Page 116 – RI Future

April 28, 2014April 29, 2014

RV Endeavor studies global oceans, makes money for URI

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

The RV Endeavor is one of the ways the Rhode Island is already a national center for studying climate change.

The 185-foot research vessel (or RV) is staffed by URI’s Graduate School of Oceanography and its home port, the Bay Campus. But it’s owned by the National Science Foundation, and it’s paid for and used by whomever happens to need to study planet Earth’s vast oceans.

“We’re a charter boat for scientists,” said Second Mate Chris Armanetti.

Tuesday the Endeavor leaves on a 30-day trip to Iceland, where Princeton geoscientist Bess Ward will be studying how phytoplankton reacts to different forms of nitrogen. “Some of the kinds of phytoplankton that we think are really important are actually sucking carbon into the ocean,” Ward explains as she readies her equipment in the boat’s main lab for the long trip.

This is the second time her research has taken her aboard the Endeavor, which is one of 24 research vessels in the world equipped to help unlock such scientific mysteries, which Ward assured me are much more crucial than they sound in the abstract. “We care how our ocean ecosystems will respond to global change.”

Her and eight grad students are traveling more than 2,000 nautical miles to study these phytoplankton at their richest, which is off the coast of Iceland in the North Atlantic during spring. They will be accompanied and assisted by the Endeavor’s crew of 12, who work in three shifts with four people on duty at any given time.

The Endeavor isn’t cheap to operate. Ward, whose grant is for $3 million, is paying URI $24,000 a day for its services.

“It’s important both scientifically and financially,” said Tom Glennon, the director of marine operations for the Graduate School of Oceanography, who said the Endeavor makes between 10 and 12 such trips a year.

“It’s a money spinner for the university, for sure,” said technician/crew member Bill Fanning.

Glennon and Fanning chatted over a catered lunch on the boat after two tractor trailer trucks worth of food were stored on the boat for the trip to Iceland and back. The Endeavor serves three meals a day, with dinner menus ranging from chili to filet mignon, while at sea.

There’s a small dining room, and an even smaller library with a few couches. And other than that, the creature comforts are few and far between. There are small bunk rooms in the hull, with cramped bunk beds in small rooms. Most share bathrooms.

The bulk of the boat is research space. There are three labs on the boat, and most of the deck is for lowering equipment into the depths of the ocean. The cable they were winding the day I visited could stretch 8,000 meters into the sea.

The Endeavor has been all over the world, save for the Indian Ocean. Recent trips include Peru, Hawaii and Scotland.

“It’s driven by the science,” said Tom Orvosh, an technician and crew member. “It can get pretty intense at times, if the weather’s rough and people can’t get their work done.

Crew members say seasickness isn’t really a problem for visiting scientists because it usually passes after several hours.

The Graduate School of Oceanography has housed a world-class research vessel since 1962, when legendary dean John Knauss helped the school acquire the RV Trident. In 1977, it replaced the Trident with the Endeavor. The Endeavor was retrofitted in 1992, but it’s nearing the end of its tenure. Crew members said such boats are good for about 30 years, and that it would cost roughly $65 million to replace her.

April 28, 2014April 28, 2014

Exactly what policy would Ken Block push to fix campaign finance and corruption?

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Ken Block is appealing to voters that he is the incorruptible candidate – or at the very least, that he believes strongly that the other candidates are far less ethical. Sound the trumpets! Ken Block is the cleanest candidate! He has taken swings at Mayor Fung for taking money from labor groups with whom he negotiates. Yet Ken’s campaign is firing shots at the recent People’s Pledge as well:

I appreciate that Ken is taking a stand of some kind, but to my knowledge, little has come from Ken’s campaign regarding what broader policy changes he would push for if he gets to be the governor. It seems he’s going to lead by example:

“As Governor I will not accept any contributions from anyone who will be negotiating directly with the Governor’s office.” Ken is swearing off the cash from labor groups and private contractors of various kinds in a broad swing at corruption. These groups will not be allowed to give money to his campaign, and presumably while he’s in office. Big statement! We’ll come back to that in a second..

But the real problem goes pretty deep. First of all, both Ken Block and Clay Pell have never sat in office the way that candidates Raimondo, Fung and Taveras have. I don’t see it as coincidence that the newcomers are raising the “follow the money” banner highest; it is all too easy to do so when you’ve never had to negotiate with all the many parties who stand to benefit, or suffer, at the hands of a decision you make as a chief executive. That doesn’t mean I dislike either Ken or Clay for emphasizing clean elections – – I just know that its not so simple.

The “fix ’em up” newcomer is a perennial spectacle in American politics. The dark horse has dealt with far fewer yucky realities, including an often devastating trail of influence, due or undue, accumulated from years of hard-fought handshakes and horse-trading. I have no doubt that Fung, Taveras and Raimondo have been influenced by contributions from various groups and individuals. Like it or not, that’s how this Republic functions – especially under our current regime of campaign finance, where those with dollars can soak their favorite candidates in cash with barely any functioning restriction.

So back to “Governor Block.” What will he do if so titled? Apparently, he will not take money from those whom the governor’s position influences. He says negotiates directly.. But that’s EVERYONE! Everyone in this state is affected by the choices of the chief executive, and thus there really isn’t a single dinner party, donation or even volunteer hour that can be fully divorced from the realities of governance. Yes, Ken says only those he negotiates with directly, and surely that’s an ethical step forward, and I applaud it here:

But again, there is no free lunch as a politician. People want you to make certain choices, and if you lean in their favor, they’ll green it right back at you.

And that’s the hardest part. If you don’t pledge your way our of taking “dark money”- then even as a candidate Mr. Block – you will be stuck working with a whole lot of it (and I think you know that.) It is the only way the big guns can help you out, and without good accounting of where those dollars come from, Joe Public is stuck fearing the worse. Thus, even if you’re as ethical as Susan B. Anthony, the smell of hidden money will rot the trust of the public. As a result, the change you stand for turns out to be bunk.

