Gina Raimondo is this month’s Institutional Investor cover girlJanuary 9th, 2013 at 12:36 pm by Ted Nesi under Nesi's Notes, On the Main Site
The new issue of Institutional Investor, a monthly magazine with a wide readership among financial types, features a long cover story about Raimondo. The front caption says “Solving the Retirement Dilemma” and the Web headline is “Rhode Island Treasurer Defies Conventional Pension Wisdom.”
The article by Institutional Investor senior writer Imogen Rose-Smith is a favorable but thorough retelling of the now familiar story about how Raimondo – described as “slight and personable” but “quietly ambitious” – pushed the pension law through. It links the treasurer with her friend Newark Mayor Cory Booker, New Jersey Gov. Chris Christie, and the mayors of San Diego and San Jose, Calif.
“With focus and determination, a sure command of finance and a gift for forging consensus, Raimondo took up the challenge,” the article declares, and notes the 41-year-old will likely run for governor in 2014.
Raimondo offers two intriguing quotes that harken back to her original pitch for the pension law. “I just could not live with myself for not fixing the retirement system, knowing at some point in time the well would run dry and someone would be told they don’t have a pension,” she tells the magazine. “Once people started to grapple with the consequences of not fixing the problem, they started advocating for change.”
She also argues once again that it’s “just a mathematical fact that if you have a pension reform that only impacts new employees, young employees or people who aren’t vested, it’s simply unfair. It is intentionally pushing the debt onto the backs of our youngest and newest workers.”
Rose-Smith does a particularly good job with the financial side of the story – both the history of Point Judith Capital, Raimondo’s former venture firm, and the pension system’s experience under Raimondo and Frank Caprio. (Did you know the pension fund is now 13.5% invested in hedge funds?) She also includes praise for Raimondo from Michael Peterson, president of the Peter G. Peterson Foundation, and Orin Kramer, the big-time Democratic fundraiser.