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21 responses to “FBI, SEC & US Attorney’s Office asked to investigate Raimondo’s pension policies (UPDATED)”

  1. Barry Schiller

    While this is a long post for me to read on-line, it seems there is a massive ripoff of public pension funds going on by the “club” of Wall St insiders who run the hedge funds and work with these alternative instruments. I’ve heard fees can run 2%/year, 2% of $7.4 billion is $148 million. Even as an unsophisticated investor with some funds to put into the markets I know about Vanguard index funds which for large funds have fees around 0.1%. .1% of 7.4 billion is $7.4 million, about $141 million less. And even just with Vanguard there is no need to put all funds in the market, the firm has bond and real estate index funds, market sector (for example mid-cap) index funds at low fees to enable diversification, the true hedge.

    It does seem Gov Raimondo is a member of the Wall St Club that is making out so well. I hope those with more market knowledge than me will pay attention and call attention to this.

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  2. Johnnie

    This story has not been covered in The Journal so it must not be newsworthy. What we need at RIFuture is more coverage of murders, fires, disasters, accidents and sex slavery of all kinds – like The Journal – which is always sells well. We the readers demand to be titilliated with more violence and spectacle. Regale and entertain us with more Trumpisms and distractions, the more outrageous the better. Reporters here should also try and focus on human interest stories of dogs, cats, animals and people – and naturally kids. Tell us about your pet hamster or poodle.

    For the last 84 days a leaking gas well in California has put more than 150 million pounds of methane into the atmosphere. Governor Brown has recently declared a state of emergency. The well has still not been capped, and it has been called the largest environmental disaster since the BP oil spill. The Journal somehow missed this story, too.

    Then there is the story of the authorities switching the water supply for the people of Flint Michigan to a polluted river to save money, with the authorities denying and then lying about people getting sick from lead and chemicals in the water. No mention of this story either by those intrepid reporters at The Journal. The people of Flint want the Michigan governor to resign. The city of Flint is predominately black and poor so it really isn’t newsworthy, even as the governor has been forced to mobilize the National Guard.

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  3. Greg Gerritt

    There is another aspect to all of this pension craziness that is neglected. The economy of the US is growing about 2.2% a year (RI, as is appropriate for an old industrial place, grows at 60 to 75% of the national average most years no matter what stupid tricks the legislature comes up with to steal from the poor). Our pension managers expect a return of 7.5% on the pension fund investments. (We actually got about 2.2% last year) If pension funds are growing considerably faster than the overall economy, you can be sure that lots of people are getting much poorer, and a good deal of the blame needs to be handed to Wall St and the pension fund industry.

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    1. Randall Rose

      Just to clarify, you’re citing cooked numbers for how well the pension fund is supposed to do. I’m not blaming you, I’m sure you’re as aware and concerned about it as anyone. But when state leaders claim they “expect” a return of 7.5% per year on the pension fund investments, it’s a lie. People who pay attention know that the investments aren’t going to do anywhere near that well on the average over time. The 7.5% number is set unrealistically high because state leaders use it to justify setting the Annual Required Contribution to a number that’s lower than what’s really needed. In other words, state leaders put away less money than they should every year to take care of retirees, and they claim they’re going to make such a high profit each year on their investments that it will all work out in the end, but that’s clearly not true. So when state leaders boast that they’ve met the Annual Required Contribution, it really means they skimped on retirees so as to give more taxpayer money away to insiders instead. City and town leaders pull the same trick.

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  4. leftyrite

    who will run against gina?

    that’s still the question.

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  5. fedupinri

    THANK YOU RI FUTURE for reporting what the ‘Village’ Media won’t.

    As we have ALWAYS maintained… Raimondo should have been indicted instead of elected Governor! She was a secretive and corrupt Treasurer and she is maintaining her profile as Governor! If people can’t see this — it’s only because they fear to look. We have no such disability, and Thank God neither does Ted Siedle!

    Governor Raimondo’s so-called ‘“Reform” Has Already Cost the Pension $1.4 billion—$2 Billion in Total Preventable Losses. As former Treasurer, Raimondo claimed that her redesign of the state pension system would save taxpayers at least $4 billion over the next 25 years. In fact,—in its first four years—Raimondo’s flawed investment strategy has already cost the pension approximately $1.4 billion in foreseeable losses. In other words, during the former Treasurer’s tenure, gambling in alternative investments cost ERSRI stakeholders almost $1 million a day. ONE MILLION A DAY!!! Total preventable under-performance losses identified amounting to nearly $2 billion. Ironically, thanks to Raimondo’s “pension reform” the sustainability of ERSRI is more precarious now than ever.’

