Business elite doubts Christie's presidential chances; he says New Jersey scandal a footnote

Steve Peoples / The Associated Press
May 15, 2014 06:10 AM

New Jersey Gov. Chris Christie listens to a question from Bob Schieffer of CBS News at the 2014 Fiscal Summit organized by the Peter G. Peterson Foundation in Washington, Wednesday, May 14, 2014. Lawmakers and policy experts discussed America's long term debt and economic future. (AP Photo)

LAS VEGAS, Nev. - New Jersey Gov. Chris Christie is dismissing the traffic scandal ensnaring his administration as "a footnote" in his political future. Some in the Republican Party's elite business class may be close to dismissing him as a serious contender for the presidential nomination in 2016.

State and federal officials are investigating an apparent political retribution plot within the Christie administration that caused massive traffic delays last year along the George Washington Bridge, which connects New Jersey to Manhattan and is one of the world's busiest bridges. Christie has fired several senior aides and denied direct prior knowledge of the incident.

Shortly after Christie discussed his White House ambitions in Washington on Wednesday, Republican donors gathered for a hedge fund conference in Las Vegas shared a decidedly pessimistic view of the governor's presidential prospects. Even self-proclaimed Christie fans said his political brand probably has suffered permanent damage, acknowledging they've been forced to look elsewhere for a business-friendly presidential contender.

Christie, as the popular Republican governor of a Democratic-leaning state, had been considered a front-runner in the race for his party's presidential nomination before the bridge scandal broke. The party's tea party wing was reluctant to embrace him, but he was particularly popular among the less ideological financial industry executives who pump tens of millions of dollars into presidential campaigns every four years. But the controversy undermined the image Christie had been building as a pragmatic politician willing to reach across party lines. The town most affected by the gridlock was Fort Lee, whose mayor had not endorsed Christie for re-election.

Thomas Norris, chief investment officer at Michigan-based NFI Advisors, compared Christie's repeated denials to those of President Richard Nixon, who resigned after years of claiming no involvement in the Watergate scandal.

"Is it enough to tarnish his chances? It sure is," Norris, a Republican, said during a break at the annual Skybridge Alternatives conference. The event drew hundreds of financial industry executives — many prominent Republican donors among them — to Las Vegas this week.

Earlier in the day, Christie signalled his interest in a presidential bid in unusually strong terms while appearing at a Washington fiscal summit. Asked if he's thinking of running in 2016 and when he'll make a decision, Christie said, "Yes, and later."

By then, Christie said, the traffic controversy "will be a footnote." He told reporters, "There hasn't been one suggestion that I knew anything."

Interviews with more than a dozen business executives Wednesday revealed that many maintain positive feelings for the tough-talking governor, but most have lost confidence in his ability to win.

The bridge controversy is "an overwhelming issue he can't overcome," Rick Rodgers, vice-president and director of the Innovest investment firm, said after praising Christie's work to rein in teachers unions. "He had a good opportunity and, boy, here's the thing that's going to derail him."

Lars Soderberg, chief marketing officer at Independence Capital Asset Partners, said he was interested in a prospective Christie presidential bid — before the scandal, at least.

"That bridge thing — it may be fatal," Soderberg said. "No one will forget."

There was no clear consensus about whom the hedge fund executives would support in Christie's place. They almost unanimously rejected tea party darlings such as Sens. Rand Paul of Kentucky and Sen. Ted Cruz of Texas when asked, but they also raised concerns about one of the establishment favourites, former Florida Gov. Jeb Bush.

"I can't imagine a third Bush in the White House," Rodgers said.

Christie, meanwhile, is showing no signs of abandoning his national ambitions.

He has maintained an aggressive national travel schedule as chairman of the Republican Governors Association, recording strong fundraising totals through the first months of the year. He has also begun to speak more freely to reporters beyond New Jersey after months of relative silence.

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