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Correctional Officers Union Endorses Caprio for Treasurer

Friday, April 18, 2014

 

The Rhode Island Brotherhood of Correctional Officers (RIBCO) announced that they would be endorsing Frank Caprio, a Democratic Candidate for Treasurer of Rhode Island, today.

"The hard-working men and women in our union are excited to support Frank in his comeback bid for the Treasurer's office," said RIBCO President Richard Ferruccio. "Frank will be a strong voice for middle class families who want a Treasurer who saves taxpayer dollars and works everyday to grow the economy and create jobs."

RIBCO currently represents approximately 1,300 members through their union, which is comprised of rank and file officers, stewards, inmate industries’ supervisors, office personnel, and medical and social work professionals.

"I am grateful to have earned the support of 1,200 public safety professionals," said Frank Caprio. "I can't wait to get back to work in the Treasurer's office and deliver top-notch customer service, an open and transparent government office and to maximize our returns for our pension fund while limiting the fees we pay. We need to focus on investing in small businesses and working families here in Rhode Island and as the state's Treasurer, I will do just that."

Previously serving as the Treasurer of Rhode Island from 2007 to 2011, Caprio reduced spending in the office, saved the pension fund approximately $1 billion by getting the state out of toxic investments in the subprime mortgage market and cut the amount the taxpayers paid in investments fees to Wall Street money managers.

The endorsement from RIBCO joins Caprio’s previous endorsement wins from the RI State Association of Fire Fighters, North Providence Mayor Charles Lombardi, Johnston Mayor Joseph Polisena, Central Falls Mayor James Diossa, State Representative Grace Diaz and the Johnston Democratic Town Committee.
 

 

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Comments:

A democrat can't save tax payers dollars AND support the public unions. Look what happened to Gina Raimondo, she takes sides against the family with pension reform, and Clay Pell gets the teachers' union support. Clay Pell

Comment #1 by David Beagle on 2014 04 18

whoever the "Corrections Officers Union" is voting for, is who I am NOT voting for.

RI shouldn't even have it's own prison, we should just contract the inmates at the ACI out to other states. That would save a ton of money

Comment #2 by George Costanza on 2014 04 19

I think a review of Caprio's performance previously as Treasurer is in order.

Caprio lost $227 million of RI's money when AIG tanked. He had to travel to New York to beg the NY Fed to give RI back it's money.

Months before that (May and June) there were several Investment firms that had come out with public statements detailing AIG’s accounting as fantastical and it was trading at $1.25 a share just the week before. Even I knew they were tanking that summer and I’m a part time investor.

Someone in the Treasurers office should be responsible for tracking the states investments and looking at warning signs that the investment is in danger but the person who is elected is the bottom line.

The political lazy susan continues in the dumbest State in the union.

Comment #3 by Jim D on 2014 04 19

Did RIBCO forget the 2009 and 2010 pension changes that dramatically affected their members?

Comment #4 by mark malachi on 2014 04 19

Caprio did save the state billions by having the foresight to pull all investments out of the housing market just before it's collapse..that move saved the state from a really bad financial situation.

Comment #5 by LENNY BRUCE on 2014 04 23

Sorry JoJo the AIG flub shows me he was incompetent. I know exactly what happened there. AIG's assets were frozen and worth nothing. Caprio put his dunce cap on and begged Geithner to help the State.

What housing investments did he pull out of and when? Some details might make me soften my stance somewhat but just making a blanket statement won't.

Comment #6 by Jim D on 2014 04 23




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