Siedle: Trailing Wreckage, Gina Raimondo Rising Star of Democratic Party?
Wednesday, May 03, 2017
To assess whether you’re fully aware of the sad state of American politics today, pick the right answer to the question below.
Gina Raimondo, the current Governor of Rhode Island, is:
1. A failed, short-term former venture capitalist who sold an underperforming fund she managed to the state pension for $5 million—a fund which lost 3 percent a year for ten years and which recently extended its life to avoid realizing far greater losses;
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST2. A former Rhode Island General Treasurer who gambled over $1 billion of state pension money in hedge funds, despite dire warnings from experts such as legendary investor Warren Buffett, losing the pension approximately $500 million;
3. A General Treasurer who withheld hedge fund documents requested by the U.S. Securities and Exchange Commission, claiming confidentiality agreements her office had entered into with these managers prohibited disclosure to regulators;
4. A Governor who has been regarded by some as a “rising star” of the Democratic Party; or
5. All of the above.
The last choice—all of the above—appears to be the correct answer.
Despite damning evidence that her professional and political past is rife with wreckage—including selling out her state to Wall Street billionaires who support her political ambitions—some expect Raimondo to figure prominently in the future of the Democratic Party. That’s cray-cray, in my opinion.
Dems, to get back into the winner’s circle y’all will need to look beyond Raimondo’s impressive educational accomplishments and connections within the Party establishment.
Ask yourselves what has Raimondo done to make life better for her state?
After orchestrating the state pension fund’s losing hedge fund gamble, it took tons of help from her out-of-state friends for Raimondo to win the Governorship with a mere 41% of the vote. This Harvard grad, Rhodes Scholar, Yale lawyer has done more damage to her home state’s economy than any politician in its history. It’s as if she’s incapable of making a reasoned decision, untainted by her political ambitions.
Rising star—hardly.
Shooting star that will rapidly burn up when it enters the national political atmosphere seems more likely.
Related Slideshow: Winners and Losers in Raimondo’s FY18 Budget Proposal
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