One thing we’ve learned from Charlie Baker and the Paul Loscocco fiasco of his last campaign is that he’s not afraid of backroom shenanigans.
Fortune magazine is reporting that New Jersey has quietly sold their investment in the General Catalyst Partners fund which was being investigated by New Jersey’s state Auditor.
The New Jersey Division of Investments has quietly sold its stake in a venture capital fund managed by General Catalyst Partners, following allegations of impropriety related to a political contribution from General Catalyst “executive-in-residence” and current Massachusetts gubernatorial candidate Charlie Baker.
So why is this interesting?
It remains unclear if the sale negates public release of the auditor’s report.
Seems pretty convenient, huh?
But not to worry, Charlie Baker is all about transparency.
A spokeswoman for General Catalyst declined to comment, except to say that the firm has been cooperating with New Jersey. A NJ Treasury spokesman declined comment, while a Baker campaign spokesman has not yet returned a request for comment.
1. Not sure how a pension fund sells something “loudly.” Per this article it was discussed in a call and will probably disclosed soon, all SOP.
2. Christie gives one direction and Baker gives the other. All pretty standard.
3. Do you honestly think pension officials would risk major legal trouble and sell themselves for a measly $10K donation. Would Grossman make a MA pension decision because someone gave to the DCC? No. NJ Pension fund is moving more money to hedge funds and this is consistent with this policy.
4 Coverup? The pension people made a fiduciary decision.
5. Probably all within the law. Check out recent decisions in our own MA government and then look at contributions and tell me there’s not the same kind of questions. But if it’s legal, then it’s legal.
Calling something a venture capital fund makes it sound exotic and rare, but it isn’t. There are tons and tons and venture capital funds.
So one question is, how did THIS fund get on the map? And the state put $100 million in it? Again, not as much as it sounds (considering the size of state budgets), but still some pretty serious cash.
and Robert Grady, head of the NJ Pension Board, is the subject of some inquiries with Blackstone and it’s a much bigger problem.
I just think it’s too much to go running around thinking that there’s an issue here. Even if it was (and I doubt it), there’s not going to be any evidence.
Do you think “bribes” every time you read something like this?
I think people who are interested in alternative energy are more likely to support Democrats.
The CEO of Partners has given generously to AG Coakley in the past, and has appeared with her at various benefits for their mutual friends throughout the past year. And he got a pretty sweetheart deal from her. She has also accepted contributions from “gaming industry” officials and vocally (and poorly) opposed the repeal effort on the ballot. This story has fewer legs than the many they could go after Coakley and the Beacon Hill establishment on, sad to say.
… gave to the state’s Attorney General? No way!
150% of the original cost:
Maybe As merrimackguy points out, if they had sold it “loudly”, it might have been evident that they had to dump it and so they might might not have been able to sell it for as much. I’m guessing this is not a bad return, either.
So from the article, I get that the time line is questionable under New Jersey law, but maybe okay on under federal law.
There are several aspects of this situation that people are missing:
1. There was a lot more involved than just a single $10,000 contribution to Christie. For some reason, people are ignoring Baker’s fundraising efforts to help Christie. Baker hosted a fundraiser for Christie, and he got his buddies to contribute over $100,000 to the guy. .
2. Nobody appears to be asking any questions about the VC firm, General Catalyst. The managing partner, Joel Cutler is the the son of one of Sheldon Adelson’s original partners. Is Sheldon Adelson one of General Catalyst’s investors, and has he effectively been paying Baker’s salary through General Catalyst? And, what is the relationship between Chris Christie and Sheldon Adelson?
Joel Cutler, whatever else he may be, is not THE managing partner at General Catalyst: he is A managing partner, one of six at GC.
Much more questionable and he’s the Treasury Secretary for Pete’s sake.
We are talking about Charlie Baker and his actions at General Catalyst.
You’re trying to connect dots and claim some sort of nefarious connection. I’m pointing out that these so-called connections occur all over the place and if anything the Obama administration is a first rate offender, with Jack Lew the prime and most obvious example.
From Baker himself:
What’s been resolved?
Charlie Baker should make a statement that he would like the auditor’s investigation public. It’s looking more and more like they are trying to bury the report with backroom deals.
First, it’s not that easy to sell a venture capital investment. It’s not like a stock. There is no public market, and, usually, the VC firm puts restrictions on sales. So, who did the state of New Jersey sell to? And, what relationships exist with the purchaser and Baker/Christie? Did Sheldon Adelson purchase it?
Second, people have a right to know who has been paying Charlie Baker’s salary these past few years. Is Sheldon Adelson involved?