This past weekend, Pando has been reporting on the rapidly growing scandal over New Jersey handing millions of dollars of public pension money to VC firm General Catalyst after a partner in the firm, Charles Baker, made a sizable donation to governor Chris Christie’s state party. The story, which involves state and federal pay-to-play rules, is made all the more explosive by the fact that Baker is currently a Republican candidate for governor of Massachusetts.Today, however, comes potentially the most interesting twist yet. Pando has discovered evidence appearing to show that the specific General Catalyst investment fund into which the Christie administration moved public money later became a key investor in a pair of companies at which Baker himself sits on the board.
In other words, we already knew that Baker donated money to Chris Christie, after which New Jersey moved millions of dollars in public money to a VC firm for which Baker serves as a partner. Now we know that the specific fund which received the NJ pension investment later made an investment in companies on whose board Baker serves. (See below for timeline.)
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