New Jersey’s pension system had just under $500 million sunk into BP, and was smart enough to sell high. Money managers for the state’s fund sold most of its holding a couple of months before the oil spill, Gannett New Jersey report. At one point earlier this year, the stock was selling at $60 a share, and closed around $33 a share on Friday. State officials admit luck was involved, since they obviously had no idea what would result a couple of months later.
