To: Tom Byrne, Chairman, NJ State Investment Council

Tell Tom Byrne to Protect Pensions from Wall Street Greed

New Jersey Communities United

The NJ State Investment Council needs to issue a FULL audit of Wall Street’s fees on pension investments going back to 2007!

Why is this important?

Tom Byrne, Jr., the son of a former New Jersey governor, chairs the NJ State Investment Council and is charged with managing pension fund investments for public workers, teachers, firefighters, police officers and other dedicated workers that make New Jersey great. For years Tom Byrne and the State Investment Council funneled investments into politically connected hedge funds, private equity firms and other Wall Street entities. As the State’s pension crisis grew, so did scrutiny on these investments.

In fact, NJ Hedge Clippers - a coalition of progressive organizations and community activists – released a report in July which found hedge fund investments cost New Jersey’s public workers more than $1 billion in fees and bonuses since 2007.

Since then, NJ Hedge Clippers, public worker unions, pension boards, elected leaders, community organizations and academics have been pressing Tom Byrne and the State Investment Council to do a full audit of the fees being charged by politically connected Wall Street firms. But Mr. Byrne dug in his heels – like a true Wall Street apologist – and refused to authorize an audit of the fees and bonuses being taken from the retirements of public workers in New Jersey.

Under pressure from all sides, Mr. Byrne claimed that it was an attack on the State Investment Council by people who simply don’t like Wall Street. Then he claimed that hedge fund and private equity managers “work really hard” and deserve to rake in millions of dollars of fees and bonuses. Finally, he relented – kind of – and agreed to issue a report on Wall Street fees and bonuses going back five years, all while continuing his defense of this outrageous Wall Street grab.

By signing this petition you can send Tom Byrne a clear message: Protect Pensions from Wall Street Greed!

Simply issuing a report isn’t enough. The taxpayers of New Jersey and the public workers who earn every penny of their pension deserve a FULL FORENSIC AUDIT of these Wall Street fees and bonuses going all the way back to 2007.

It doesn’t matter if his critics like Wall Street or not. And it certainly doesn’t matter that he thinks wealthy hedge fund managers work hard.
The real hard work is done by dedicated public workers who spend their days teaching and caring for our children, protecting us from danger, and responding to life & death emergencies. Public workers are the definition of “hard work” – and it’s time for Tom Byrne to honor the hard work of teachers, firefighters, police officers and other public workers who entrust their retirement security to the NJ State Investment Council.