So unless candidate Ken Block wants to help institute public financing, or be a voice to tackle issues at the national level, we’ll remain stuck with outsiders and insiders unduly and easily influencing our governance, much to the detriment of real local debate and good policy. The People’s Pledge might not be perfect by any means, but it is a signed document. I would like to see the Republican candidates sign onto it themselves, and barring that, at least come back at us with real policy or signature legislation. It is possible to solve a big chunk of this problem right here in lil Rhody. For me, what separates Ken Block from Clay Pell is that Clay has put his John Hancock on the paper – not to mention calling for the pledge in the first place.

That’s leadership! I need to see some of it from the Block campaign if I’m to be convinced that real reform is on the march in Rhode Island.

April 28, 2014

Debating the Heritage Foundation

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Stephen Moore, the Royal Economist at the Heritage Foundation came to town last Saturday, to debate me in an event sponsored by the Rhode Island Center for Freedom, Prosperity, and Apple Pie. Was it an educational experience? Well, possibly.

I did learn, for example, that Moore knows pretty much nothing about Rhode Island politics, economics, the history of its manufacturing sector, or even the legislative history of the past 25 years. And he admits it, too, though he very much wants our state to take his advice. For example, he made repeated references to the way we “demonize” business owners and tax them at high rates without being able to be specific about what he meant, or to contradict the long list I gave him of tax cuts for rich people we have enacted over the past 20 years. In fact, the number of broad-based tax increases enacted by the state legislature since 1993 is zero, while taxes were cut for rich people in 1996, 1998, 2001 (twice), 2005, 2006 and 2010.

Sam Bell was with me and between the two of us, we cited not just the tax cuts, but specific facts about abortion, guns, and labor at the state house, to point out that Rhode Island has been in the grip of conservative ideology for two decades — despite control of the Assembly by the Democratic party. Faced with these examples, Moore persisted in saying there was no evidence (his words) that Rhode Island was not ruled by liberals. After that, it’s difficult to imagine what, precisely, he would think constituted evidence.

Moore even repeated the right-wing shibboleth that raising the minimum wage will make unemployment rise. Now of course he has to claim that, or else go back on years of his writing. Still, it’s an odd thing to baldly make the claim in a state where the minimum wage went up in January and the unemployment rate has just ticked down, a month or two later. Do I think those are cause and effect? No, not simply, but it is at least consistent with the effects I predict for an increase in the minimum wage. It seems to me that there is a heavier burden on the person who claims that the future will be exactly the opposite of what happened just last month, but Moore does not appear to see it that way.

Despite both his ignorance of our state and utter disregard for the evidence Sam and I did present, Moore happily claimed that yet more tax cuts for rich people — doing away with the estate tax, or even better, the income tax — are the cure for what ails our state. Late in the debate, he fell back on the claim commonly used by people who can’t win on the facts: “perception can become reality.” As if if the only rational way to address the misperception of business magazine editors and conservative economists is for the state to sacrifice a billion dollars of revenue.

He further insisted that we needed to do something “bold” and suggested Rhode Island should become a “right to work” state. He blamed our loss of manufacturing on unions, though of course our state’s biggest lost manufacturing sectors (textiles, plastics, costume jewelry) were not heavily unionized. Beyond this, there is a decent body of evidence to suggest that Rhode Island’s economic troubles stem mainly from underpaying its lowest-paid workers, but time limitations and the moderator prevented me from presenting that evidence. (It is, however, described in my book, “Ten Things You Don’t Know About Rhode Island” a copy of which I inscribed and gave to Moore since he so obviously needed it.) But all the other evidence I presented was ignored, so I don’t see that Moore’s side of the debate suffered much for this.

So in the end, what do we learn? That Steve Moore, and those who enable him, such as the Center for Apple Pie that sponsored this debate, care very little for evidence or for anything that might disturb or even enrich their understanding of our state and its economic woes. But that’s ok for them, because they are supported by a legion of people who agree with them, like those in the audience on Saturday.

Here’s the problem, though. As I’ve written before, there is a moral dimension to lobbying. Lives are ruined and people die because of bad decisions made at the state house. Advocates have a responsibility to test their hypotheses in an intellectually honest fashion. Our state has a high unemployment rate. That is where inquiry begins, not where it ends. It matters a lot to sensible policy whether that is due to state policy, federal policy, history of the labor market, the decisions of private employers, the conditions of the local credit market, the price of tea in China, or anything else. A responsible advocate will examine as many possibilities as seem reasonable before insisting on a solution. But I didn’t see any of that curiosity on display Saturday. Indeed, I got a couple of indignant snorts from the audience merely for suggesting that if you look at our state’s unemployment rate in terms of metropolitan areas, it might tell a different story than looking at state rates. (There are 32 metro areas in the country, in a dozen different states, in worse shape than Providence.)

Quite to the contrary, Moore is willing — even eager — to parachute into our state and make outrageous recommendations about state policy while remaining ignorant of pretty much all the actual facts. This, it seems to me, is a deeply irresponsible use of the prominent position he holds. So that’s what I learned on Saturday. I was paid to be there, so that was ok for me, but if you slept in on that rainy morning, and weren’t at URI to see our little show, it seems to me that you probably came out ahead.

April 28, 2014April 28, 2014

Pell, Raimondo, Taveras agree to People’s Pledge

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Rhode Island’s Democratic primary election for governor will be the first time a People’s Pledge will be used to control outside anonymous advertising in a state-based political campaign, said Common Cause RI Executive Director John Marion, who first floated the idea and helped bring the three Democrats running for governor together to agree to it. It will also be the first time a Peoples’ Pledge, an agreement to pick up the cost of outside political advertising, will be implemented outside of Massachusetts, he said.

“This represents a watershed moment in Rhode Island politics,” Marion said in a press release, “and we are proud to have facilitated this historic agreement and want to thank the campaigns of the three major Democratic candidates for working together to get this agreement done.”

The agreement signed by Clay Pell, Gina Raimondo and Angel Taveras applies only to the Democratic primary and says a candidate will pay the cost of a third-party negative advertising about an opponent, or third-party positive advertising about themselves. It does not cover direct mail or canvassing, as Raimondo’s team had suggested.

You can rad the full agreement here: Rhode Island People’s Pledge. And learn more on Common Cause RI’s website. Also, check out our full coverage of this issue, going back to September 2013, when contributor Sam Howard suggested it in a post titled “Blood primary or People’s Pledge.”

