Siedle: St. Joseph’s Pension Fund Bankruptcy Shows RI Needs AG Who Knows Pensions
Sunday, August 20, 2017
Moreover, Rhode Island needs an Attorney General who is willing to investigate the largest financial crime in the history of the state: a reckless gamble of over $1 billion in state pension assets to further the political fortunes of the then-Treasurer, now Governor, and her Wall Street backers. In its first five years, this roll-of-the-dice has already resulted in approximately $500 million in hedge fund losses alone.
When politicians who oversee state pension assets blithely ignore the dire warnings of credible experts (including legendary investor Warren Buffett) and undermine the retirement security of state workers by causing massive losses, they should be held accountable by taxpayers for their intentional wrongdoing.
Rhode Island’s costly pension train wreck was foreseeable, indeed foreseen. Don’t think for a minute the damage to date was unavoidable or that the losses are behind us. If the best interests of state workers and taxpayers had been paramount, pension assets would never have been put at extreme risk and the state would be far richer than it is today.
To restore the public trust, as well as potentially recover ill-gotten gains, taxpayers should demand a relentless investigation into the wreckage at the pension.
Whether a Republican, Democrat, Green Party or Independent, the new Attorney General as the state’s top legal official must have the skills and be prepared to fight corruption at the highest levels involving billions of pension dollars.
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.
Treasurer’s Lack of Transparency
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
Lose-Lose: Alternative Investments Both Reduce Returns and Increase Risk
ERSRI Agrees To Be Kept In The Dark, Grants Mystery Investors Licenses to Steal and Consents To Potential Nondisclosure Illegalities
Heightened Risks Related To Hedge Fund Offshore Regulation And Custody
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
- EXCLUSIVE: Major RI Pension System Files for Bankruptcy
- Receiver: St. Joseph Pension Bankruptcy Will Impact As Many as 2,800, 40% Cuts to Benefits
- United Nurses and Allied Professionals Statement on Bankruptcy of St. Joseph’s Retirement Fund
- NEW: Raimondo Gives Comment St. Joseph’s Pension Fund Bankruptcy, Kilmartin Refuses
- Forbes’ Siedle Eyes New Rhode Island Pension Investigation
- RI Retired Teachers Hire Forbes’ Siedle
- Siedle Calls Cianci “Rhode Island’s Least Dangerous Politician”
- Forbes’ Siedle Blasts Rhode Island for Not Hiring Him in Light of SEC Charges
- Magaziner Demanding $10K for Public Records Request from Forbes’ Siedle
- Forbes Columnist Siedle Responds to MINDSETTER™ Riley’s Charges
- Riley: AFSCME, Ted Siedle and Marcia Reback Hurt Rhode Island Retirees
- NEW: RI Pension Investigation Kickstarter Campaign by Forbes’ Siedle Goes Live
- Siedle’s Pension Investigation Crowdfunding Project Breaks 52%
- Forbes’ Siedle Hits Goal with KickStarter to Audit RI Pension System
- NEW: Forbes’ Siedle Releases Latest Investigation into RI Pension System
- Magaziner Should Return $10K to Retired Teachers for Withholding Key Documents, Says Siedle
- RI Pension Investigator Siedle in NYT for $1M Indiana Settlement, Coming to RI in October
- Moore: Siedle Award Underscores His Credibility
- UPDATED: Siedle, Raimondo Critic, to be Awarded $48M in SEC Record Whistleblower Case
- EXCLUSIVE: Forbes’ Siedle Considering Run for Rhode Island Attorney General
- Could Ted Siedle Win Race for RI Attorney General?
- Union Leaders and Conservatives Both Say RI Needs a Siedle Candidacy
- Siedle: Trailing Wreckage, Gina Raimondo Rising Star of Democratic Party?
- Siedle: RI State Pension Fiduciaries’ History Of Not Cooperating With SEC
- Siedle: FBI & SEC Should Investigate Raimondo & Magaziner’s Billion-Plus Losing Hedge Fund Gamble
- Forbes Columnist Siedle: “Rhode Islanders Were Lied to by Raimondo”
- Siedle: WikiLeak Exposes Seth Magaziner’s Dependence on Daddy
- Siedle: Red Flags Pepper RI Pension’s Investment In Governor Raimondo’s Venture Fund
- Moore: Is Siedle Smooth Enough To Get Elected?