The Scoop: Block Critiques Raimondo Over Lack of Transparency
Monday, October 21, 2013
Welcome to The Scoop, the 4 p.m. report on everything politics in Rhode Island – the inside daily report exclusively on GoLocalProv.com.
Block Takes Raimondo to Task over Pension Investments
Gubernatorial candidate Ken Block is calling on State Treasurer and likely 2014 opponent Gina Raimondo to be more open and honest about the state’s pension investments.
“There needs to be greater transparency around Treasurer Raimondo’s shift towards alternative investments,” Block told GoLocal.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“I am concerned that the retirement system is not getting good value for the fees it is paying to these asset managers,” added Block. “Our investment performance has been lackluster since these changes were made while the fees have increased substantially, and Rhode Islanders deserve to know why.”
Last Friday’s report entitled, "Rhode Island Public Pension Reform: Wall Street's License to Steal” also criticized the Treasurer for an apparent lack of transparency.
According to the report, “There has been a sinister pall of secrecy regarding fundamental investment information orchestrated by state officials and aided by key investment services providers."
The study, which was written by investment attorney and Forbes.com contributor Ted Siedle, goes on to argue that Raimondo “ has intentionally withheld information about soaring investment fees which is material in assessing both whether ERSRI should invest in costly alternative investments and whether benefit cuts are necessary to improve pension funding."
The Office of the General Treasurer responded to the report in a press release stating: "This is clearly another political propaganda piece aimed at discrediting the Treasurer and the state's pension reforms. None of this innuendo-filled report presented today seems new or different from the claims made in the past by Ted Siedle, who is being paid by AFSCME.”
The report was commissioned by Rhode Island Council 94, which is suing the state over pension changes pushed by Raimondo. Council 94 paid Siedle $20,000 to write the 104-page report.
Council 94 is Rhode Island's largest public employee union representing more than 10,000 State, City, Town, and School Department employees, Quasi-public, private sector and retirees.
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