Marion said he initially invited Republican candidates for governor to sign the pledge too, but he did not hear back from them. He hopes a similar agreement can be made for the general election between both parties.

April 28, 2014April 28, 2014

Democrats discuss governor’s role in climate change

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

The four Democrats running for governor – but neither of the two Republicans – took advantage of an opportunity to express their views on climate change last week at a forum hosted by EcoRI and the Environmental Council of RI.

Clay Pell said he would start a green infrastructure program, Angel Taveras a state composting program and Gina Raimondo wants a revolving loan fund. Todd Giroux called himself the “homegrown, organic candidate.” Taveras cited his record as mayor of Providence. Raimondo said protecting the environment is part of being a Rhode Islander. And Pell was the only one to call attention to Republican intransigence on the issue.

“Absolutely the governor plays an essential role,” said Pell. “And I intend to make this state a real model for our efforts to address climate change.”

Here’s how he said he would do that:

You can watch his full comments here:

Taveras touted his record as mayor, saying he appointed good people to implement several programs with long term objectives.

You can watch his full comments here:

Raimondo also touted previous experience, saying pension reform was about sustainability and that the she would lead the effort to address climate change like she lead the effort to address pensions.

Watch her full remarks here:

Outsider and long shot Todd Giroux said the base of his campaign platform is a revolving fund for green jobs:

His full remarks:

The forum started with addresses by John King, a URI oceanography professor, and Timmons Roberts, an environmental studies professor at Brown. You can watch their portions here:

Or you can watch the entire forum here:

April 27, 2014April 29, 2014

It’s time for Historian Laureate Scott Molloy

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Historian Laureate Patrick T. Conley’s view of Rhode Island history is one where great men built greater factories and amassed the greatest of fortunes, as he gushingly describes in his op-ed in Saturday’s ProJo:

With the once-wealthy Southern states diminished economically by the destruction of slavery, the federal census of 1890 revealed that Rhode Island had ridden the crest of the Industrial Revolution to become the American state with the highest per capita wealth. Jobs were so plentiful (despite low pay and long hours) that immigrants flocked to Rhode Island from Canada and nearly every European nation.

URI labor historian Scott Molloy, on the other hand, sees history as the struggle of labor against low pay and long hours, what Conley might note as one of the “myriad causes of Rhode Island’s decline over the last century an a quarter.”

The choices we make, whether as individuals or as a collective, define us. When the General Assembly invented the unpaid ceremonial position of “historian laureate” and Secretary of State Mollis formed a search committee to find the person to fill this post, Patrick Conley “was the committee’s unanimous recommendation.” In reality, the position was most likely created with Conley in mind, and the other two nominees, Roberta Mudge Humble and John G. Shaw III, were probably never given serious consideration.

In choosing Conley, who briefly served as Buddy Cianci’s chief of staff, we have defined Rhode Island as beholden to inside politics. In choosing Conley, who constantly advocates for less environmental oversight on the property he wishes to develop, we have defined Rhode Island as unconcerned with environmental issues. In choosing Conley, who dismisses one of the key concepts upon which Rhode Island was founded, the separation of church and state, we have defined Rhode Island as ignorant of its own history.

Imagine now, had Rhode Island chosen URI’s 2004 Professor of the Year, Scott Molloy, as Historian Laureate. Had we chosen Molloy, who has been a teacher at URI for nearly 30 years, we would have defined Rhode Island as committed to publicly funded education. Had we chosen Molloy, who is an expert in Rhode Island labor history and who understands the importance of unions in protecting workers rights and creating the middle class, we would have defined Rhode Island as valuing the well being of the 99% over the enrichment of special interest millionaires. Had we chosen Molloy, we would have defined Rhode Island as a place where dedication to study and craft counted for more than currying special favors via insider politics.

Finally, had we chosen Molloy, we would not now be suffering the embarrassment of Rhode Island’s first Historian Laureate abusing his position and writing a self-interested screed in favor of dismantling regulations that limit his ability to make a buck.

If, as John McDaid suggests, it’s time to terminate Patrick Conley from his honorary post, might it be time to find a new Historian Laureate? I’ve got a nominee in mind.

April 27, 2014April 28, 2014

Judge says Board of Education should discuss NECAP policy in public

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

With high school graduation imminently approaching, legislators, mayoral candidates, students, teachers, parents and community organizations have been discussing with frequency the Board of Education’s high stakes testing requirement for seniors. Remarkably, about the only entity that hasn’t publicly discussed the merits of the requirement is the Board itself.

Thanks to a court decision on Friday, that will soon change. But the Board’s refusal for so long to publicly defend their controversial policy – one that has the futures of literally hundreds of students hanging in the balance – demonstrates why it is critical for the General Assembly to step in and halt the NECAP testing requirement.

On three separate occasions in the past nine months, courts have found that the Board violated open government laws in avoiding publicly discussing the NECAP issue. In this most recent ruling, Superior Court Judge Luis Matos ordered the Board to finally come out of hiding.

Specifically, in response to a lawsuit we filed some months ago, the judge has required the Board to publicly discuss and vote on a petition submitted last June that asks the Board to hold a hearing on eliminating high stakes testing.

Last September, in a private meeting – that the judge held was a clear violation of the open meetings law – the Board rejected the petition by a 6-5 vote. Minutes of the secret meeting show that those who voted it down objected to reconsidering the mandate without having fall’s NECAP test results. Well, that excuse no longer exists. We know the results, and we know the harm that the NECAP requirement is wreaking on too many Rhode Island’s seniors, especially students with disabilities, English Language Learners, and those in the inner cities.

The court’s ruling is important for accountability: it is long past due for the Board to have a full and fair airing – in public – about why they think students’ futures should be ruined on the basis of an arbitrary standardized test. But the Board has dawdled long enough. It is difficult to put much faith in an agency that has violated the law three times to avoid the issue.

Whatever the Board ends up doing, let’s hope that legislators will take Friday’s ruling to heart, say “enough is enough,” and pass a bill that, at a minimum, puts a moratorium on high stakes testing. The stakes for hundreds of seniors are too high to wait any longer.

