NEW: Fung Calls on Raimondo to Release Hedge Fund Research
Wednesday, July 23, 2014
Cranston Mayor and Republican candidate for Governor Allan Fung has called on General Treasurer and Democratic gubernatorial candidate Gina Raimondo to release details of research into hedge funds, saying, "several of which ultimately benefited from investments of millions of dollars from the Rhode Island state pension fund."
Fung's camp said in a release that while a ruling from the Rhode Island Attorney General found that the public is not entitled to details of these reports, the Mayor is calling on Raimondo to “do the right thing” and make that requested information available. Fung notedd that the hedge fund research was discussed before the State Investment Commission-- which Raimondo oversees as Chair and was considered when the Investment Commission decided to invest millions of dollars into hedge funds.
“Despite a legal ruling that the full content of these reports is not subject to the public records law, I am calling on Treasurer Raimondo to come clean with details of the information that influenced a decision to invest millions of dollars of Rhode Island taxpayer money into these hedge funds,” declared Fung. “There is a dramatic difference between what is required legally and what is necessary to do the right thing. It is time for the Treasurer to do the right thing.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTFung continued, "Current and retired state employees depend on the strength of the pension fund for their retirement security and all Rhode Islanders face the risk of higher taxpayer contributions if these investments come up short. We all face tremendous risk and we deserve to know the basis for these investments. Despite legal wrangling, the public has a vital interest in knowing how decisions to invest in these hedge funds were reached and an open and transparent government is more important than protecting the trade secrets of Wall Street insiders. Therefore, I am calling upon Treasurer Raimondo to release these reports voluntarily,” concluded Fung.
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