Report: $25B in NJ pension funds lost (by Obama's earliest and biggest campaign fundraisers)
The fund provides retirement benefits for more than 700,000 current and future retirees.
A New Jersey pension fund run by one of Barack Obama’s earliest and biggest campaign fundraisers has lost $25 billion -- including $9 billion in October, a published report says.Orin Kramerr, 63, a former White House aide in the Carter administration .
The New Jersey Investment Council, chaired by hedge fund manager Orin Kramer, says that the value of the state pension fund has shrunk from $82 billion in July to $57 billion, Politicker NJ reports.
The New York Observer published a story in August about Kramer: King of the New York Obamasaurs.
Less than three weeks ago, the Politicker report says, Kramer pushed the investment council to add $94 million in pension funds to their $450 million stake in the BlackRock Inc. Kramer said the hedge fund needed to protect cash reserves to avoid selling part of their holdings.
Kramer, 63, a former White House aide in the Carter administration and a partner at Boston Provident, was brought in to help what analysts say is one of the worst-performing public portfolios of its size in the country. He was selected to head the state retirement benefits panel by then-Gov. James E. McGreevey in 2003.
The state Division of Investment is one of the ten largest public fund managers in the U.S., with a market value at of $70.7 billion as of the end of September, according to the Treasury Department website. snip
A New Jersey pension fund run by one of Barack Obama’s earliest and biggest campaign fundraisers has lost $25 billion -- including $9 billion in October, a published report says.