April 27, 2014April 28, 2014

Lobby for the environment at State House Wednesday

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

On Wednesday, April 30th – to cap off Earth Month, and as state lawmakers begin the last leg of the 2014 legislative session – the Environment Council of Rhode Island (ECRI) is holding its annual “Earth Day at the State House” from 2:30 – 4:30.

With the Rhode Island General Assembly considering legislation to cap global warming pollution, expand renewable energy, ban plastic bags, implement statewide composting, and more, this event couldn’t come at a better time. Join environmental advocates, activists, organizations, and concerned citizens to lobby for Rhode Island’s environment and move key policies forward. All are invited, and RSVPs are encouraged.

We’ll have informational tables to educate lawmakers about environmental issues, a speaking program including the House and Senate environment committee chairs and the DEM director, and a group lobbying effort on ECRI’s 2014 legislative agenda, with a focus on six priority bills:

The Resilient Rhode Island Act (H7904) to cap global warming pollution and establish infrastructure for climate change adaptation.
Food Residuals Recycling (H7033, S2315) to create a statewide organics diversion program to compost food scrap.
The Plastic Waste Reduction Act (H7178, S2314) to ban single-use plastic bags from being distributed at point-of-sale in retail establishments.
Restoring the state’s Renewable Energy Tax Credit (H7083, S2213), which provides a tax credit for 25% of the cost of residential renewable energy projects.
The Distributed Generation Growth Program (H7727, S2690) to extend, expand, and improve Rhode Island’s key program to develop new in-state renewable energy production.
The Clean Water, Open Space, and Healthy Communities Bond (Article 5, Question 4 of the Governor’s budget), which would create a November ballot question to authorize the issuance of nearly $100 million in bonds for clean water, green infrastructure, and other environmentally important projects.

To RSVP to lobby and/or request table space at the event, contact Channing atcjones@environmentrhodeisland.org or 684-1668. You can also RSVP and share the event on Facebook.

Wednesday, April 30th; 2:30 – 4:30 pm
Rhode Island State House (82 Smith St. in Providence), main rotunda

Timeline:
– 2:30: participants begin to arrive, tablers set up tables
– 3:00: Lobbying 101 orientation and issue overview
– 3:30: speaking program including State Rep. Art Handy, State Sen. Sue Sosnowski, and DEM Director Janet Coit
– 3:45: group lobbying effort on above bills and/or other environmental issues
~ 4:15: environmental leaders honored on House and Senate floor

As the coalition representing Rhode Island’s environmental community, with over 60 member organizations and individuals, ECRI’s mission is to serve as an effective voice for developing and advocating policies and laws that protect and enhance Rhode Island’s environment.

State lawmakers have a chance this spring to distinguish Rhode Island as an environmental leader. As a dense coastal state, Rhode Island faces a unique set of environmental challenges and opportunities. Protecting Rhode Island’s environment––our air, water, and special places––will improve our quality of life and provide new chances for growth and innovation.

April 25, 2014April 28, 2014

NBC 10 Wingmen: Should government or free market address climate change?

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Justin Katz and I have very different philosophies on what to do about climate change: I think the government should take an activist role in addressing climate change and Katz thinks we should let the free market figure it out.

However, just because our differences are elemental, it doesn’t mean we can’t make 5 minutes of worthwhile television debating the point.

Take it away, Rapp…

News, Weather and Classifieds for Southern New England

April 25, 2014June 26, 2014

Taking Control of Your Financial Future

Knowing exactly what the future holds is of course impossible, but that doesn’t mean that you shouldn’t have a solid plan laid out for your finances for at least a few years ahead. Circumstances will undoubtedly change, but your plan can change along with it; it’s all about knowing what direction you’re heading in, and setting yourself up to be in the best possible financial situation in the future. With this in mind, there are three main things you can think about right now that will help make sure that you control your money, not the other way round.

Eliminating Debt

Debt eats into the money you have available each and every month. While there’s little you can do to quickly eliminate large commitments such as your mortgage, those smaller instances of credit are the ones that should be top on the list of priorities for anyone who wants to have more of a say in where their money goes. Try to pay off more than you’ve agreed to each month, assuming you’re allowed to, in order to shorten the lifespan of any loans you have, and make them cheaper. Simple things like rounding up your minimum payment each month can really make a difference.

Stock Up on Savings

One of the most commonly given pieces of financial advice is to have a reasonable quantity of savings. This is quite simply because of the point we explained earlier – you never know exactly what might happen in the future. Your job might be secure right now, but if you were made redundant, could you afford to live until you found something new? Most people aim to have between three and six months of living expenses tucked away, and there’s no harm in doing the same. One important point to remember is that it’s not often a good idea to be saving too much money while you still have debts. The longer you hold debt, the more expensive it is, so use the majority of excess money to pay it off.

Plan for Retirement

As young as you might be, the truth is that it is never too early to start thinking about your pension, and if you’re employed, you should be paying in right away. In countries like the UK, where there is a state pension, it can be tempting for people to rely on it, but it is far better to have saved your whole life, especially as people are living longer than ever. Those who want lots of control over their money in later life might benefit from looking at what’s known as a SIPPS, or self-invested personal pension. First provided by James Hay, it allows people to actually make their own investment decisions. Not ideal for everyone, but excellent for those who are savvy with personal finances.

Plan for later life, spend within your means, and keep some cash in reserve and you can be confident that you’ll have control over your finances.

April 25, 2014

Unions fight to save your Post Office

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

On Thursday, organized labor groups across the country protested in an effort to call attention the proposal to install US Postal counters in more than 1500 Staples stores across the country. Unless this deal is stopped, the net effect will be that personal and business correspondence and packages will soon be handled by a rotating cast of barely trained minimum wage employees instead of by fully trained and well-paid professionals. More good paying jobs that support families will vanish from our economy.

That this is just another outrageous privatization scam and undisguised corporate theft should be obvious.

In Providence, over 100 union members, family and supporters organized outside the Staples on North Main Street to let the public know about this shady backroom deal. Given that Staples is controlled by Mitt Romney’s Bain Capital, the entire scheme seems like a conservative consolation prize to the guy who spent too much of his own money in a hopeless campaign for the presidency.

