CAIR Action NJ Condemns New Jersey’s Reinvestment of $15 Million in Israeli Bonds and Continued Stake in Palantir
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By Adam Rizvi | Editor, The India Observer (TIO): Trenton, NJ — CAIR Action New Jersey has sharply criticized the New Jersey Division of Investment (DOI) following confirmation that the state reinvested $15 million of public pension funds into Israeli bonds and continues to hold approximately $144 million in Palantir Technologies, despite sustained public opposition and concerns raised by members of the State Investment Council.
The confirmation came during the Division’s annual state investment meeting, where DOI Director Shoaib Khan stated that $15 million of a previously maturing $20 million Israeli bond investment was reinvested into new bonds set to mature in December 2030.
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Khan explained that Israeli bonds have been part of the state’s investment-grade portfolio since the early 1990s and remain included in benchmark indices. He said the reinvestment decision was made after analysis by the Division’s fixed income team, citing competitive yields compared to similarly rated bonds.
However, the decision immediately drew objections from senior members of the State Investment Council (SIC), who said the reinvestment was executed without proper consultation or oversight.
SIC Vice Chair Adam Liebtag expressed reservations, noting that neither the full Council nor its advisory committees—including the Environmental, Social, and Governance (ESG) Committee or the Investment Policy Committee (IPC)—were consulted prior to the reinvestment.
“I didn’t see the urgency to make this decision without further consultation,” Liebtag said, adding that the process should be reviewed to prevent similar actions in the future.
SIC member Thomas Bruno echoed those concerns, rejecting the characterization of the reinvestment as routine. Bruno emphasized that the bonds carried significant political and ethical implications and warranted broader review before execution.
“These weren’t normal bonds,” Bruno said. “Given the political convolutions attached to them, this should have been brought to the full council or an oversight committee.”
CAIR Action NJ said the internal objections reflect longstanding concerns raised by New Jersey residents, pension holders, and advocacy groups who oppose investments tied to alleged human rights violations.
At the same meeting, public testimony was also delivered opposing New Jersey’s continued $144 million investment in Palantir Technologies, a data analytics and surveillance firm. Critics argue Palantir’s technology has been used in mass surveillance and immigration enforcement practices, including cooperation with federal agencies such as ICE.
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CAIR Action NJ Senior Advisor Omayma Mansour criticized the state’s handling of both investments, calling the process opaque and dismissive of public input.
“When residents, pension holders, and even council leadership raise ethical and procedural red flags, moving forward without transparency is unacceptable,” Mansour said.
CAIR Action NJ renewed its calls for immediate divestment from Israeli bonds and Palantir, greater transparency in investment decisions, and mandatory consultation with oversight bodies before reinvesting public pension funds.
The organization emphasized that pension holders deserve assurance their retirement savings are not being used in ways they believe conflict with their ethical values.
CAIR Action NJ is an affiliate of CAIR Action, a national 501(c)(4) organization focused on civic engagement, voter mobilization, and policy advocacy within Muslim communities.
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Editor’s Note
The India Observer reports on public investment decisions because they directly affect New Jersey workers, retirees, and taxpayers. Transparency, oversight, and informed public debate are essential when managing billions in pension funds.
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Curated by Humra Kidwai
