Raimondo’s pension cuts benefited hedge funds more than RI, says Brown
Democratic gubernatorial candidate Matt Brown attacked pension cuts for state employees dating back to Governor Raimondo’s previous role as state treasurer at a town-hall style “Restore Our Pensions” event at the WaterFire Arts Center in Providence on Monday evening. The event came mere hours after WPRI published polling results showing Brown lagging behind in name […]
How is Raimondo’s pension policy impacting retirees?
Sources within the Rhode Island public sector retirees community have come forward with a survey, taken of a demographic of former public sector employees, that is striking in conclusions for the wider public sector retiree population and future ones. The survey of the Rhode Island Retired Teachers’ Association was sent to 603 members and 247 […]
The sudden need to defend Raimondo’s pension plan is intriguing
Democratic Party Chair Joe McNamara should be seriously interrogated for this: he is supporting the impoverishment of senior citizens while the Governor seemingly profits off the shady and not-so-blind trust that the pension is invested in.
How we all will pay for Raimondo’s pension “reform”
It is time to talk seriously not just about the case of the missing COLAs but what is going to happen when people cannot dip into their savings anymore to make up the difference in their monthly budgets.
An interview with Ted Siedle about the myth of Gina Raimondo, working class hero
For years, Gina Raimondo has engineered a deceptive image for herself as a working-class Rhode Islander who broke out of the blue collar and got lucky while staying loyal to her proletarian roots. In one of her campaign ads, she goes for the heart by wandering around the factory her retired father worked at, pulling […]
Why wait for the feds when AG Kilmartin can use the RICO Act against Raimondo’s pension scheme?
Since 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 Raimondo is desperate to rebuild her reputation with unions, hence the push for the union-friendly RhodeWorks project. But why wait when […]
Follow the money on Raimondo pension scheme: Is Providence bankrupt?
For some weeks now, there has been a great deal of conversation around the idea that Providence is on the verge of bankruptcy. A new rule regarding budget statements is key t0 understanding why.
Follow the money on Raimondo pension scheme: the local sponsors
Remember back when all the important people were lining up in droves to support then-Treasurer Raimondo’s pension policies under the false advertising of a crisis? Wouldn’t it be great if we could go back in time to look at who played along, willingly or unwillingly, in what is turning out to have been a complete […]
Follow the money on the Raimondo pension scheme: Marvin Rosen
To delve into the history of Mr. Rosen is to journey into the dark underbelly of the Democratic Party…
Follow the money on Raimondo pension scheme: John Arnold
The Raimondo pension scheme is just a test run of a larger agenda. If this is left to stand, it would clear the way for the privatization of Social Security and the total defenestration of the social safety net dating back to the New Deal years.
FBI, SEC & US Attorney’s Office asked to investigate Raimondo’s pension policies (UPDATED)
At this pivotal moment when $1 trillion in public pension assets are at risk nationally, regulators and law enforcement must pierce the veil of secrecy, examine the myriad forms of commonplace alternative industry wrongdoing, and craft an effective response to protect government workers retirement security—before the ten-year looting cycle has been completed.
David Sirota goes after Raimondo on hedge funds with new allegations
“When they dug deeper, they stumbled onto an even more disturbing revelation. What they found, they say, is evidence that some investors can obtain special rights that may let them secretly siphon money from the state pensioners’ retirement savings.”
VIDEOS: Why would anyone vote for Ernie Almonte for General Treasurer?
Ernie Almonte can’t make up his mind. Now he’s an “independent” running for general treasurer. But he began the 2014 campaign season as a Democrat running for governor. He was the first to announce, way back in November 2012 right after the last election. He soon realized that there was no way he would win […]
Why the pension settlement was a good deal for future taxpayers
Future generations studying Rhode Island at the turn of the 21st Century will be embarrassed when they get to the part on pension politics. Those were the days, they will note, when economic growth hit a bump in the road and some of the richest people in society launched a very expensive, targeted and secretive […]
Providence pension — fiscal scolds out in force
I spent a little time recently with the new report on Providence’s municipal pension plan, and then I read an article on golocalprov that wanted me to panic about it, quoting the usual chorus of scolds who want us to defund public services. Then I went back and read the report some more and I still […]
Pension report: facts are right, big picture is wrong
The Economic Policy Institute has release a short issue brief on the Rhode Island Retirement Security Act (RIRSA) by Robert Hiltonsmith that manages to get all of the details right but the big picture entirely wrong. The EPI Issue Brief details the differences between the retirement system for state workers before and after the passage […]
What do Seattle, RI pension plans have in common?
Seattle, like Rhode Island, sunk a healthy chunk of its pension investment into hedge funds. And here’s hoping the Ocean State’s 14 percent foray into these riskier alternative investments works out better than the 8 percent gamble did for the Emerald City. From Sunday’s Seattle Times: Shorn of its complexity, the story reads like a […]
Elizabeth Warren: pensions for middle class workers
Are pensions coming back into fashion? Perhaps, said progressive hero Senator Elizabeth Warren who was in Providence last night at a fundraiser at the Convention Center for her Senate Banking Committee colleague Jack Reed. Hailed as one of Wall Street’s worst nightmares and the intellectual godmother of Occupy Wall Street, Warren told me that public […]
Some Year-End Reading for Progressive Policy Geeks
This time of year folks compile their year-end reading lists; so as we head into the holiday week, with pension debates and fiscal cliffs waiting for us on the other side of the calendar, I wanted to offer some suggestions: The first is a just released paper from Steven M. Teles, Associate Professor of Political […]
Blame Gina Raimondo? Not So Fast, Progressives
Regular readers of the blog know that Treasurer Raimondo has become a lightening-rod for criticism of the state’s recent changes to the public employee pension system. As a tactic, I’ll admit it’s a good one, simultaneously riling up the base and drawing media attention to the union and retiree’s position. It’s also the first salvo […]
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