The united States Post office is our post office. Benjamin Franklin was the first Postmaster General, and our right to a properly functioning government post office is built into the Constitution.

We are all going to miss the US Postal Service when it’s gone, so fight for it now.

April 25, 2014

It’s the (green) jobs and the economy, stupid!

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Since his ascension to the legislative throne, House Speaker Nicholas Mattiello has adopted the oft-heard, heptasyllabic mantra of “jobs and the economy.” This is an admirable goal, but suggesting that adjusting the corporate and estate taxes will have any effect on the economy as a whole is like saying the best way to jump start a car is by playing with the radio dials.

Rhode Island’s economic engine needs a jump, to get us to the garage for a complete overhaul. In combustion engines, there are three must-have components, the engine itself, an alternator, and a battery. The battery starts the engine, then the alternator kicks in to fire the spark plugs and trickle charge the battery. VROOM!

"Hey. Yeah, our battery is dead. Can you come and give us a jump? Cool. We're at the corner of Environment and Economy." — “Hey. Yeah, our battery is dead. Can you come and give us a jump? Cool. We’re at the corner of Environment and Economy.”

A New Battery and Alternator

So, here we are at the garage with our barely functioning engine, and the mechanic says, “Well, you definitely need a new battery. This one hasn’t worked well in quite a while. I suggest you upgrade to a Revolving Commerce Fund for new and existing businesses.”

“O.K.,” we say, “what’s that going to run us?”

“Probably about $100 million, but this battery holds a 50 million volt charge for both new and existing businesses.”

“That seems pretty steep. Could we go for a different model?”

“Sure, but I don’t think you’ll get optimal performance out of them. The other bonus with this model is it acts as it’s own alternator. Loan Payments charge the battery.”

Engine Maintenance

The engine isn’t broken, per se, but maintenance is required. We could use an oil change.

“You, see,” says the mechanic, “Your engine is designed to be lubricated by manufacturing, but overseas markets have caused a crack in the oil pan, causing the textile and dye mills of yore to move overseas, and there’s little chance they’re coming back. You need a different grade of oil in the 21st century. If your engine is built for manufacturing, look to green tech, building, and energy.”

If we want our economy to work in the future, we have to a) make sure we have one, and b) prioritize what we’ll need in that future. Green sector jobs create swaths of jobs over the entire spectrum of skill sets.

Let’s say that Panasonic decides to open a solar panel plant here. Not only does the company need the designers and engineers to envision a product, they also need people to work on the production line, in the warehouse, make deliveries, and clean up the office.

Green design and building also employs people throughout the economic strata. One again, designers, architects and engineers have a place in this business, but so do the carpenters, welders, machinery operators, clerks, project managers, and dudes who lug stuff around the site.

Industries that have yet to be born in Rhode Island like waste conversion to energy are waiting for the state to step up and say ‘Yes’ to the future economy. Renewable energy companies are floundering in Rhode Island, waiting for the state to say ‘Yes’ to self-sustenance. The building trades are waiting for the state to say ‘Yes’ to being part of the solution.

Efficiency has to be the first step. Lowering electric bills puts more money in everyone’s pocket. Companies that have embraced efficiency are seeing significant benefits. Banneker, a logistics and supply company based in N. Smithfield, took on several efficiency initiatives, and lowered their operating cost by 60 percent. Not 60 percent off overhead, 60 percent off of the entire budget!

The mechanic also notices worn belts and hoses. He recommends some serious investments in public infrastructure and transit to fix what can be fixed, and nix what can be nixed.

A Note on Transmissions

The transmission in our R.I.-mobile is a healthy and thriving middle class. As long as the middle class has a few extra bucks in their collective pockets, they will spend it. A well maintained middle-class transmission is the only thing that will get this old jalopy moving forward.

As for Mattiello’s mantra, I think the next time I hear the words ‘jobs’, ‘economy’, ‘corporate tax’, and ‘estate tax’ in the same sentence, I will immediately picture him standing on the side of the road, smoke billowing from under the hood of his car as he tries to peer in, and not having the vaguest inkling of a clue what he’s looking at, or how to fix it.

April 25, 2014April 25, 2014

Senator Frank Lombardi’s nightmare voter fraud scenario

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Voter ID is a reaction to the imaginary, nonexistent problem of in-person voter fraud. When Senator Frank Lombardi imagines the law’s repeal, he recounts a weird nightmare scenario in which sleazy politicians send imposters to the polls and forever alter the political landscape.

I heard echoes of the Ghostbusters’ Dr. Peter Venkman in Lombardi’s delivery, “Human sacrifice, dogs and cats living together… mass hysteria!”

Senator Lombardi continues by inventing the statistic that 99% of politicians are ethical, which gets a great reaction from Republican Senator Dawson Hodges:

April 24, 2014April 25, 2014

Ticket fairness: Fix it or fail it

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

On the surface, the Ticket Fairness Act, pending in the General Assembly, looks like a consumer protection act that hurts the scalpers. In reality, it is exactly the opposite. As written, the law allows venues and ticket agents to transfer to themselves any quantity of tickets to resell at inflated prices.

As with many things in Rhode Island politics, it’s not so much what the bill says as what it doesn’t say. By comparing the RI bill—which is nearly identical to legislation pushed in other states by the dominant ticketing agent, Ticketmaster—to New York state’s law, considered the gold standard for actual consumer protections, we can see how our legislators are foisting upon us yet another thinly-veiled ripoff.

Hot scalper-on-scalper action!

“The music business is a cruel and shallow money trench, a long plastic hallway where thieves and pimps run free, and good men die like dogs. There’s also a negative side.”

~ Hunter Thompson

Dr. Gonzo only says this because it’s 100% true. This is a story where there are no “good guys”.

The genesis of this legislation is that Ticketmaster and their cronies (Live Nation and Ticket Exchange) are watching other, equally evil entities (StubHub) make giant amounts of money to which they feel entitled. It’s not that they actually want to protect the general public from getting ripped off. It’s that they want to be the ones that do it.

