Senator Joe Pennacchio (R-Morris/Passaic) questioned today how W. Montgomery Cerf who was a sitting member of the New Jersey Investment Council at the time it invested $178 million dollars into failing Lehman Brothers was made a high-level managing director for Barclays Bank shortly after it purchased Lehman’s North American Division.
“Cerf who at the time of this questionable investment was managing director of Lehman Brothers should have known first hand what bad shape the firm was in,” said Pennacchio.
“I am concerned that after the State lost $115 million dollars in three short months under Cerf’s watch, he was given a lucrative position at Barclays after it took over part of Lehman Brothers. Because neither the State Investment Council, the treasurer or the administration have responded to our questions, some may speculate that this may be just too much of a coincidence,” concluded the Senator.
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October 29, 2008
