Report blasts Treasurer Raimondo’s pension overhaul; investment strategy

October 17th, 2013 at 4:57 pm by under Nesi's Notes, On the Main Site

By Dan McGowan

PROVIDENCE, R.I. (WPRI) – The analyst hired by Rhode Island’s largest public employees’ union released a scathing report Thursday that questions the 2011 overhaul of the state’s pension system and accuses Treasurer Gina Raimondo of having a cozy relationship with out-of-state hedge fund managers.

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8 Responses to “Report blasts Treasurer Raimondo’s pension overhaul; investment strategy”

  1. Mario says:

    I expected the report to have at least a pretense of neutrality, but this is just a plain old hit piece. Who knew that we were in the thrall of the Dark Queen of Finance herself who has been manipulating the state from even before she “got herself elected” (great use of the passive voice, btw). Who knows, she was probably the secret force behind the union/Democrat collusion that brought about the crisis in the first place, all so that she could swoop in and divert money for her nefarious purposes (only if we pierce the “sinister pall of secrecy” of the union records will we know for sure). She’s probably going to use all of these ill-gotten gains to raise an army or build a doomsday weapon. She must be stopped!

    Seriously, though, describing (the very much necessary)lowering of the return assumption (which has the effect of both immediately increasing the state’s required contribution and lowering the investment risk) as some sort of villainous plan to withhold money is just nonsense, not to mention the screed’s key criticism that continues the highly misleading conflation of indirect expenses with direct fees. Will no one ever get that right?

  2. snow says:

    The Treasurer playing the innocent victim again. I guess Sirota and Taibbi, and many others who condemn pension funds investing heavily in hedge funds, are against Raimondo too. I don’t see that she is arguing against any specifics stated by Siedle. When Will she respond in a detailed way?

  3. doug in south county says:

    Well, it looks like someone has connected the dots and followed the money trail. Settling the pension issue by mediation may look fantastic if the investigations don’t get shut down by political influence. If she is so innocent, and pure as snow, why the lack of full disclosure? Why was someone fed info for free while charging others? Hopefully, the General Assembly will approve any negotiated settlement, before this entire “reform” fails due to corruption.

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  6. B says:

    Re-elect Treasurer Caprio…!
    He has the experience and knowledge to straighten out the Mess that Gina has made of the Pension fund…if in fact there are any funds left when she finally exits the office.

    1. Jim Donahue says:

      Caprio is a dupe who nearly lost $225 million in tax payer dollars when AIG went under in Septenber 2008. He had to go hat in hand to Geithner who was head of the NY Fed at the time to give the seized money back to the State before liquidation.

      Even I knew AIG was a bad investment in May of 2008.

      1. B says:

        At least Caprio, by your own admission, Got the Money Back!
        Now let’s see what Gina can do when those hedge funds all go south…