The amount of money in this shallow trench is stupefying, easily enough to motivate the most heinous behavior. That two gangs would fight over controlling it should surprise nobody.

A ticket to a hot concert at the Dunk can sell for 10 or 20 times the face value. If you can get your hand on 1,000 tickets for $50 and resell them for $500, that’s $450,000 in pure profit for basically doing nothing. That’s roughly half a million bucks for one night’s ripoff.

The RI bill does, in fact, make it much harder for StubHub to get their hands on large blocks of tickets. At the same time, it virtually guarantees that either the venue or the ticket agent will sell themselves large blocks of tickets to scalp at outrageous prices.

Are Johnny and Jenny Music Fan protected in any way? Absolutely not.

How a true entertainment capital handles this

In RI, we have maybe three or four venues that attract shows worth the attention of big-time scalpers. In New York City, that’s one block on Broadway. No other place in the US has more invested in a thriving entertainment sector than New York. Not Branson, MO; not Nashville; not Memphis; not even Las Vegas.

New York state has a comprehensive law to regulate ticket sales and resales that truly protects the general public. This law—Article 25—contains provisions that the RI bill lacks. By adding these provisions to the RI bill, the GA could actually do something good for the people of RI.

Specifically, Section 25.30 regulates not ticket resellers but the original sellers, called “operators” in their law and “issuers” in the RI bill. 25.30.3 states:

No operator or operator’s agent shall sell or convey tickets to any secondary ticket reseller owned or controlled by the operator or operator’s agent.

24 words; problem solved. We find no such provision in the RI bill, but any legislator could introduce such an amendment.

You know what? Bunk that. It shouldn’t be any legislator; it should be Senator Josh Miller, who somehow is a co-sponsor in the senate. Your Frymaster is actually quite disappointed in the feisty Cranstonian that he could be bamboozled to such an extent.

As a savvy business professional, working specifically in the Downcity nightlife sector, one has to wonder how this multi-venue owner could not see through these shenanigans. And it’s much better for all of us if the question is “how” and not “why”.

Senator Miller, please fix this bill or withdraw your support and act to defeat it.

Addendum: E-tickets

Others on the left make an equally strong argument that the “any ticketing means” provision of the RI bill only serves to let venues and agents control resale by regular ticket buyers. This is true, but not the focus of this post. Interested readers can find the fix for this particular nastiness in NY 25.30 (c) that specifies that ticket buyers must be able to control resale of their tickets without interference by the venue or agent.

April 24, 2014

What does gender bias in the media look like?

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Rhode Island NOW is proud to be a sponsor of the She Said He Said campaign along with Women’s Fund of Rhode Island to start and continue the conversation on gender bias in the media. During the campaign kickoff event, Celinda Lake, President of Lake Research Partners, presented research on the damaging effects of media sexism and the impact it has on female candidates and their vote count.

Here are what we see as critical takeaways from her research:

Initially, after given a neutral profile of both a female candidate and male candidate, voters were more likely to say they would vote for the woman.
Even mild sexist language has an impact on voters’ likelihood to vote for a female candidate and on how favorably they feel toward the woman seeking office.
Neutral, positive, and negative descriptions of the female candidate’s appearance all had detrimental impacts on her candidacy.
The impact of sexism can be diminished by a strong, immediate response from a female candidate or third party validator.

We can help combat the harmful effects of media sexism by speaking up and speaking out. Who’s we? All of us, voters, advocates, and the candidates themselves—we must speak up when we see sexism and redirect the conversation back to the issues.

What is sexist media? Here are a few examples from She Should Run:

Jean Stothert, Mayor of Omaha

As the only woman in the race, Stothert experienced severe sexism, most notably from a fellow City Council member. The Councilman was photographed wearing a shirt that featured an illustration of Stothert in a bikini, on a stripper pole, with the words “Jean, quit stripping…off our tax dollars” and “sponsored by: suck my private sector.” Classy. She fought back, stating, “It’s not only demeaning to me, it’s demeaning to women.” She is now the first woman Mayor of Omaha and proof that addressing sexism head-on can turn out positive results.

Jenifer Rajkumar, 2013 Candidate for New York City Council

In an article critiquing Rajkumar’s nonprofit experience, the New York Post ran the headline, “This over-achieving beauty is running for City Council as head of non-profit that’s only skin deep.” This subtle form of sexism focuses on her appearance, specifically her “beauty,” which diminishes her credibility as a candidate by evoking unfavorable gender stereotypes instead of focusing on substantive issues. Even subtle forms of sexism must be addressed.

Elizabeth Warren, U.S. Senator from Massachusetts

Since February 2012, Warren has been battling sexist coverage by the Boston Herald. Name It. Change It. declared, “No other mainstream media outlet has shown Warren such disrespect as a woman running for office. Whether the editorial page of this paper is mocking her age by calling her “granny” or belittling her by calling her Liz or Lizzie, it has become clear that The Boston Herald cannot stray from utilizing sexist vocabulary when writing about Elizabeth Warren even after being called out for it.”

For more examples of sexist media coverage check out NameItChangeIt.org, a nonpartisan joint project of the Women’s Media Center and She Should Run.

Looking Ahead

“One has to consider whether sexist media coverage contributes to the low participation of women in Rhode Island politics,” stated GoLocalProv reporter Kate Nagle at a recent forum on sexism and the media.

Women still only make up make 27 percent of the General Assembly, and few women have run and achieved statewide office. But the picture is not completely bleak. We are making strides. Senate President Teresa Paiva-Weed broke the glass ceiling in 2008 when she became the first female Senate President in Rhode Island history. Several women have already thrown their hats into the ring for statewide office; Gina Raimondo is hoping to become Rhode Island’s first female Governor and Nellie Gorbea is seeking the office of Secretary of State.

There are also many women who will be seeking election and reelection in city council and school board races across the state as well as the General Assembly. Several female General Assembly members already know they will be facing challengers to win back their seats. Whether you’re undecided, opposed or supportive of these candidates it is on all of us to defend these women should issues of sexism arise. If they are brave enough to seek elected office, then we should be brave enough to speak up when they are unjustly attacked based on gender.

