pando-breaking-news-smallThe Newark Star-Ledger reports that at the meeting of the New Jersey State Investment Council today, Christie administration officials bragged that “from July 2013 through April 2014, the state had realized a 12.6 percent rate of return on its pension investments.” One official insisted that such a figure represents “outstanding returns,” thus validating the pension system’s heavy reliance on high-fee Wall Street firms (whose employees make big campaign contributions). Yet, in that same time period, the S&P 500 – aka the overall market – was up almost 17 percent, meaning Christie officials are proudly bragging about severely underperforming the market.