insurance brokerage contracts.Read More >
NEWARK – The last member of Operation Broken Boards in his trial today implicated Irvington Mayor Wayne Smith as someone for whom he took a bribe.
Keith Reid admitted that he accepted cash bribes totaling $10,000 in exchange for his influence with public officials in Newark, Irvington and elsewhere.
The former chief of staff to Newark Council President Mildred Crump, Reid, 49, of Carteret, agreed during his guilty plea to forfeit a total of $15,500, representing the entire amount of bribes he took as described in the indictment on which he was being tried in federal court, according to a release issued by U.S. Attorney Spokesman Michael Drewniak.Read More >
The announcement that attorney Tony Bucco means to officially kick-off his District 25 Assembly campaign on Dec. 9th contrasts with his primary opponent and fellow attorney, Morris County Freeholder Douglas Cabana, who’s waiting to make his formal announcement in the new year.
“It’s time to be spending time with family and friends,” said Cabana. “I know where I have support, and it is unsolicited support.”
Bucco, son of state Sen. Anthony Bucco (R-Morris), declared during the Republican National Convention that he would run for the seat vacated by Assemblyman Richard Merkt (R-Mendham), who’s retiring to run for governor.Read More >
Hudson County Republican Chairman Jose Arango doesn’t want to see any member of his party indicted, but he did not take offense at U.S. Attorney Chris Christie’s recent joke at the expense of the Hudson County Republicans.
Shortly after announcing his December resignation, Christie joked in a radio interview that “a Hudson County Republican would love to be indicted. It would show they were relevant.”
Maybe a more sensitive Republican county chair would take offense at a joke that calls his or her party irrelevant, but Arango has heard similar jokes before.
“It doesn’t bother me. It’s something that’s a reality. It’s a tough deal to be a Republican in Hudson County,” said Arango.Read More >
Assemblyman and state senate candidate Michael Doherty (R-Washington Township) continued to shore up his conservative credentials today, rolling out the endorsement of U.S. Rep. Scott Garrett (R-Wantage.)
“I have worked with Mike for many years, first in the state legislature and now as a Congressman, and he has consistently fought for smaller government, less regulation and lower taxes,” said Garrett, who recently fended off a well-funded challenge to win reelection by a slightly greater margin than in 2006. “Mike is a strong supporter of the Constitution, and he has been consistently endorsed by pro-business groups as a result of his record in the state legislature.”
Doherty is running to replace state Sen. Leonard Lance (R-Clinton), who will join Garrett in New Jersey’s Republican congressional delegation in January. Assemblywoman Marcia Karrow (R-Flemington) is also running, and Hunterdon County Freeholder Matt Holt is considering a bid.Read More >
Lacing on the sneakers and hitting the pavement, Assemblyman Richard Merkt (R-Mendham) started literally running for governor in early September. Today the Republican announced that his campaign has achieved a milestone as he has jogged in 118 communities located in all 21 counties of New Jersey since kicking off the plan in September.
“I have run in more than 20 percent of New Jersey’s municipalities and in every county throughout the state,” said Merkt. “It’s taken quite a bit of effort, but the feedback on issues I have received from local residents while doing it has been outstanding.Read More >
SEA BRIGHT - Gov. Chris Christie said today he is leaning against renewing red light cameras in New Jersey, but hasn't yet made a final decision on the subject.Read More >
Chris Christie's Jekyll & Hyde complex We all know the story: An amiable, even-keeled doctor, in an effort to separate the good from his darker impulses, concocts and consumes a secret potion that, momentarily, induces a metamorphosis of physical and mental being and turns him into a monstrous and...
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By MICHAEL W. KLEIN In his weekly radio address on August 16, President Obama challenged colleges “to do their part to bring down costs” and lighten the tuition burden on students. The state colleges and universities in New Jersey have... Read More >
"He was a focal point for the disturbance." - former New Jersey Governor Brendan Byrne (the Essex County Prosecutor in July 1967), of former Newark Mayor Hugh Addonizio- PolitickerNJ
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