As the 2014 election cycle heats up in Rhode Island, it is important to remember that the media is a reflection of society. Collectively—with force—we can influence the conversation. Celinda’s research found that even mild forms of sexism can hurt female candidates. She also found that sexism hurts all candidates, not just the women they may be targeting. So it is on all of us, men and women, to be third party validators against sexism in the media and return the conversation to the issues. After all, isn’t our economic future and education system too important to be derailed by sexist bylines?

I hope you will join Women’s Fund of Rhode Island and the members of Rhode Island NOW in becoming third party validators, because the cost of being a bystander is just too high. Be sure to join the conversation on Twitter, check out @WomensFundRI @RhodeIsland_NOW #shesaidhesaidri. We look forward to engaging with you!

Amanda Clarke, the author of this post, is Chair of Education and Outreach for the Rhode Island chapter of the National Organization for Women.

April 24, 2014

Will Mattiello act to prevent blight and homelessness?

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

For the past five years, a group of dedicated residents, most of whom are currently fighting foreclosure and eviction from their homes, have campaigned to make banks accountable to Rhode Island Landlord-Tenant law. Currently, banks that take over property make it a practice to evict the tenants who are living there, regardless of whether there is any “just cause” to do so. The RI Landlord-Tenant Act does not permit any other landlords to conduct these “no-fault” evictions, which lead to increased homelessness, blight, and economic stagnation in our state.

So, why have banks been allowed to get away with this for so long? Why are our neighborhoods strewn with abandoned, dangerous, burned-out shells of former homes, while so many sleep in the streets or overcrowded shelters?

It’s time to ask the leadership of the General Assembly why they’ve allowed this travesty to persist, especially when the solution has been presented to them for five years running. The Just Cause bill (H7449, S2659) is going to be heard in the House Judiciary Committee Wednesday, April 30th. The bill would prevent banks from evicting tenants in foreclosed buildings unless there is “just cause” to do so, just like any other landlord. Before the hearing, we need to make clear to the Committee Chair and the Speaker of the House that this bill must pass this year. It’s time for policy-makers to act on the initiative and needs of the people instead of their own self-interest.

Please sign our petition before the 30th! We need your support to make this bill the priority it ought to be in the statehouse this year!

https://www.change.org/petitions/cale-keable-and-nicholas-mattiello-and-john-edwards-put-just-cause-bill-h7449-to-a-vote#

April 24, 2014April 27, 2014

Kate Bowden, RI Disability Law Center: Some forms of voter ID don’t exist

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Part of the problem seems to be that many of the legislators in the Rhode Island General assembly don’t really have any idea of what it is like to be poor, homeless, disabled or otherwise marginalized by society. As a result, they jump to easy answers or rely on “anecdotal evidence” or gut feelings when deciding on policy. Consulting with experts and authorities about how changes in the law might affect certain parts of our population takes time and effort, two things our legislators don’t like to expend.

Case in point:

Some of the ID’s being considered for people who need to prove their identity in order to vote do not actually exist, according to Kate Bowden of the RI Disability Law Center. “For example, we represent many people who live in public housing, I’m not aware of a public housing corporation that issues IDs for the people who live there, and public housing ID is one of the IDs on the list.”

Telling people they can vote using a form of ID that doesn’t exist smacks of a Marie Antoinette “Let them eat cake” level of classism and disregard.

April 23, 2014April 24, 2014

Little truth in Projo editorial on payday loans

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

If you want to know why all the pro-payday loan industry advocacy has been done in backrooms of the State House by high-priced speaker-turned-lobbyist Bill Murphy and out-of-state special interests, look no further than today’s Providence Journal editorial on the subject.

It’s evidence that a credible argument can’t be made for this predatory practice. There’s at least one error, manipulation of fact, insulting derogation or full-on lie in every paragraph but the last two!

Let’s go through them all, shall we…

With many Rhode Islanders struggling, and traditional banks unwilling to tide them over, it is clear there is a consumer need for what is known as payday loans.

It’s true there are many Rhode Islanders struggling, and it’s also (sort of) true that traditional banks don’t offer a similar product (Navigant Credit Union does, but many do not). But that in no way, shape or form means there is any kind of consumer need for a payday loan! This, of course, is just basic logical fallacy 101 stuff, but it’s important to note because there’s usually something fishy if someone needs to toss aside the laws of logic in order to sell their point.

Here’s what it looks like as an equation: A (people struggling) + B (banks not helping) =/= C (We need big corporations to loan fast cash to struggling poor people at astronomically high interest rates). Said another way, the existence of something does not mean there is a need for that thing. Or, I guess there is a need for teachers’ unions and master levers?

Neither government nor charities have stepped in at the level required to meet that need, and are not expected to do so.

It’s insulting to suggest there are no other ideas or alternatives out there. The Capital Good Fund has received tons of attention for their alternative product to payday loans, as has Navigant Credit Union and the West Elmwood Housing Association. And as far as what the writer expects to happen … both Gina Raimondo, often hailed for her ability to get things done, and Seth Magaziner, have put forward ideas to rid Rhode Island of payday lenders. Magaziner was just this week given a true rating by Politifact in another part of the Providence Journal on one of his ideas for addressing payday loans. Here are more suggestions from the Pew Center.

Other forms of obtaining money to meet obligations — including turning to loan sharks — may be much worse for borrowers than payday loans.

That payday lenders are somehow protecting poor people from the “loan sharks” is one of the worst lies the payday lenders and their lobbyists spread. Here’s a good place to start for some scholarly research on the payday loans or else loan shark canard: LOAN SHARKS INTEREST-RATE CAPS AND DEREGULATION. And the Pew Center says 81 percent of people would just cut back on expenses.

Hence, it makes sense to have a regulated payday loan industry operating in Rhode Island.

Well, no. See logical fallacy 101.

In part because Rhode Island politicians have created one of the worst business climates in America, many people in the state are struggling, living on the edge. An occasional advance on a paycheck — while not cheap — can help them avoid even more costly financial losses, such as paying large penalties to restore electricity or heat.

Oh, come on! I’m half surprised the author didn’t blame the calamari bill for the payday lending! This is, of course, ridiculous pandering to hate radio-style talking points. How about we just make it against the law to cut of someone heat in the dead of winter?