    We are about to see if the FBI, SEC & US Attorney’s Office are going to become part of the cover-up…. or part of the solution.

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  6. cailin rua

    It seems absurd to me to put so much focus on one person. Gina Raimondo did not act alone. Gina Raimondo would be nowhere w/out the news media, engageri, the Democrats for Education Reform and . . . need I say Family Services CEO, Margaret Holland McDuff? It is such a shame Bella Robinson’s comment and what she has to relate about the “NGOS” has become buried in all this.

    Lionizing Chafee? What’s that about? Where has he and his wife got their 50 million parked? Providence Equity Partners? I guess that’s Park Avenue, or Providence, not “Wall Street”, so I suppose that makes them Marxists.

    I have followed Phil West’s series about what he and his pals have accomplished. I think Gina is out of favor. She’s an upstart from the other side of rt 95 who wants to grow up and be like the Chafees some day but it seems the old guard has reestablished itself as Democrat which will provide resistance to any old money being redistributed to the heirs of the Bloodless Revolution of the 1930’s

    I will not self righteously condemn Gina for being such an upstart so anxious to be ensconced as an elite among those born into the ruling class. She’s probably read the play book of how such wealth is most often accumulated. How the Sprague estate bankruptcy was handled by its “trustee” at the time is most illustrative. Have a look at how to get rich quick and thereby proliferate politicians of “virtue”. No, I am not speaking of the Kennedys. Have a look:

    When hasn’t Rhode Island been “a state for sale”?

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  7. leftyrite

    on the nightly news, we hear

    that wall street has the worst start

    to its new year in recent memory

    something like a five trillion dollar evaporation

    of money that was and that never was.

    how will that play out in rhode island, pension fund wise

    and in terms of public monies generally?

    some learned people are saying that these troubled

    times call out, not so much for number evaluations as for

    consistent, predictable policies, for here and across

    the globe, particularly in china.

    so, who will lead the charge for transparent, consistent

    governmental policies in rhode island?

    gina raimondo?

    robert healey??

    who will lead the charge for ethical government

    in the biggest little???

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  8. Follow the money on Raimondo pension scheme: John Arnold

    […] the publication of a letter sent to the FBI, SEC, and US Attorney’s Office by Rhode Island’s Future, we chose to take a deeper look at the players and parties ripping off retired public employees. […]

  9. Follow the money on the Raimondo pension scheme: Marvin Rosen

    […] the publication of a letter sent to the FBI, SEC, and US Attorney’s Office by Rhode Island’s Future, we chose to take a deeper look at the players and parties ripping off retired public employees. […]

  10. In response to Tony Santos and other silliness against RhodeWorks

    […] The basic logic of Keynes, which has proven itself correct multiple times in the living memory of the Baby Boomers, is that when you are in a recession, you engage in huge levels of deficit spending. This can include the aforementioned public works programs but includes other things, such as raising the monthly pension payments to retirees. (Of course, Gina Raimondo has figured out a way to warp that process by turning the payments into a stipend for Wall Street, but that is another story.) […]

  11. Why wait for the feds when AG Kilmartin can use the RICO Act against Raimondo’s pension scheme?

    […] the publication of Ted Seidle’s letter to various federal agencies regarding the Raimondo pension policies, the operative question has been when will the feds come knocking on Smith Hill? It is clear that […]


    […] FBI, SEC & US Attorney’s Office asked to investigate Raimondo’s pension policies (UPDATED) […]

  13. Smith Hill hijinks of high hilarity

    […] as the funding did. What struck me as so interesting, however, was how he framed the piece, using the pension heist that we have been covering here over the last few weeks as a frame of […]

  14. The True Danger of the Sanders Campaign

    […] Office expressed great interest when Siedle wrote a letter to them on behalf of the retired public employees who retained his services, our Attorney General, Peter Kilmartin, and Treasurer, Seth Magaziner, have refused to either […]

  15. The Public Pension Reform Scheme is Coming Your Way

    […] the past several months, I have been taking a second look at the so-called “pension reform” effort undertaken in 2011 […]

  16. Andrew Stewart: The Public Pension Reform Scheme is Coming Your Way – Rhode Island Media Cooperative

    […] the past several months, I have been taking a second look at the so-called “pension reform” effort undertaken in 2011 […]

  17. Ri Pension Reform Lawsuit | How To Easily Claim Injuries

    […] FBI, SEC & US Attorney’s Office asked to investigate … – There is another aspect to all of this pension craziness that is neglected. The economy of the US is growing about 2.2% a year (RI, as is appropriate for an old … […]

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