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3 CommentsGov. Chris Christie's administration openly acknowledged that more New Jersey taxpayer dollars were going to land in the coffers of major financial institutions. It was 2010, and Christie had just installed a longtime private equity executive, Robert Grady, to manage the state's pension money. Grady promoted a plan to put more of those funds into riskier investments managed by Wall Street firms. Though this would entail higher fees, Grady said the strategy would "maximize returns while appropriately managing risk." Four years later, New Jersey has secured only half the promised results. The state has sent more pension money to big-name Wall Street firms like Blackstone, Third Point, Omega Advisors, Elliott Associates and Grady's old firm, The Carlyle Group. Additionally, the amount of fees the state pays financial managers has more than tripled since Christie assumed office. New Jersey is now one of America’s largest investors in hedge funds.
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3 CommentsElectricity aggregation programs, already in use in some states, allow governments or communities to negotiate for and buy power in a block for residents, with the group potentially able to get a better deal than the "standard offer" available from utilities. In Delaware, the block could be as large as 900 megawatts annually, a deal that [Sen. Colin] Bonini said could draw spirited bidding from large and "very smart" suppliers. Delmarva Power officials said they still were puzzling over the proposal Wednesday, when a study committee chaired by Secretary of State Jeffrey W. Bullock held an initial public meeting in Dover. The committee agreed to hire a consultant to assess potential gains, prospective supplier markets and other considerations. "There are other jurisdictions throughout the country that have looked at retail purchase energy models both for gas and electric," Bonini said. "We're looking specifically at electric."
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19 CommentsOver the years, Biden has acquired a singular place in the pop culture of American politics. In a White House that privileges self-containment, Biden ambles between exuberant and self-defeating. He was barely in the West Wing before the Onion declared, in a headline, “SHIRTLESS BIDEN WASHES TRANS AM IN WHITE HOUSE DRIVEWAY,” establishing a theme—“Amtrak Joe,” the hell-raiser at the end of the bar—that is so enduring that it obscures the fact that he is a lifelong teetotaller. (Too many alcoholics in his family, he says. He grew up sharing a room with his mother’s brother, and recalled of the experience, “Even as kids, we noticed Uncle Boo-Boo drank a bit heavily.”) Instead of raging against the indignities of the Vice-Presidency, Biden luxuriates in the job. Perched in his chair during the State of the Union address, peering down on his former congressional colleagues, Biden makes a pistol out of his finger and thumb, and blasts away, winking and gunning with no evident irony. Last year, C-SPAN taped him getting ready to swear in new senators. He greeted each senator’s family with frisky enthusiasm. To the old ladies, he’d say, “You’ve got beautiful eyes, Mom, holy mackerel.” To the young women: “Remember—no serious guys till you’re thirty!” To the little kids in their Sunday best: “Take care of your grandfather. Your most important job.” The full package—the Ray-Ban aviators, the shameless schmalz, the echoes of the Fonz—has never endeared him to the establishment, but it lends him an air of authenticity that is rare in his profession. It has also produced a whiff of cult appeal, such that his image now has more in common with Betty White than with John Boehner. In May, after a teen-ager invited Biden to her prom, he replied with a corsage and a handwritten note encouraging her to “enjoy your prom as much as I did mine.” On Twitter, people went affectionately berserk.