Such are the decisions that people freely make, after weighing the consequences.

This isn’t so much untrue as it is just completely devoid of any understanding of poverty, and it really has no place in Rhode Island’s paper of record.

Much as we might wish our neighbors did not face such hard choices in life, our pretending their problems do not exist does not make them go away.

It’s true, ignoring a problem doesn’t make it go away. Neither does a payday loan though. Pew research shows 69 percent use payday loans for recurring expenses, and one in seven can’t afford the loan. If people can’t afford their bills at 0 percent interest, how does charging them 260 percent interest help?

Unfortunately, some activists would like to take away these choices by shutting the door on payday loans.

In addition to “some activists” there’s also 3/4 of all Rhode Islanders, according to a 2012 Public Policy Polling survey, all Democrats running for governor and most members of the General Assembly. Eliminating payday lending is the one thing Angel Taveras and Gina Raimondo have ever agreed on, and the Providence Journal editorial page pretends as if it’s just “some activists.” That’s wrong.

One proposal, to arbitrarily cap annual interest rates for short-term loans at 36 percent, would have that effect.

Actually, 36 percent is not an arbitrary number. It’s the state law for maximum usury rate for every other kind of loan in Rhode Island except payday loans. Payday loans, as a matter of fact, were given an arbitrary carve out of the state’ usury laws in 2001.

Lenders say they would have to pull out of Rhode Island, as they could not turn a profit at that rate, given their costs of doing business with high-risk borrowers.

Who knows if this is true or not (let’s hope it is, though!) but what we do know is the Providence Journal editorial board and other corporate apologists will claim anyone and everyone is leaving Rhode Island if it means hey can advocate for more conservative policy.

Most people using the service take out a loan for only a short period and pay it back, with 10 percent interest.

Most people who take out a payday loan end up taking a subsequent payday loan to pay for the prior one. So, yes, they are paid most often paid back, but they are most often paid back with a new payday loan.

Spread over a year, the interest rate looks like a staggering 260 percent, but that is not how people actually use payday loans.

Yes it is, here’s the data. Most payday loan customers take out 8 loans a year and 63 percent use them 12 times a year.

The General Assembly has done the right thing in refraining from legislating such loans out of existence. Such a political attempt to dictate the marketplace, while pleasing to activists, would only hurt people in need. Rather, the state should permit this industry, which does create jobs and tax revenues, to function under a regulated structure.

Again, the General Assembly actually legislated them into existence, thus creating a market for them.

Regulations should be based around some key goals: protecting access to short-term loans by those who may occasionally desperately need them; shielding consumers from unscrupulous or unregistered operators; fostering a competitive marketplace to give borrowers greater choices, something that would tend to lower rates.

If the goal is to limit the need for payday loans, rather than merely their availability, the best thing the General Assembly could do is create a climate much less hostile to business, with better-paying jobs and greater opportunity.

These are the only factually correct and/or intellectually honest statements in the entire piece. At least, I guess, it went out on a high note…

April 23, 2014

LeeAnn Byrne, RI Coaliton for the Homeless: Obtaining ID for the homeless is difficult

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

At the RI Coalition for the Homeless, says LeeAnn Byrne, caseworkers spend a significant amount of time trying to secure photo ID for the homeless, because “they do recognize it’s important for obtaining housing and other services.” Any delay in obtaining such ID should not disqualify a person from voting, and if someone enters a shelter once month before an election their ability to vote should not be the number one concern of caseworkers.

These people need help to get back on their feet, they should not have to worry about whether or not their right to vote will be respected.

“It’s just important for all of you to know that our constituents are constantly silenced while they experience homelessness, one of the most overlooked and invisible populations in our state,” she said. “They face daily barriers to obtain all their daily needs, from food to shelter to clothing. The one place where they are equal, the one place they can share their voice without discrimination should be the voting booth.

April 23, 2014April 23, 2014

Providence sues Wall St. over high frequency trading

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Michael Lewis may have made high frequency trading a household word, but Providence, RI is the first public pension fund to sue Wall St. for the stock market manipulation his new book helps expose. The Capital City was the first to join a class action lawsuit that says investors were defrauded by algorithmic insider trading.

“Providence is holding Wall Street accountable,” said Mayor Angel Taveras in a press release. “City employees who have served honorably should not have their retirement incomes compromised by high-tech schemes that enrich Wall St. insiders at the expense of hardworking Americans.”

High frequency trading is computerized stock trading that enables a large number of trades to happen in fractions of a seconds. The same technology that performs these trades can effectively glean other investor’s intentions and beat them to the buy.

Lead attorney Patrick J. Coughlin, best known for successfully suing Enron for $7 billion, said high frequency trading is simply using technology to do what’s called front running. “It’s always been illegal to front run,” he said.

The Providence pension fund invested some $611 million during the time the lawsuit covers (2009-present) and traded some 26 million shares, Coughlin said. But he didn’t want to speculate on how much the Providence pension fund lost out on as a result of high frequency trading. “It’s in the millions of dollars, I’ll say that.”

He did say he thinks his lawsuit will attract some of “the largest state funds in the nation.” That would mean Providence would no longer be the lead plaintiff as “the largest loser is the presumptive lead plaintiff,” he said.

His firm, Robbins Geller Rudman & Dowd LLP, has worked with Providence in the past, he said, and that the city knew about the his lawsuit prior to the 60 Minutes segment on high frequency trading.

The suit names as defendants the stock exchanges themselves and many of the biggest trading firms like Goldman Sachs, JP Morgan and Citigroup. It also names a number of lesser-known Wall Street trading firms such as Chopper Trading and Jump Trading.

It alleges they “employed devices, contrivances, manipulations and artifices to defraud in a manner that was designed to and did manipulate the U.S. securities markets and the trading of equities on those markets, diverting billions of dollars annually from buyers and sellers of securities to themselves.”

You can read the whole filing here.

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387

Deprecated: Function get_magic_quotes_gpc() is deprecated in /hermes/bosnacweb08/bosnacweb08bf/b1577/ipg.rifuturecom/RIFutureNew/wp-includes/formatting.php on line 4387