Republican General Treasurer candidate Michael Riley appeared on GoLocal LIVE where he spoke to the office, his background, and how he'd do things differently, if elected.
"This is a very difficult thing being Treasurer — but I happen to be very educated about the issue," said Riley. "I came from the floors of the stock exchange, first in Chicago, then the American Stock Exchange. I’m a specialist in options trading and making markets. I had an excellent career. You either made money or you didn’t. You sink or swim."
Riley spoke to how he would take a different approach than current Treasurer Seth Magaziner and his predecessor -- Governor Gina Raimondo.
"The idea is they make it complex. They have lots and lots of assets that are non-correlated or partially correlated and that’s how they believe they are diversifying their portfolio and making it safer," said Riley. "I believe I can run Rhode Island's pension fund — in fact I know I can -- with less than five managers and fees of roughly $35 million a year."
"Raimondo and Magaziner believe in this other idea where they have 155 outside managers that they hire and pay to manage Rhode Island's money — they pay Wall Street to provide 'excellent' performance and some level of safety. The problem is, they haven’t produced the returns," said Riley. "We don't need Rhode Island and its treasurer office being a political office."
"They spent $450M of your money to Wall Street -- just to manage funds," said Riley of Raimondo and Magaziner's tenures. "My shield fees would be 70% lower, none of which would go to Wall Street. I'd take 155 managers down to 5."
Related Slideshow: GoLocal Statewide Poll - Conducted by Harvard’s Della Volpe - June, 2018
Q4: When it comes to voting, do you consider yourself to be affiliated with the Democratic Party, the Republican Party, Moderate, or Unaffiliated with a major party?
Q5: Next year, in November of 2018, there will be a statewide general election for Governor and many other state offices. How likely is it that you will vote in this election? Will you definitely be voting, will you probably be voting, are you 50-50...
Definitely be voting.............................. 81%
Probably be voting............................... 19%
All others............................................. 0%
Q20: If the election for Governor were held today and the candidates were: Democrat Gina Raimondo, Republican Allan Fung and Independent Joe Trillo - for whom would you vote?
Q20: If the election for Governor were held today and the candidates were: Democrat Gina Raimondo, Republican Patricia Morgan and Independent Joe Trillo - for whom would you vote?
Q21: If the election for Governor were held today and the candidates were: Democrat Matt Brown, Republican Allan Fung and Independent Joe Trillo - for whom would you vote?
Allan Fung, a Republican..................... 35%
Matt Brown, a Democrat...................... 25%
Joe Trillo, an Independent.................... 14%
Q22: If the election for Governor were held today and the candidates were: Democrat Matt Brown, Republican Patricia Morgan and Independent Joe Trillo - for whom would you vote?
Matt Brown, a Democrat...................... 30%
Patricia Morgan, a Republican............. 20%
Joe Trillo, an Independent.................... 18%
Q23: If the election for the U.S. Senate were held today and the candidates were: [ROTATE] Democrat Sheldon Whitehouse and Republican Robert Nardolillo - for whom would you vote?
Q24: If the election for the U.S. Senate were held today and the candidates were: [ROTATE] Democrat Sheldon Whitehouse and Republican Robert Flanders - for whom would you vote?
Q25: If there was an election today, would you vote to approve or reject issuing $250 million in financing supported general obligation bonds to repair Rhode Island's deteriorating school buildings and bring them up to minimum standards called "warm, safe and dry"?
Q26: The Rhode Island General Assembly is in the process of negotiating a $40 million public financing deal with the Pawtucket Red Sox for a new stadium, hoping to bring a vote before the House and Senate this summer.
In general, do you favor or oppose the use of public funds to help finance a new stadium for the Pawtucket Red Sox?
Q27: The City of Providence and the state of Rhode Island are considering a proposal by New York developer Jason Fane to build a 46-story luxury residence tower in Providence, next to a public riverfront park. The developer will invest $250 to $300 million of his own funds. The project is called the Hope Point Tower, it would be 170-feet taller than the Superman building and would require waiving height restrictions and the use of state tax credits.
In general, do you favor or oppose development of the Hope Point Tower?
Q29: Since it was launched in 2016, UHIP -- the Rhode Island program designed to improve customer service for those who receive federal benefits -- has run into significant problems, including long lines, cost overruns, lost applications, over- and under-charging of patients and families.
Based on what you know at this time, what percent of blame for this do you assign to:
Deloitte, the consulting company who
produced the system........................... 53.3%
Governor Gina Raimondo, who has
been governor since the system
launch in September 2016................... 47.1%
Q30: Presently, there are local groups opposing the development of a natural gas facility in Burrillville, solar projects in Exeter, a LNG facility in Providence and wind projects in North Kingstown.
Some people say that it is important for local groups to play a role in opposition of projects like these that could be dangerous or harmful to citizens;
Others say that local groups have gone too far to the detriment of the state’s long-term energy needs.
Which statement comes closer to your own view?
Local groups play an important role...... 46%
Local groups have gone too far............. 31%
Not sure................................................. 24%
Q32: The next question is about the total income of YOUR HOUSEHOLD for the PAST 12 MONTHS. Please include your income PLUS the income of all members living in your household (including cohabiting partners and armed forces members living at home).
$50,000 or less.................................... 33%
More $50,000 but less than $75,000..... 18%
More $75,000 but less than $100,000... 16%
More $100,000 but less than $150,000. 13%
$150,000 or more................................ 10%
Q33: What particular ethnic group or nationality - such as English, French, Italian, Irish, Latino, Jewish, African American, and so forth - do you consider yourself a part of or feel closest to?