NEW: Forbes’ Siedle to Conduct New Investigation into RI Pension Fund
Wednesday, November 26, 2014
Forbes columnist and former SEC investigator Edward Siedle has said that he will be conducting a new investigation into the Rhode Island state pension system, more than a year after his initial report "RI Public Pension Reform: Wall Street's License to Steal," was released in October 2013.
"I will be investigating the [Rhode Island] pension system again," said Siedle, who said his expected time frame is to start in the beginning of 2015.
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GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST"I have financial backing," said Siedle, who last time was hired by the American Federation of State, County, and Municipal Employees (AFSCME) to conduct an investigation. Siedle said he would be saying who is backing his newest investigation "when it gets closer."
Siedle made note of the fact that Rhode Island's hedge fund investment with Mason Capital made 1% in returns this year.
"The money managers got more money than the state did," said Siedle, who said that Mason's "standard fee schedule" was two percent. "They get at least one and a half," added Siedle. "They're just one of the worst, but this whole hedge fund strategy is a failed experiment. I tweeted recently, "The one percenters made Rhode Island...one percent!"
Siedle added that he has just been named by Institutional Investor one of the forty most influential pension people in America. "After I hammered them for giving Raimondo an award," noted Siedle.
Read Siedle's First Investigation Findings HERE
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.
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