RI Retired Teachers Hire Forbes’ Siedle
Thursday, November 19, 2015
Former SEC lawyer Siedle was in Rhode Island on Wednesday to address a crowd of nearly 200 retirees at the Crown Plaza in Warwick during the morning session, and a smaller group of 25 later in the afternoon for a question and answer segment.
"Today's speech was about turning up the heat, and the message I conveyed is the pension is being looted, the pension will not replenish itself, and you're going to take hits as the pension underperforms," said Sieldle. "Staying still is not an option."
Siedle recently crowd-funded his effort to conduct a second investigation into the Rhode island pension system, after releasing his first investigation "Wall Street's License to Steal" in 2013.
Siedle wrote of the Retired Teachers Association desire to keep the pressure on the oversight of the fund management back in the fall.
"In September, when Diane Bucci, Legislative Chair of the Rhode Island Retired Teachers Association wrote to Kilmartin imploring him to investigate potential wrongdoing related to the pension, his office responded: “The Office of the Attorney General… has limited investigatory power. Among the areas that the office investigates are consumer complaints and matters related to insurance and public utilities. Our office does not investigate issues involving the solvency of the pension fund.”
Related Slideshow: RI Public Pension Reform: Wall Street’s License To Steal
See the key findings from Forbes' columnist Edward Siedle, who unveiled his investigative report into the RI pension system, "License to Steal," in October 2013.
"The Employee Retirement System of Rhode Island has secretly agreed to permit hedge fund managers to keep the state pension in the dark regarding how its assets are being invested; to grant mystery hedge fund investors a license to steal, or profit at its expense using inside information; and to engage in potentially illegal nondisclosure practices," said Siedle.
So-Called Pension Reform Scheme Permanently Reduces Benefits To Retirees
"Whether retirees receive any COLA will depend upon both ERSRI’s funding level and the Fund’s actual investment returns—both of which are volatile, unpredictable and subject to manipulation by elected officials and others. The manipulation of both of these key goalposts has already begun. "
SEC Should Investigate ERSRI’s Failure to Disclose Skyrocketing Investment Expenses
ERSRI Agrees To Be Kept In The Dark, Grants Mystery Investors Licenses to Steal and Consents To Potential Nondisclosure Illegalities
SEC Should Investigate Questions Surrounding ERSRI’s Point Judith Venture Investment
Rhode Island Ethics Commission Opinion And “Blind Trust” Fail to Address Conflicts Regarding Point Judith Investment
SEC Should Investigate ERSRI Investment Consultant Conflicts, Payments From Money Managers
“Pay To Play” Placement Agent Abuses at ERSRI
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