After Donations To Christie Admin, Prudential Gets Millions In Fees

"Lasciate ogne speranza, voi ch'intrate"

New Jersey Gov. Chris Christie's administration kept
investments in Prudential, after its top official gave to
Christie's campaign.Reuters/Mike Segar

 

Republican Gov. Chris Christie's administration has over the past five years paid at least $6.5 million in taxpayer fees to Prudential Financial to manage New Jersey pension funds, even after company officials made substantial contributions to Christie's 2009 gubernatorial campaign, International Business Times has learned. One of the Prudential officials was Christie's top fundraiser, adviser and donor. Christie appointees nonetheless maintained investment contracts with Prudential despite state rules that require such contracts to be canceled when executives at firms managing pension money donate to or raise money for state lawmakers. 

“It sounds like it’s a clear conflict with the rules,” said Melanie Sloan, a former U.S. Department of Justice official who served as executive director of the watchdog group CREW (Citizens for Responsibility and Ethics in Washington), after IBTimes described its findings. “It seems like this thing is a clear violation of the rules. The rules just haven’t been enforced and now everyone is scrambling for cover.” READ MORE