Siedle’s Pension Investigation Crowdfunding Project Breaks 52%
Monday, April 20, 2015
The project has raised $10,490 of a $20,000 goal. The deadline for pledges is 5pm on Wednesday, April 29.
“With nine days left to go, on this Patriots Day we need to step up our pace in this amazing race toward our $20,000 finish line. This is a golden opportunity to encourage your friends and colleagues to participate in this historic first-ever crowdfunded state pension investigation,” wrote Siedle in an email to supporters.
“Why is it so important for Rhode Islanders that this project succeed? Because banding together small contributions is the only way that hard-working taxpayers can get the facts behind complex, secretive pension investments,” continued Siedle. “Armed with expert analysis, you can challenge questionable backroom dealings, as well as monitor the pension going forward.”
“For once, let Rhode Island lead the way in pension transparency and integrity,” Siedle concluded.
Siedle has previously investigated then-General Treasurer Gina Raimondo’s pension investments in 2013.
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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